Theblock.Co Ronin Blockchain Migrates to Ethereum Layer 2 After Major Security Incident
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- •Ronin will migrate to an Ethereum Layer 2 network on May 12, 2026, causing 10 hours of downtime.
- •The migration aims to reduce RON's inflation rate significantly from over 20% to below 1%.
- •The transition follows a major hack in March 2022, where $625 million was stolen, linked to the Lazarus Group.
Ronin, a blockchain developed by Sky Mavis for gaming, will transition from an independent Ethereum sidechain to an OP Stack-based Layer 2 network on May 12, 2026, causing about 10 hours of downtime. This upgrade aims to enhance security and reduce RON's inflation rate from over 20% to below 1%. The migration follows a significant security breach in March 2022, where a bridge exploit led to the theft of approximately $625 million, attributed to North Korea's Lazarus Group. Sky Mavis raised $150 million to reimburse affected users and has since recovered some stolen funds. The blockchain gaming sector faces challenges, with 93% of Web3 gaming projects launched since 2020 now defunct. The upgrade comes amid a sharp decline in gaming token prices and user activity.
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