Connext Weekly #14
(March25-April1, 2022)
Welcome to a new week of multi-chain world Connexters!
Let’s take a look together what happened in the previous days of Connext Network:
Last week in Connext
Milkomeda is Live on Connext Bridge
Milkomeda support is now live!
Users can instantly transfer assets directly between Milkomeda and L2s & other chains at bridge.connext.network
Connext & Nomad Teams are going to be explaining ‘Bridge Security for Beginners’ with Milkomeda Team on April 4 on Twitter Space.
Also, there will be a Q&A so don’t forget to set your reminder below! :)
About the Ronin Bridge Hack
Sky Mavis, the creator of Axie Infinity, has been suffered from a huge hack.
Last week the infrastructure was compromised by an attacker to the tune of ~$625M, making the incident the largest crypto hack so far according to Rekt.
The Ronin sidechain is currently secured by nine validator nodes.
March 23rd, an attacker or group compromised five of these nodes.
The attacker used the nodes’ signatures to withdraw 173.6k ETH and 25.5M USDC from the Ronin bridge.
March 29th, one user’s inability to withdraw 5k ETH via the Ronin bridge alerted the Sky Mavis team that funds had been drained from the bridge last week.
Sky Mavis paused the bridge and Ronin’s Katana exchange.
The difference between the incident and the previous hacks is that the Ronin bridge attack resulted from a multi-signature compromise.
Arjun@arjunbhuptaniOof Ronin bridge hacked for $650m. This is brutal. Heart goes out to the @Ronin_Network team and @AxieInfinity community. Gl sers and godspeed.♥️ Planning to properly analyze the attack in-depth later today, but a few immediate thoughts 👇
Ronin @Ronin_NetworkThere has been a security breach on the Ronin Network. https://t.co/ktAp9w5qpP5:40 PM · Mar 29, 202215 Reposts · 75 Likes
Learn more about different bridges security models here, an article written by Arjun Bhuptani: ‘The Interoperability Trilemma’,
OR
Read the summary of the article below:
Arjun Bhuptani on ‘Why Bridge Security Is Tricky’ with Laura Shin
Arjun Bhuptani, founder of Connext and bridging expert, talked about the Ronin bridge exploit that led to a hacker stealing $600 million+ and discussed different bridge designs that could limit future attacks with Laura Shin, Crypto journalist, Host of Unchained Podcast and author of The Cryptopians.
Highlights from the Interview:
-How a hacker was able to drain more than $600 million from Ronin bridge
-The difference between DeFi hacks and the Ronin bridge exploit, which was a social-engineering based attack
-Why multisig bridges are susceptible to social engineering attacks
-Why Arjun believes the Ronin hacker is a sophisticated entity
-Whether Sky Mavis will be able to reimburse users
-The different attack vectors for cross-chain bridges
-What Arjun thinks about different bridge designs
Twitter Space Series ‘Burning Bridges’ Session 5 was live
Twitter Space series called ‘Burning Bridges’ is hosted by Arjun Bhuptani and Conner Swann to make the DeFi community learn more about interoperability and L2s. Burning Bridges is live every 2 weeks on Twitter Space.
Also, ‘Burning Bridges’ has its own Twitter account and Youtube channel now!
Session 5 topic was ‘The Ronin Network Hack’.
Listen to the recording below:
Stakeall Finance is Live on Mainnet
The platform manages complex strategies such as multi validator staking and leveraged staking, integrating cross-chain functionalities with Connext Network so you can operate from other chains too.
Stakeall Finance is a fully decentralized non-custodial DeFi platform which builds out DeFi strategies to provide better yield and ease out staking by integrating multiple DeFi platforms.
Read more about the project here.
Connext Team is heading to ETHAmsterdam!
The Team will be in Amsterdam between April 16-26 for ETHAmsterdam.
It’s going to be a week full of Ethereum&DeFi related events by DevConnect and a 2 day-long hackathon by ETHGlobal.
ETHAmsterdam is (finally) bringing the community back together.
Join over 800 like-minded engineers, designers, and creators to build and learn over one full weekend.
Meet new friends, create something awesome, eat great food, learn from the best, meet the people behind your favorite Twitter account.
Connext Network going to run a workshop and support hackers during the main event. Sign yourself up here for the event.
Help Us Improve Connext Bridge
We have a new survey to improve Connext Bridge and need our Connextoooors to help by telling us a bit about your Bridge experiences :)
You can check it out and answer the short questions here.
WEEK #14 BY THE NUMBERS
TOTAL VALUE LOCKED (TVL): $44,021,283
TOTAL VOLUME (V2): $841,611,305
TOTAL TXS (V2): 702,401
PS: We've done $500m through our V1 and $500m through our V2. ConnextScan shows only V2.
Check out the full metrics dashboard and routers, leaderboard, and status on ConnextScan.
From the Connext Community
GRANTS
Connext is looking for devs and apps that want to build great things for new cross-chain experiences through Connext.
If you have a team or working as an individual, both are welcome to contribute!
You can explore all grants here:
Technical writers to help with docs,
Community moderators for Portugal, UK, Russia, the Philippines, Kenya, Nigeria, and the US,
Developers for several different applications
If you think you’re able to contribute, you can apply here.
Did you know Connexters created their own unofficial local communities?
Find yours below to engage with other Contextooors in your own language:
Chinese: https://t.me/connext_chinese
Japan: https://t.me/connextJapan
Korean: https://t.me/ConnextKorean
Thai: https://t.me/Connextthailand
Turkish: https://t.me/ConnextTurkey
Russian: https://t.me/connext_ru
Spanish: https://t.me/ConnextEspanol
Italian: https://t.me/ConnextItalia
Indonesia & Malasia: https://t.me/Connext_IDN_dan_MYS
Vietnam: https://t.me/connext_vn
Also, have you joined Connext Discord Channel yet?
For more:
Website: connext.network
System Overview, Guides, API Reference, and more:
https://docs.connext.network/
Connext Explorer to vieconnw Routers and Transactions: https://connextscan.io/
and of course, try our CROSS-CHAIN SWAP: xpollinate.io
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