1. Introduction

With the continuous development of blockchain technology, multi-chain ecosystem is gradually becoming an industry trend, Liquidity staking plays a key role in releasing the liquidity of staked assets, and it plays an important role in a multi-chain environment.

Bedrock is the world’s first liquidity restaking protocol that supports multiple assets, and has launched the first Bitcoin staking product uniBTC. As a leading BTC liquidity staking asset, uniBTC allows users to earn staking rewards while maintaining asset liquidity, opening up new revenue opportunities in the trillion-dollar Bitcoin market. Based on the innovative BTCFi2.0 solution, Bedrock has redefined the value positioning of Bitcoin in the DeFi ecosystem and has implemented liquidity restaking of assets such as BTC, ETH, and DePIN on over 12 mainstream blockchains.

2. Comprehensive Analysis of Bedrock

2.1 Development History Review

Since its establishment, Bedrock DAO has steadily made important progress in the field of multi-chain liquidity staking, outlining a path of innovation and breakthroughs at key points in its development.

In the early stages of the project, the core team of Bedrock DAO, with keen insights into the development trends of blockchain technology, accurately identified the huge demand for liquidity staking in a multi-chain environment, and began to build the underlying technical architecture. They conducted in-depth research on the characteristics and consensus mechanisms of different blockchains, committed to developing a liquidity staking solution that is compatible with multiple chains, laying a solid technical foundation for future development.

Subsequently, Bedrock DAO successfully completed a round of significant financing, led by OKX Ventures, LongHash Ventures, and Comma3 Ventures, with participation from Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and angel investors including Fisher Yu, co-founder of Babylon. This financing not only injected sufficient funds into the project but, more importantly, also gained recognition from many well-known institutions and investors in the industry, enhancing the visibility and influence of Bedrock DAO in the market and providing strong support for its technological research and business expansion.

After the completion of the financing, Bedrock DAO quickly promoted the technological development and product launch. They launched a native cross-chain restaking service, realizing seamless transfer and restaking of assets for users across different blockchains, greatly improving the efficiency and flexibility of staking. At the same time, the total locked value (TVL) on Ethereum and IoTeX quickly exceeded 200 million US dollars, attracting a large number of users and funds, marking the initial success in the multi-chain liquidity staking market.

Recently, Bedrock DAO plans to further expand to more chains to meet the growing market demand. At the same time, based on the Babylon protocol, the first liquidity-staked Bitcoin (UniBTC) is issued, aiming to provide users with Bitcoin staking services, further enriching its product line, expanding business boundaries, and potentially opening up new market space in the Bitcoin staking field.

2.2 Project Positioning and Vision

Bedrock DAO is positioned as an innovator and leader in the multi-chain liquidity re-staking field, dedicated to solving the problem of insufficient liquidity of staked assets in a multi-chain environment. By building an efficient, secure, and decentralized staking ecosystem, it provides users with convenient and flexible staking services.

Against the backdrop of an increasingly complex multi-chain ecosystem, the liquidity between different blockchains has become a key factor constraining industry development. Many users, after staking assets, face the dilemma of locked assets and restricted liquidity, unable to fully utilize assets for other investments or transactions. Bedrock DAO, through innovative technological architecture, has achieved cross-chain liquidity re-staking, breaking down barriers between chains, enabling users to freely transfer and stake assets across different blockchains, significantly enhancing asset liquidity and utilization efficiency.

Bedrock DAO’s vision is to become the world’s leading multi-chain liquidity stake platform, creating greater value for users. They hope to lower the threshold and cost for users to participate in staking by continuously optimizing technology and services, enabling more people to enjoy the benefits of blockchain technology. At the same time, Bedrock DAO is committed to promoting the development of the blockchain industry, fostering the prosperity of the multi-chain ecosystem, and collaboratively building a more open, transparent, and fair blockchain world through partnerships with other projects and institutions.

3. Bedrock Core Technology In-Depth Analysis

3.1 Multi-chain Interaction Technology Principles and Implementation

Bedrock DAO’s multi-chain interaction technology is the key support for realizing multi-chain liquidity staking, aimed at breaking down barriers between different blockchains, enabling assets to freely circulate across multiple chains, and facilitating efficient data exchange. Its technical principles are based on a series of complex and ingenious designs, incorporating various advanced cross-chain technologies and communication protocols.

In terms of asset interoperability, Bedrock DAO has adopted a hybrid approach based on Hashed Time Lock Contracts (HTLC) and cross-chain relays. Hashed Time Lock Contracts are a technology for achieving atomic swaps between different blockchains by setting a time limit and a hash value, ensuring that transactions are either fully executed within the specified time or completely rolled back, thereby ensuring the security and atomicity of transactions. Cross-chain relays act as messengers between different blockchains, responsible for transmitting transaction information and status updates. When a user initiates a cross-chain asset transfer, they first create a Hashed Time Lock Contract on the source chain and lock the assets in the contract. Subsequently, the cross-chain relay transmits the contract information to the target chain, where a corresponding receiving contract is created. The receiver on the target chain provides the correct hash value within the specified time to unlock the assets on the source chain and complete the cross-chain transfer. This method effectively addresses trust and security issues in asset transfers between different blockchains, ensuring smooth asset flow across multiple chains.

In terms of data transmission, Bedrock DAO utilizes a distributed oracle network and blockchain gateway technology. The distributed oracle network is responsible for obtaining data from different blockchains and transforming it into a unified format for use by other blockchains. It ensures the authenticity and reliability of the data through distributed verification by multiple nodes. The blockchain gateway serves as an interface between different blockchains, handling the transmission and parsing of data. When a blockchain needs to access data from another blockchain, it sends a request to the blockchain gateway, which retrieves the data through the distributed oracle network and returns it to the requesting party. Additionally, the gateway is responsible for data format conversion and protocol adaptation between different blockchains, ensuring that the data can be correctly transmitted and utilized on different chains.

3.2 Liquidity Redeposit Mechanism Detailed Explanation

Liquidity re-staking is one of the core innovative mechanisms of Bedrock DAO, aiming to provide users with more flexible and efficient staking services, while releasing the liquidity of staked assets and improving the efficiency of fund utilization. Its operation involves multiple links and achieves the multiple utilization and maximization of the value of staked assets through clever design.

The process of re-staking liquidity is as follows: Users first stake their assets (such as ETH, BTC, etc.) into Bedrock DAO’s stake pool to obtain the corresponding Liquidity Re-Staking Token (LRT). These LRT tokens represent the user’s stake in the assets and have liquidity, which can be freely traded on the market or used in other DeFi applications. Users can then stake LRT again into other projects or protocols to earn additional rewards.

In terms of risk control, Bedrock DAO has taken a series of strict measures to ensure the safety of user assets.

First, conduct a strict evaluation and screening of the pledged assets, only accepting assets that are stable in value and have good liquidity as collateral. When pledging mainstream cryptocurrencies such as ETH, the market price fluctuations are monitored in real-time. When the price fluctuates beyond a certain range, users will be required to supplement collateral or adjust the collateral ratio to ensure that the value of the collateral assets always covers the user’s borrowing and earnings.

Secondly, a risk warning mechanism has been established to timely identify potential risk factors through real-time monitoring of market data and the status of the staking pool. When there is a significant drop in the price of LRT in the staking pool or abnormal fluctuations in the value of staked assets, the system will automatically issue a warning signal and take corresponding measures for risk control, such as suspending staking or forced liquidation.

In addition, Bedrock DAO has introduced an insurance mechanism to provide additional protection for users’ staked assets. By partnering with professional insurance institutions, when unforeseen risk events lead to user asset losses, the insurance institutions will compensate users according to the contract, thereby reducing users’ risk losses.

Yield distribution is another important part of the liquidity recollateralization mechanism. Bedrock DAO adopts a fair and reasonable yield distribution model to ensure that users can receive returns that match their staked assets and risk exposure. The LRT obtained by staking assets in the market for trading or the returns generated by staking again are first deducted a certain percentage of fees to pay for the platform’s operating costs and maintenance expenses. The remaining returns will be distributed according to the proportion of the user’s staked assets, the more staked assets, the higher the returns. At the same time, to incentivize users to hold staked assets for the long term, Bedrock DAO has also set up additional reward mechanisms. For users who hold LRT for the long term and do not engage in frequent trading, a certain percentage of additional yield rewards will be given to encourage users to stably participate in staking activities and promote the healthy development of the platform.

3.3 Security Technology Protection System

In the field of multi-chain liquidity staking, ensuring the security of user assets and data privacy is crucial. Bedrock DAO has built a comprehensive and multi-layered security technology protection system, covering various aspects such as encryption technology, smart contract auditing, risk monitoring and early warning, to provide users with reliable security protection.

Cryptographic technology is the foundation of the Bedrock DAO security system. During data transmission, encryption protocols such as SSL/TLS are used to encrypt user data to prevent it from being stolen or tampered with during transmission. In terms of data storage, AES and other advanced encryption algorithms are used to encrypt sensitive user information and asset data for storage, and only the user holding the correct key can decrypt and access the data. At the same time, to prevent key loss or theft, Bedrock DAO has introduced multi-signature and key management systems. Multi-signature technology requires multiple signers to jointly authorize important operations such as asset transfers and key changes, increasing the security of operations. The key management system is responsible for the secure storage and management of user keys, using technologies such as hierarchical deterministic wallets to ensure the security of key generation, storage, and usage processes.

Smart contracts are the core components of Bedrock DAO to implement business logic, and their security directly affects the safety of user assets. Therefore, Bedrock DAO attaches great importance to the audit of smart contracts. During the development of smart contracts, strict security coding specifications are followed, secure programming patterns and algorithms are used to avoid common security vulnerabilities such as reentry attacks, overflow vulnerabilities, etc. Before the smart contracts go live, professional auditing agencies will be invited to conduct comprehensive and in-depth audits of the smart contract code. The auditing agency will conduct detailed checks on the functionality, logic, and security of the smart contract, discover and report potential security issues. The development team will repair and optimize the smart contracts according to the audit report to ensure the security and reliability of the smart contracts. At the same time, Bedrock DAO will also conduct regular re-audits of smart contracts to address potential new security risks and vulnerabilities.

4. Bedrock token system: BR and veBR

4.1 BR — Bedrock Governance Token

BR is the core utility token of Bedrock, designed to facilitate incentives, governance participation, and liquidity provision. It provides the following functions:

• Ecosystem Participation: Distribute to participants who contribute to the growth of Bedrock ecosystem (such as Liquidity Providers and Stakers), BR supports ongoing participation and activities within the ecosystem.
• Tradeable and liquid - BR is an asset that can be freely traded, integrated into DeFi protocols for lending and liquidity pools.
• Convert to veBR for governance - Users can stake BR to obtain veBR, gain governance power and enhanced rewards.

4.1.1 BR Stake

For governance participants, your main responsibility is to stake your BR tokens to obtain veBR. This conversion process aims to reward long-term commitment by locking tokens for a specified period. For liquidity providers and stakers, by earning BR, they are incentivized to participate more actively in the protocol, which in turn further strengthens the liquidity foundation.

• Staking to earn BR User deposits assets to protect the network, thus earning BR tokens - the governance and utility cornerstone of Bedrock. Staking can enhance liquidity and achieve seamless cross-chain transactions.

• Convert BR to veBR to get Power Lock BR, and then forge non-transferable governance token veBR. This ‘participation game’ mechanism:

• Reduce the BR supply, causing a shortage.

• Granting voting rights on emissions, upgrades, and financial decisions.

4.2 veBR: BR delegated for voting, used for governance and enhanced rewards

veBR represents the voting custody version of BR, which is the core of Bedrock’s PoSL governance and reward system. Users obtain veBR by exchanging their BR tokens within a specified period, indicating their long-term commitment to the protocol. veBR is non-transferable and aims to incentivize governance participation and sustainable ecosystem growth.

To achieve this vision, Bedrock partnered with Aragon, one of the most mature DAO frameworks, known for collaborations with leading protocols such as Curve and Mode. This partnership ensures Bedrock’s governance is robust, transparent, and aimed at long-term sustainability.

• Governance Participation: veBR holders can propose and vote on key decisions, including protocol upgrades, BR issuance, validator selection, and fund management.
• Increasing Rewards - Holding veBR can increase staking yield and enhance reward distribution, providing additional incentives for long-term participants.
• Seasonal voting rights - veBR voting power plays a role in governance season to ensure fair and dynamic participation. Voting rights are reset every quarter to encourage ongoing activity and prevent voter fatigue.

BR and veBR jointly created a self-sustaining cycle of liquidity, governance, and incentives, setting a new standard for BTCFi and multi-chain decentralized finance.

4.3 Bedrock DAO veModel

The veModel (voting custody) system of Bedrock DAO aims to improve governance efficiency, incentivize long-term participation in the Bedrock ecosystem. Users can exchange BR tokens for veBR tokens at a 1:1 ratio at any time, thereby gaining governance voting rights within the DAO. The system coordinates incentive measures, enhances liquidity, and supports the governance evolution of BTCFi 2.0.

4.3.1 Main Features

• Governance model based on measurement standards: veBR holders can vote on different measurement standards incentivizing various DeFi pools.
• Long-term governance incentives: Reward users who lock BR for the long term.
• Seasonal reset mechanism: Regularly reset voting rights to ensure fair governance participation.
• Configurable governance parameters: Ensure adaptability and sustainability of the voting mechanism.

4.3.2 Governance System and Voting Mechanism

The governance model based on Gauge is a decentralized decision-making framework designed to allocate resources or influence within a community or organization. Stakeholders can vote to decide how to allocate resources such as funds or rewards to different projects or initiatives.

The main features of the governance model based on Gauge include:

1. Using token voting: stakeholders use their veBR to vote on various metrics or proposals. Their voting weight is usually proportional to the amount of tokens they hold or stake.
2. Incentive allocation: The main purpose of the measurement model is to allocate resources (e.g., BR issuance incentives) to different Defi pools or plans based on the results of the voting process.
3. Decentralization: The model promotes decentralization by allowing a wide range of stakeholders to participate in decision-making instead of concentrating power in the hands of a few.
4. Transparency and accountability: Voting records are on the blockchain, the process is transparent, and stakeholders can be accountable for their decisions.
5. Incentives: The model rewards voters for participating in the governance process with veBR or other welfare benefits.

Overall, the governance model based on Gauge aims to create a more democratic and effective collective decision-making process for the community, ensuring resources are allocated in a way that reflects stakeholders’ preferences and priorities.

4.4 veBR Token Mechanism

• Conversion: Users can convert BR to veBR at a 1:1 ratio.
• Locking mechanism: Users must stake BR in custody to receive veBR and obtain governance rights.
• Voting rights: veBR holders can vote on governance decisions, including measuring incentive measures.
• Seasonal reset: Voting rights are reset at the end of each season to maintain a fair competitive environment.

4.5 Token Allocation Ratio and Unlocking Rules

1. Community airdrop incentive: 20%, as project community and user reserves;
2. Marketing and Partner Relations: 18.5%, used for marketing activities, external partner relations, grants, and consultants;
3. IDO: 5%, used for IDO;
4. Liquidity supply: 4%, used to provide liquidity on CEX and DEX;
5. Strategic reserves: 20%, annual spending not exceeding 5%;
6. Seed round investment: 12.5%, lock-up period of one year, unlock 25% after 12 months, and the remaining unlocks quarterly for 18 months;
7. Founding team: 20%, with a lock-up period of one year, unlocked quarterly over 24 months after TGE.

The BR token is about to be listed on the Gate.io trading platform, with the BR/USDT opening time on 2025/03/20 21:00:00 (UTC+8).

Trading link:https://www.gate.io/en/trade/BR_USDT

5. Bedrock application scenario panoramic display

5.1 DeFi lending application case analysis

In the field of DeFi lending, Bedrock DAO’s liquidity re-staking mechanism has shown unique advantages. Taking the collaboration between EigenLayer and Bedrock DAO as an example, it is clear to see its significant role in reducing borrowing costs and increasing capital utilization.

EigenLayer is a project focused on restaking in the Ethereum ecosystem, providing additional security for validators and allowing users to reuse staked assets. Bedrock DAO collaborates with EigenLayer, allowing users to restake liquidity-received tokens (LRT) such as stETH from Bedrock DAO further into EigenLayer. This collaborative model brings many benefits to both borrowers and lenders.

5.2 Cross-chain Transaction Application Practice

In the cross-chain trading scenario, Bedrock DAO has significantly improved the efficiency of asset transfer and trading with its advanced multi-chain interaction technology. Taking cross-chain transactions between Ethereum and IoTeX, two blockchains with different characteristics, as an example, one can intuitively feel the strong capabilities of Bedrock DAO in the cross-chain field.

As the largest smart contract platform in the world, Ethereum has a wealth of DeFi applications and a large user base, but it also faces issues of transaction congestion and high fees. IoTeX, on the other hand, is a blockchain focused on the Internet of Things field, with efficient transaction processing capabilities and lower transaction costs, but relatively weaker application ecosystem. Bedrock DAO connects Ethereum and IoTeX by building cross-chain bridges, enabling seamless asset transfers between the two chains.

5.3 Exploration of Other Potential Application Areas

In addition to DeFi lending and cross-chain trading, Bedrock DAO also demonstrates huge potential application value in areas such as NFT financialization and insurance.

In the field of NFT securitization, the uniqueness and scarcity of NFTs give them high collectible value, but also lead to poor liquidity. Bedrock DAO’s liquidity restaking mechanism provides a new liquidity solution for NFT holders. NFT holders can stake their NFTs in Bedrock DAO’s staking pool to receive corresponding Liquidity Re-Staking Tokens (LRT). These LRTs can be freely traded on the market or restaked in other projects for earnings. This way, NFT holders gain asset liquidity without losing ownership of their NFTs, allowing them to better utilize NFT assets for financial activities. Some owners of valuable NFT artworks can stake their NFTs with Bedrock DAO, receive LRTs, and use them to participate in investments in other DeFi projects to increase asset value. Additionally, Bedrock DAO can collaborate with NFT markets to offer lending services for NFT transactions. Buyers can obtain funds by staking LRTs to purchase desired NFTs, thereby boosting trading activity in the NFT market.

6. Insights into the market performance and competitive landscape of the Bedrock market

6.1 Comparison of Main Competitors

In the field of cross-chain liquidity staking, Bedrock DAO faces challenges from multiple competitors, including EigenLayer and Lido, which are competitive in technology, products, and markets, with some differences from Bedrock DAO.

In terms of technology, EigenLayer focuses on the re-staking service of the Ethereum ecosystem, realizing the reuse of staked assets by building a decentralized validator network. It adopts a unique technical architecture that effectively reduces the cost of validators, enhances the security and efficiency of staked assets. Lido, on the other hand, is a project that provides liquidity staking services on Ethereum and multiple other blockchains, with technical advantages in compatibility with various blockchains and efficient staking processing capabilities. By collaborating with multiple blockchain node operators, it achieves fast processing of staked assets and liquidity release. In contrast, Bedrock DAO’s technical advantages lie in its multi-chain interaction technology and liquidity re-collateralization mechanism. It enables seamless transfer and staking of assets between different blockchains, breaking down barriers between chains and providing users with more flexible and diverse staking options. At the same time, its liquidity re-collateralization mechanism allows users to convert the equity of staked assets into tradable liquidity re-collateralization tokens, further enhancing the liquidity and utility of assets.

6.2 Competitive Advantage and Differentiation Analysis

Bedrock DAO has significant competitive advantages in technological innovation, user experience, partnerships, etc., which set it apart in the multi-chain liquidity staking market, forming a unique differentiating competitive advantage.

In terms of technological innovation, the multi-chain interaction technology and liquidity restaking mechanism of Bedrock DAO are one of its core competitive advantages. The multi-chain interaction technology achieves seamless transfer of assets and data exchange between different blockchains, breaking down barriers between chains and providing users with more convenient and efficient staking services. The liquidity restaking mechanism allows users to convert the equity of staked assets into tradable liquidity restaking tokens, increasing the liquidity and utility of assets, and creating more investment opportunities for users. This technological innovation holds a leading position in the market and can meet the higher demand of users for staking services in a multi-chain environment.

In terms of user experience, Bedrock DAO focuses on the usability and convenience of its products. The interface is simple and clear, allowing users to easily stake, unstake, trade, and more. Additionally, Bedrock DAO offers comprehensive customer service, responding promptly to user inquiries and issues, providing users with full support. Furthermore, Bedrock DAO has launched a series of user incentive programs such as point rewards, airdrops, etc., to increase user participation and loyalty, offering users a better user experience.

Conclusion

For investors, Bedrock DAO, as an emerging project in the multi-chain liquidity staking field, has certain investment potential. Its innovative technology and business model are expected to gain more market opportunities in the trend of multi-chain ecosystem development. It is recommended that investors pay attention to the progress of Bedrock DAO’s technological development, market expansion, and ecological construction, and make investment decisions cautiously based on their own risk tolerance and investment objectives.