How Does Bedrock Work?
A multi-chain liquid staking and restaking platform offering BTC and ETH liquid staking tokens across 15+ blockchains. It holds $355M in deposits. Its C- grade reflects two major incidents: a $2M exploit via an unaudited mint function and a $47.59M coordinated exit in 100 seconds that exposed extreme liquidity concentration.
TVL
$295M
Sector
Liquid Staking
Risk Grade
C-
Value Grade
C
Core Mechanisms
Liquid-Staking/BTC
NoveluniBTC Bitcoin liquid restaking token
Novel BTC liquid restaking token across multiple chains. Exploited in September 2024 via unaudited mint function.
Liquid-Staking/ETH
uniETH Ethereum liquid staking token
Standard Ethereum LST pattern (Lido since 2020).
Restaking/Multi-Asset
NovelMulti-asset restaking across BTC, ETH, and other assets
Novel multi-asset restaking approach spanning multiple base assets and chains.
Cross-Chain/Multi-Deployment
Deployed across 15+ chains with bridged LSTs
Multi-chain deployment with bridged tokens. Standard pattern but extreme breadth.
Oracle/External
External oracle for multi-chain LST pricing
Oracle pricing across 15+ chains creates complexity.
Governance/Token
BR governance token
Standard governance token.
Staking/Delegation
Validator delegation for staked assets
Standard delegation pattern.
How the Pieces Interact
September 2024 exploit: unaudited mint function allowed unauthorized minting of uniBTC. Demonstrates weak pre-deployment security practices.
July 2025: 26 addresses drained $47.59M in 100 seconds. Extreme liquidity concentration enables coordinated exits that destabilize the protocol.
LSTs bridged across 15+ chains inherit bridge security risks. A bridge exploit would create unbacked LSTs on destination chains.
Oracle pricing for LSTs across 15+ chains creates opportunities for cross-chain price manipulation and arbitrage at protocol expense.
Restaking across BTC, ETH, and other assets creates correlated slashing risk if validators misbehave across multiple networks simultaneously.
What Could Go Wrong
- September 2024 uniBTC exploit ($2M) caused by unaudited mint function demonstrates weak pre-deployment security practices.
- July 2025 coordinated exit: 26 addresses drained $47.59M in 100 seconds, exposing fragile liquidity concentration and potential insider coordination.
- Multi-chain deployment across 15+ chains amplifies bridge risk and creates cross-chain supply accounting complexity.
Multi-Chain Bridge Exploit and LST Unbacking
ElevatedTrigger: A bridge used to deploy uniBTC or uniETH across chains is compromised, creating unbacked LSTs on 3+ chains simultaneously
- 1.Bridge exploit allows attacker to mint unbacked LSTs on destination chains — LST supply on destination chains exceeds actual backing on source chain
- 2.Market discovers supply discrepancy; LSTs begin trading at discount — Cross-chain arbitrage fails as underlying backing is insufficient
- 3.LST depegs cascade across all 15+ chains as confidence collapses — DeFi protocols using Bedrock LSTs as collateral face cascading liquidations
- 4.Coordinated exit repeats as remaining holders race to redeem on source chain — Source chain liquidity exhausted; late redeemers left with unbacked tokens
Risk Profile at a Glance
Overall: C- (54/100)
Lower score = safer