Introduction
Bedrock, powered by RockX, is the first multi-asset liquid restaking protocol. Leading the charge is Bedrock’s uniBTC, a Bitcoin liquid staking token that allows holders to earn rewards on their BTC while maintaining liquidity—a breakthrough in tapping into Bitcoin’s $1 trillion market. When Babylon’s mainnet launched in August 2024, Bedrock secured the most BTC staked within just five blocks, reinforcing its position as an industry leader. Additionally, uniBTC is the first BTC asset supported by Eigenlayer, marking a significant milestone.
Bedrock has developed a robust DeFi ecosystem for uniBTC, enabling holders to create their own DeFi yield strategies easily. Bedrock partners with leading teams, including Curve, Compound, Pendle, Corn Protocol, Gearbox, Morpho, and many more. It has also received grants from Arbitrum, Optimism, and Zeta Chain.
Bedrock is integrated across 11 networks and has reached its latest milestone of 2000 BTC in deposits.
This proposal outlines plans to add Bedrock’s uniBTC as an accepted asset to Mitosis EOL. The integration will enable depositors to earn MITO points from their uniBTC, 4x Bedrock Diamonds, and Babylon points.
Links
Website: https://www.bedrock.technology/
uniBTC Dapp: Bedrock
Twitter: x.com
Documentation: https://docs.bedrock.technology
Protocol Information
With RockX as its finality provider, Bedrock leads the Babylon Cap 1 program. The Bedrock team brings five years of experience in node operation, ensuring strong yields and protecting users from slashing risks. This expertise is evident in Babylon’s Phase 1 staking. Due to its deep understanding of on-chain interactions, Bedrock captured nearly 30% of the market share and achieved lower gas fees per transaction.
Bedrock supports a variety of wrapped BTC assets across 11 networks, allowing holders to earn BTC staking rewards without needing to redeem wrapped BTC. Some of the accepted assets include:
- Ethereum: FBTC, cbBTC, wBTC
- Arbitrum: FBTC, wBTC
- Optimism: wBTC
- BNB: FBTC, BTCB
(For the full list, please refer here.)
By minting uniBTC, users unlock multiple rewards through Bedrock, including Babylon rewards, Bedrock Diamonds, and chain-specific incentives. Built with Ethereum’s high-security standards, multiple rounds of smart contract audits safeguard the entire staking and unstaking process, ensuring robust protection across the board.
Investors
Bedrock raised a seed round of investment, announced on May 1st, 2024. OKX Ventures, LongHash Ventures, and Comma3 Ventures led the round. Additional participants included Amber Group, ArcheFund, Waterdrip Capital, Lbank Labs, Whale Ground, and Fisher Yu, the co-founder of Babylon.
Audit History
Bedrock has conducted audits with Peck Shield.
Latest audit report from 1st October 2024:
Bedrock is integrating Chainlink Proof of Reserve to enhance security. Proof of Reserve will secure the Bedrock minting function as the industry standard, providing users with cryptographic guarantees around assets.
Bedrock is also committed to enhancing security and transparency through the implementation of different preventative measures, which include:
- Establish 24/7 real-time security monitoring
- Set up a Bedrock Security Fund
- Launch a Bug Bounty Program
Synergy
The addition of uniBTC as a depositor asset on Mitosis EOL begins Mitosis’s expansion into the Bitcoin Liquid Staking ecosystem. This integration will create a central liquidity hub for protocols seeking to bootstrap features and unlock new possibilities with uniBTC.
Leveraging Bedrock’s uniBTC within EOL can enhance its utility across DeFi and establish it as a robust source of TVL for protocols at the forefront of the next wave of BTCFi innovation.
By supporting the addition of uniBTC in Mitosis now, Bedrock looks to emphasize the “liquid” part of the LRTs they offer by committing to getting involved with Mitosis EOL and Mitosis Chain in the future, which aims to unify liquidity for yield-bearing assets.
Conclusion
Mitosis is focused on onboarding assets that can generate yield across multiple chains, and adding uniBTC from Bedrock would be a key step toward advancing Bitcoin liquid staking across diverse ecosystems. This initiative positions Mitosis as a central hub for liquidity, uniting users from multiple chains around a future-proof asset like uniBTC. The additional yield opportunities provided through Mitosis will also drive greater adoption of Bedrock, fostering a strong symbiotic relationship between the Bedrock and Mitosis communities. Together, they can create a unified and resilient liquidity ecosystem.