Bedrock, a decentralized multi-chain liquid restaking platform, has had one of the best month since its launch in the beginning of 2023. The overall worth locked (TVL) on the platform reached a report $686 million on November 21 after surging over 100% this month, in line with knowledge compiled by DefiLlama.
Bedrock is a decentralized platform that helps liquid staking and restaking on 13 completely different chains, together with Ethereum, Mode, Bitcoin, BOB, Mantle, BSC, and Arbitrum. Ethereum accounts for almost 60% of all TVL.
The protocol depends on EigenLayer and Babylon for restaking deposited tokens.
It presents a number of liquid staking tokens (LSTs), together with uniBTC, uniETH, and uniIOTX, which signify corresponding Proof of Stake (PoS) tokens, corresponding to Wrapped Bitcoin (WBTC), Ethereum, and IOTX, respectively. These LSTs signify the corresponding quantities staked with Bedrock in addition to all future staking/restaking rewards and factors from the underlying platforms.
uniBTC has been the primary driver behind Bedrock’s speedy progress this month. The LST was launched on the finish of August and its whole liquid rose to a report $385 million on November 22 earlier than correcting to the present degree of $366 million.
uniBTC represents Bitcoin-related tokens on 12 chains, with Ethereum accounting for a 3rd of all deposits, adopted by Mode, Bitcoin, BOB, and BSC.
The newest surge in uniBTC’s TVL has been supported by the current enhance within the value of Bitcoin itself, which set a brand new report at over $99,000.
On the finish of September, Bedrock was drained of $2 million price of uniBTC, with hackers focusing on a wise contract exploit. Nonetheless, the platform resolved the difficulty and the occasion hasn’t affected its reserves.
In the meantime, uniETH has recovered from the current low of $85 million, which was the bottom degree since mid-February. The LST product at the moment has over $122 million in TVL.
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