Introduction
Bedrock has created the first multi-asset native liquid restaking protocol. Bedrock has strived to unify natively liquid restaked ETH under uniETH.
This proposal outlines plans to add Bedrock’s uniETH as an accepted asset to Mitosis EOL. The integration enables depositors to earn MITO points from their uniETH and 5x Diamonds, Eigenlayer points and staking rewards.
Links
Website: https://www.bedrock.technology/
uniETH Dapp: uniETH: Non-Custodial ETH Liquid Restaking Protocol
Twitter: x.com
Documentation: https://docs.bedrock.technology
Protocol Information
Bedrock is working to diversify the staking ecosystem by providing staking opportunities for multiple tokens on multiple networks, giving networks the option to choose what form of value they want to source their security through while maintaining alignment with their community.
Bedrock has integrated with Eigenpod to allow users to restake through Eigenlayer while retaining uniETH, a liquid tokenized representation of restaked ETH and restaking rewards. uniETH is meant to gain in value, not grow in quantity.
Bedrock has partnered with RockX, which makes institutional-grade staking solutions, to create the non-custodial restaking solution which acts as the backbone of the Bedrock protocol. The validator cluster has a proven track record seeing as it’s been used in operation since early 2023.
Investors
Bedrock raised a seed round of investment, announced on May 1st, 2024. The round was led by OKX Ventures, LongHash Ventures, and Comma3 Ventures. 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 an audit with Peck Shield.
Check out the audit reports:
Synergy
The addition of uniETH as a depositor asset on Mitosis EOL begins to expand EOL to multi-asset liquid restaking, helping to bring a differentiated, strong source of TVL to Mitosis EOL. By working with Mitosis EOL, Bedrock and their community of uniETH holders begin to attract EOL Allocation opportunities. These opportunities for depositors of uniETH into EOL help provide clear and effective yield.
Currently, Bedrock’s uniETH is supported as a restaking token in restaking protocols other than Eigenlayer. This includes protocols such as Karak, which has already submitted a proposal for EOL Allocation.
By supporting the addition of uniETH 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 focuses on onboarding assets that can source yield across multiple chains. Onboarding uniETH from Bedrock would help realize a future of liquid restaking across various chains. This move would help push Mitosis as a hub for liquidity between uniETH and other yield-bearing tokens. The auxiliary yield provided through Mitosis would also help onboard more usage of Bedrock, creating symbiosis between the Bedrock and Mitosis communities.
