Bedrock Liquid Recharge Protocol Adopts Chainlink Proof of Reserve After $2M Mining

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Bedrock, a liquid multi-asset staking protocol, adopts Chainlink Proof of Reserve (PoR) to improve the security of its staking function after the protocol was hit by a security breach that resulted in an asset loss of 2 million dollars today, the team said in a recent statement.

The team said the move will help harden the Bedrock protocol against future exploits. Chainlink’s PoR, which is trusted by leading asset manager 21Shares, will provide automated and verifiable on-chain checks to ensure reserves are properly backed, preventing malicious tapping and protecting against manipulation, Bedrock said.

“The integration of Chainlink Proof of Reserve is an essential step in strengthening our protocol and ensuring the highest protection of user funds,” said Zhuling, a senior contributor at Bedrock, adding that the integration plays an important role in ensuring the security and transparency of Bedrock . beat function.

The Chainlink platform, which has facilitated more than $15 trillion in transactions, will also provide more layers of decentralization and increased transparency for Bedrock’s operations, Bedrock added.

“Proof of Reserve will provide the minting function for uniBTC, taking a critical step in securing this asset while providing users with full transparency regarding reserves,” said Johann Eid, Chief Business Officer at Chainlink Labs.

“With the explosion of tokenized assets in our space, Chainlink’s automated real-time checks help prevent overmining security exploits, thus building trust and protecting against vulnerabilities,” he noted.

Launched by RockX in February 2023, Bedrock is the eighth largest liquid staking protocol with $229 million in TVL as of September 27, DefiLlama data shows.

The security exploit involving Bedrock’s uniBTC was reported earlier today. Following the incident, the protocol assured users that the remaining funds are safe and that it is finalizing a repayment plan and will soon release a detailed post-mortem report.

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