Overview
Bedrock is a multi-asset liquid restaking protocol that extends the liquid restaking concept beyond Ethereum. While most LRT protocols focus exclusively on ETH restaking through EigenLayer, Bedrock offers liquid restaking tokens for multiple assets — most notably uniBTC (liquid restaking token for Bitcoin through Babylon) and uniETH (liquid restaking for Ethereum through EigenLayer).
The multi-asset approach is Bedrock's primary differentiator. As restaking expands beyond Ethereum (with Babylon enabling BTC restaking, and other chains developing restaking mechanisms), Bedrock positions itself as the universal liquid restaking layer that supports any restakeable asset.
Bedrock's uniBTC product allows BTC holders to restake their Bitcoin through Babylon Protocol while receiving a liquid token that represents their restaked position. This combines BTC yield generation (through Babylon's BTC staking) with liquidity (through the uniBTC token that can be used in DeFi).
The protocol has achieved meaningful TVL, particularly in the uniBTC product, though much of the growth was driven by points and airdrop expectations. Bedrock operates across multiple chains including Ethereum, BNB Chain, and others.
Smart Contracts
Multi-Asset Architecture
Bedrock's contracts must handle the complexity of multiple restaking systems — EigenLayer for ETH, Babylon for BTC, and potentially other restaking protocols for additional assets. Each asset requires specific deposit, delegation, and withdrawal logic tailored to the underlying restaking mechanism.
The uniBTC contracts handle BTC wrapping (typically through WBTC or other BTC representations), Babylon delegation, and uniBTC minting. The uniETH contracts follow the standard LRT pattern of ETH deposit, EigenLayer delegation, and token minting.
Withdrawal Complexity
Multi-asset restaking introduces variable withdrawal timelines — EigenLayer withdrawals follow their own queue, Babylon BTC withdrawals follow different unbonding periods. Managing user expectations and liquidity across these different timelines is technically challenging.
Code Maturity
The contracts are relatively new, and the multi-asset approach is novel. Audit coverage exists but the complexity of managing multiple restaking systems increases the probability of edge-case vulnerabilities.
Security
Multi-System Risk
Bedrock inherits security risk from every restaking system it integrates. uniBTC carries Babylon Protocol risk, BTC bridging/wrapping risk, and Bedrock's own contract risk. uniETH carries EigenLayer risk plus Bedrock's contract risk. The aggregate risk profile is more complex than single-system LRT protocols.
BTC Representation Risk
uniBTC depends on the BTC representation used (WBTC, BTCB, etc.). The security of the underlying BTC bridge or wrapper directly affects uniBTC security. Any compromise of the BTC representation layer would impact uniBTC holders.
Audit Status
Bedrock's contracts have been audited, but the multi-asset complexity means ongoing audit coverage is essential as new assets and restaking integrations are added. Each new asset adds audit surface area.
Decentralization
Operator Management
Bedrock selects operators for each restaking system — EigenLayer operators for uniETH, Babylon validators for uniBTC. Operator selection is managed by the Bedrock team, with plans for governance involvement. The multi-system operator management adds complexity.
Protocol Control
The Bedrock team maintains significant control over protocol parameters, asset selection, and operator curation. Multi-asset management requires more active governance, which currently defaults to team control.
Governance
Governance is in development with plans for token-based community participation. The multi-asset nature of the protocol makes governance more complex — decisions about which assets to support, which restaking systems to integrate, and how to balance risk across assets require informed voting.
Adoption
TVL
Bedrock has achieved meaningful TVL, with uniBTC being a notable contributor. BTC restaking is a newer concept that has attracted interest from BTC holders seeking yield without selling their Bitcoin. The multi-asset approach draws depositors from different asset communities.
Market Position
In the crowded LRT space, Bedrock's multi-asset differentiation provides a distinct positioning. Rather than competing purely on ETH LRT (where Renzo, Kelp, Puffer dominate), Bedrock competes on breadth — offering restaking for assets that ETH-focused protocols don't cover.
DeFi Integration
uniBTC and uniETH are integrated into DeFi protocols on supported chains, providing composability for restaked positions. Integration depth is growing but not yet at the level of more established LRTs.
Tokenomics
Token Status
Bedrock's tokenomics are developing, with a governance token planned or recently launched. Points programs have been used to bootstrap participation, following the standard LRT playbook.
Revenue Model
Revenue comes from restaking commissions across all supported assets. The multi-asset approach potentially generates more diverse revenue streams than single-asset LRT protocols.
Sustainability
Like all LRT protocols, Bedrock's sustainability depends on organic restaking demand replacing points-driven deposits. The multi-asset approach may provide more sustainable demand if BTC and other asset holders seek restaking yield independently of points programs.
Risk Factors
- Multi-system complexity: Each integrated restaking system adds its own risk profile, creating compounding risk
- BTC bridge risk: uniBTC depends on BTC representation layers (WBTC, bridges) that have their own security considerations
- Points dependency: TVL growth has been significantly driven by points farming expectations
- Novel concept: Multi-asset restaking is a new concept with unproven long-term demand
- Competition: ETH-focused LRT protocols with larger TVL and more DeFi integrations
- Operator risk: Managing operators across multiple restaking systems increases governance complexity
- Regulatory risk: BTC restaking products may face regulatory scrutiny in some jurisdictions
Conclusion
Bedrock's multi-asset liquid restaking approach is a genuine differentiator in the crowded LRT space. By supporting BTC restaking (uniBTC) alongside ETH restaking (uniETH), Bedrock addresses a broader market than ETH-only protocols. The concept is sound — as restaking expands to multiple assets and chains, a universal LRT protocol adds value.
The 4.9 score reflects the early stage of execution and the compounding complexity of multi-system integration. Each additional asset and restaking system adds risk, and the multi-asset approach has not yet been validated at scale. Bedrock is well-positioned if multi-asset restaking becomes a significant trend, but the concept is ahead of proven demand.