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Ronin Bridge V2

Validator Governance​

The governance process will be conducted via a decentralized voting mechanism. Apart from validators, there is a group of β€œgovernors”: each validator has a corresponding governor account. The governors will be empowered to vote for changes such as: adding/removing validators, upgrade contracts, change thresholds, etc.

The governance voting method is serial by design: only one governance vote can be held at a time, and that vote must be completed before moving to a new vote. One way to conceptualize the governor is as a cold wallet while the validator can be thought of as a hot wallet.

Governace flow

The governor credentials are ideally stored inside a hardware wallet and should only be used on the occasions when a vote is needed. It will significantly reduce the risk of attackers getting access to the validator nodes, and will reduce overall risk of network exploitation.

Withrawal Limits​

Following this network upgrade, the withdrawal process will be segregated into new tiered methods corresponding to the overall value of the transaction. Below is the initial setting for Tier limits:

#AXSWETHSLPUSDC
Tier 1< 71,429< 918< 273,972,602< 1,000,000
Tier 271,429918273,972,6021,000,000
Tier 3714,2909,1802,739,726,02010,000,000
Daily3,571,45045,90013,698,630,10050,000,000

Requirements

  • Tier 1: Requires automated approval from 70% of validators.

  • Tier 2: Requires automated approval from 90% of validators.

  • Tier 3: Requires automated approval from 90% validators and also manual approval by the auditors. For Tier 3 review, it will cost a fee (~0,001%) mainly to cover the fund for unlocking transaction.

Daily Withdrawal Limits​

We have also updated the software so that a total maximum withdrawal volume per day can be set. The initial value cap of $50M. Since a Tier 3 withdrawal already requires human review, it will not be counted in this daily withdrawal limit.

Security Audits​

Verichains Bridge Audit v1.1

Certik Audit