Bedrock, a multi-asset liquid restaking protocol, expands to Bitcoin with strong backers

By Globe Newswire Published on May 2, 2024, 13:05 IST

Singapore, May 01, 2024 (GLOBE NEWSWIRE) — Bedrock, the leading multi-asset liquid restaking protocol, secures fundraising with investments aimed towards accelerating its liquid restaking solutions and spurring further growth. The investment round was led by OKX Ventures, LongHash Ventures, and Comma3 Ventures, and participated by Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and angel investors including Fisher Yu, co-founder of Babylon.

Since its inception, Bedrock has solidified its position as a secure LRT player offering institutional-grade services. To date, Bedrock’s combined TVL of both Ethereum (uniETH) and IoTeX (uniIOTX) has surpassed $200 million. More recently, Bedrock has offered native cross-chain restaking on chains including Arbitrum, Linea, Scroll, and Manta, and is continuously expanding to more chains in recent weeks.

Bedrock strives to remain at the forefront of staking innovation by offering users access to staking on Bitcoin. As the first protocol built natively on Babylon, Bedrock is excited to disrupt the staking innovation with the next phase of its growth on liquid staked Bitcoin (uniBTC) where it will be introduced in anticipation of Babylon’s mainnet launch. Users can now earn staking rewards while maintaining their Bitcoin liquidity and participating in other DeFi activities.

The concept of earning native staking rewards from restaking while contributing security to the ecosystem has led to rapid adoption of Ethereum restaking. Bitcoin Staking can potentially replicate this success to solve Bitcoin capital dormancy and PoS chains’ capital dependence issues with the untapped idle capital of over $1 Trillion in 2024.

About Bedrock
Bedrock is a pioneering liquid restaking protocol in the decentralized infrastructure. It started with uniETH, its institutional-grade liquid restaking token on EigenLayer, and later expanded to become the first and largest liquid staking protocol on the IoTeX network and has captured a cumulative TVL of over $200 million to date. With its secure technology, Bedrock has expanded to multi-asset restaking, bringing institutional-grade infrastructure to the masses.

About Babylon
Babylon is a blockchain project that designs security-sharing protocols for the decentralized economy, founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. Professor Tse is a member of the U.S. Academy of Engineering and a renowned inventor of the legendary proportional-fair scheduling algorithm for wireless communications. Babylon utilizes its three primary facets of Bitcoin to innovate three security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Through these pioneering protocols, Babylon envisions a more secure and decentralized future.