Axie Infinity reopens Ronin Bridge after audits but here’s the problem

ambcrypto.com:

Axie Infinity has announced the official re-launch of the Ronin Bridge, enabling the transfer of funds to and from the Ronin network. This is the same bridge that makes it possible for users to fund their Axie Infinity accounts.

The Ronin bridge was temporarily suspended after an exploit by hackers, which resulted in a huge loss worth over $600 million. The official announcement revealed that the Ronin bridge was restored after undergoing three audits (One internal audit and two external audits).

Some of the notable changes include backing funds at a 1:1 ratio, and adding a circuit breaker feature. The latter was designed to provide a backup plan and increase security in case large suspicious withdrawals are detected.

Axie Infinity users have surely not forgotten about the exploit considering that it led to one of the biggest crypto losses of 2022. However, the relaunch of the bridge and the new changes should provide a much-required reassurance for users with regards to the safety of their funds. The announcement, however, is not expected to have a direct impact on AXS price action.

AXS trading volumes increased significantly in the last two months, as investors sold off their holdings due to the market crash. The coin dropped as low as $11.82 on 18 June.

The last time that it traded around the same price was at the start of its July bull run in 2021. Furthermore, AXS traded at $15.05 at press time after dropping from a weekly high of $18.53.

Source: TradingView

AXS kicked off this week on a bearish retracement after last week’s rally. The upside seems to have been curtailed by sell-offs near the 50 RSI level. AXS bulls have been gaining momentum since mid-June, as shown by the MFI. This was courtesy of accumulation after a