{"id":469535,"date":"2022-07-01T23:05:00","date_gmt":"2022-07-01T20:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/"},"modified":"2022-07-01T23:05:00","modified_gmt":"2022-07-01T20:05:00","slug":"battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/","title":{"rendered":"# Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27af1677271\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27af1677271\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/#%E2%80%9D_Battle-hardened_Ronin_bridge_reopens_following_600M_hack_Finance_Redefined_%E2%80%9C\" >&#8221; Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/#Battle-hardened_Ronin_bridge_to_Axie_reopens_following_600M_hack\" >Battle-hardened Ronin bridge to Axie reopens following $600M hack<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/#MakerDAO_looks_to_invest_500M_into_%E2%80%98minimal_risk_treasuries_and_bonds\" >MakerDAO looks to invest $500M into \u2018minimal risk\u2019 treasuries and bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/#Polkadots_founder_announces_steps_toward_full_decentralization_with_new_governance_model\" >Polkadot\u2019s founder announces steps toward full decentralization with new governance model<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/#Less_than_1_of_all_holders_have_90_of_the_voting_power_in_DAOs_Report\" >Less than 1% of all holders have 90% of the voting power in DAOs: Report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\/#DeFi_market_overview\" >DeFi market overview<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Battle-hardened_Ronin_bridge_reopens_following_600M_hack_Finance_Redefined_%E2%80%9C\"><\/span>&#8221; Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter crafted to bring you some of the major developments over the last week.<\/p>\n<p>This past week, the DeFi ecosystem saw Axie Infinity\u2019s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million hacks.<\/p>\n<p>MakerDAO plans to invest $500 million into United States treasuries and bonds to weather the ongoing bear market. Polkadot announced that they would transform their governance model to move towards complete decentralization. While decentralized autonomous organizations (DAOs) are seen as the future of governance, a recent study shows less than 1% of all holders have 90% of the voting power in DAOs.<\/p>\n<p>The top 100 DeFi tokens again plunged into a sea of red after showing some fightback last week. The majority of the top-100 tokens registered double-digit losses over the past week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Battle-hardened_Ronin_bridge_to_Axie_reopens_following_600M_hack\"><\/span>Battle-hardened Ronin bridge to Axie reopens following $600M hack<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Sky Mavis, developers of the popular play-to-earn (P2E) nonfungible token (NFT) <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> Axie Infinity announced the relaunch of Ronin bridge on June 28, three months after it was hacked for more than $600 million.<\/p>\n<p>On March 29, 173,600 ETH and 25.5 million USD Coin (USDC) were drained from the bridge after hackers managed to gain access to private validator keys. The hack was worth more than $620 million at the time.<\/p>\n<p>According to the Tuesday announcement from the Sky Mavis team, the Ronin bridge is back online after three audits (one internal, two external), a new design, and full compensation of users\u2019 stolen assets.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"MakerDAO_looks_to_invest_500M_into_%E2%80%98minimal_risk_treasuries_and_bonds\"><\/span>MakerDAO looks to invest $500M into \u2018minimal risk\u2019 treasuries and bonds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MakerDAO is currently voting on a proposal aimed at helping it weather the bear market and utilize unt<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed reserves by investing 500 million Dai (DAI) stablecoins into a combination of United States treasuries and bonds.<\/p>\n<p>Following a straw poll in a governance Signal Request, the DAO members now must decide whether the dormant DAI should go entirely into short-term treasuries or split 80% into treasuries and 20% into corporate bonds.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Polkadots_founder_announces_steps_toward_full_decentralization_with_new_governance_model\"><\/span>Polkadot\u2019s founder announces steps toward full decentralization with new governance model<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Polkadot and Kusama founder Gavin Wood announced that the blockchain\u2019s governance model would undergo a new transformation. Dubbed Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.<\/p>\n<p>Thereafter, the pending referendums need 50% of the vote from stakeholders within 28 days\u2019 time for approval or face rejection by default. Participants can also intervene and launch timely cancellation proposals, which require similar voting procedures in the event that technical glitches are discovered within the referendums themselves. <\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Less_than_1_of_all_holders_have_90_of_the_voting_power_in_DAOs_Report\"><\/span>Less than 1% of all holders have 90% of the voting power in DAOs: Report<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A recent report from Chainalysis analyzed the workings of ten major DAO projects and found that, on average, less than 1% of all holders have 90% of the voting power. The finding highlights a high concentration of decision-making power in the hands of a selected few \u2014 an issue DAOs were created to resolve.<\/p>\n<p>This concentration of decision-making power was evident with the Solana-based lending DAO Solend. The Solend team tried to take over a whale\u2019s account and execute the liquidation themselves via over-the-counter (OTC) desks to avoid cascading liquidations across the decentralized exchange (DEX) books.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_market_overview\"><\/span>DeFi market overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analytical data reveals that DeFi\u2019s total value locked registered a minor dip from the past week, falling to a value of $54 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi\u2019s top-100 tokens by market capitalization showed high price volatility and the majority of them traded in red over the past week.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/aed6d2db-8fa6-4a7b-b0e1-47c6177440c2.png\"><\/figure>\n<p>Compound (COMP) was the only DeFi token in the top 100 to register a weekly green with a 2% surge over the past week. The rest of all other DeFi tokens in the top 100 showed an overall bearish momentum dipping in double digits.<\/p>\n<p><em>Thanks for reading our summary of this week\u2019s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/battle-hardened-ronin-bridge-reopens-following-600m-hack-finance-redefined\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined &#8220; Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem saw Axie Infinity\u2019s Ronin bridge relaunch with a fully backed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":469536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYjMzMWMwZDgtYmNkMi00MTZkLWJiYmQtNWJjYzI4YzM0YjMzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75186,74868,74882,76700,95118,75168,74355,96434,70944],"class_list":["post-469535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-dao","tag-defi","tag-hacks","tag-makerdao","tag-nft","tag-polkadot","tag-adoption","tag-axie-infinity","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/469535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=469535"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/469535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/469536"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=469535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=469535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=469535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}