Axie Infinity’s Ronin Bridge Faces Worst Hack, Binance Launches Bridge 2.0 & More

In the last week of March, the decentralized financial (DeFi) market soared to new heights as institutional investors returned to the market. Amid the rising popularity of DeFi products, Axie Inifity’s Ronin Bridge suffered the worst hack in crypto history, raising concerns about security in the market.

MetaMask integrated Apple Pay support, allowing users to buy crypto directly with their Apple Pay account, and Binance launched Bridge 2.0 to integrate CeFi and DeFi into one platform.

Looking at the price side, the majority of DeFi tokens in the top 100 not only registered double-digit gains, but also soared to new multi-month highs, with several tokens posting triple-digit gains in the past week.

Axie Infinity’s Ronin Bridge Hacked For Over $600 Million

According to the official Discord of Axie Infinity and the official Twitter thread of Ronin Network, along with the Substack page, the Ronin bridge and Katana decentralized exchange have been shut down after an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin ( USDC), worth a combined $612 million at Tuesday’s prices.

In a statement, the developers said they are “currently working with law enforcement, crypto forensics and our investors to ensure that all funds are recovered or refunded. All AXS, RON and SLP [tokens] on Ronin are now safe.”

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Binance Launches Binance Bridge 2.0 to Integrate CeFi and DeFi

On Tuesday, centralized cryptocurrency exchange Binance announced the rollout of Binance Bridge 2.0. This feature allows users to bridge assets from any blockchain, including tokens not in the Binance app, to the BNB chain. Bridged tokens listed on Binance are stored in the Funding or Spot wallet, while unlisted bridged tokens are only transferred to the Funding wallet.

Users can bridge or bridge tokens between their own blockchains and BNB Chain through regular deposit and withdrawal functions. In the future, Binance also plans to make a better version of its mobile app so that users can facilitate such conversion with a single click.

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MetaMask rolls out Apple Pay integration and other iOS updates

MetaMask, owned by ConsenSys, tweeted a series of updates Tuesday for iPhone and Apple Pay users. Its main feature is the ability to purchase cryptocurrency with a debit or credit card through the mobile application, eliminating the need to transfer ETH from a centralized exchange such as Coinbase to the application.

MetaMask uses two payment gateways, Wyre and Transak, to support debit and credit card transactions. Users can now use their Visa and Mastercard credit cards stored in Apple Pay to purchase ETH and deposit up to $400 in their wallets daily thanks to the Wyre API.

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DeFi sector TVL soars as investors return to bullish crypto market

The month of March has been a story of two halves for the cryptocurrency market, and the weakness seen since the beginning of the year is starting to fade. Bitcoin (BTC)’s strong move above the $40,000 level is helping to boost sentiment in the industry, while DeFi tokens are also starting to move higher.

Data from Messari, a cryptocurrency market research firm, shows that a majority of the top tokens in the DeFi sector have posted double-digit gains in the past 30 days, led by THORChain (RUNE), which is up 199.81%, and Aave , which saw its price increase 53.95%

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DeFi Market Overview

Analytical data shows the total value of DeFi locked up has risen another $3.6 billion in the past week, reaching $133.6 billion at the time of writing. Data from Coin-Crypto Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap performed quite well over the past seven days, with many posting double-digit gains and a few even posting a three-digit rise.

The weekly performance of the majority of the tokens appeared bullish with RUNE also taking the lead this week, registering a 46% rise in price last week, followed by Aave at 41% and PancakeSwap (CAKE) at a 35% Wave.

Before you go!

The Ronin Bridge exploits resulted in the stealing of tokens worth more than $600 million and took an interesting turn when people noticed that the exploit actually took place six days before it went public on March 29. The exploiter behind the attack not only leaked millions of dollars from ETH, but also shorted the Axie Infinity token in the hopes that when news of the hack became public, the price would drop.

Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically evolving space.

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