Bedrock

Bedrock is a multi-asset liquid restaking protocol; uniETH is its ETH liquid restaking token, backed by staked/restaked ETH and designed with institutional-grade standards.

Multi-asset LRT suite (ETH and BTC) with an institutional design partnership (RockX).

- uniETH: Non-custodial ETH liquid restaking token. ETH staked with Bedrock is delegated to node operators (including RockX) and natively restaked via EigenLayer for additional rewards. uniETH is a non-rebasing, value-accruing token: 1 uniETH grows increasingly worth more than 1 ETH over time. - uniBTC: Liquid restaked Bitcoin token. Accepts wrapped BTC (wBTC first, later others) and routes it to Bitcoin staking / restaking yield layers, with Bedrock described as building natively on Babylon. uniBTC has been integrated into restaking ecosystems (e.g. EigenLayer via the ARPA AVS). - brBTC: Bedrock BTC. A BTC yield product that accepts uniBTC and multiple wrapped BTC assets and allocates them across trusted yield sources such as Babylon, Kernel, Pell and SatLayer. Audited by Blocksec (Dec 2024). - uniIOTX: Liquid staking token for IoTeX (IOTX), extending Bedrock's non-rebasing, value-accruing model to the IoTeX network. - BR token: Bedrock's native governance/utility token. Total supply 1 billion; Token Generation Event on 21 March 2025 with a Binance Wallet IDO that was heavily oversubscribed.

- uniETH (uniETH): Receipt, Liquid Restaking Token (LRT)

- Smart Contract: Bedrock suffered a real uniBTC minting exploit disclosed September 2024 (~$2M) caused by an unaudited/faulty exchange-rate mint path; complex multi-asset, multi-chain contracts remain a primary risk surface despite subsequent audits. - Oracle: Minting/redemption relies on correct asset pricing and reserve accounting. The exploit stemmed from mispricing ETH vs BTC; Bedrock now depends on Chainlink Proof of Reserve, so oracle correctness and availability are load-bearing. - Counterparty: Non-custodial but operationally dependent on node operators such as RockX and on external yield venues (Babylon, EigenLayer, Kernel, Pell, SatLayer); operator failure or misbehavior can impair backing. - Reserve / Depeg: uniETH/uniBTC are value-accruing wrapped claims; if reserves are compromised (as during the 2024 exploit) or redemption is impaired, the tokens can trade below their intended backing. - Collateral: uniBTC/brBTC route wrapped-BTC collateral (e.g. wBTC) into restaking layers; the underlying wrapped assets and third-party restaking layers carry their own custody, slashing and liquidity risks that pass through to holders.

- Interest-bearing / accumulating fund share: similar in that uniETH and uniBTC are non-rebasing, value-accruing tokens: like an accumulating fund unit whose NAV rises rather than paying out distributions, the token quantity is fixed while its redemption value grows with accrued staking/restaking yield.; differs in that Bedrock is non-custodial and on-chain, exposed to smart-contract, oracle and slashing risk rather than a regulated custodian; yield derives from proof-of-stake and restaking rewards, not fixed-income coupons, and there is no deposit insurance.