Liquid restaking protocol Bedrock adopts Chainlink Proof of Reserve after $2M exploit

Bedrock, a multi-asset liquid staking protocol, adopts Chainlink Proof of Reserve (PoR) to enhance the safety of its coin function after the protocol was hit by a safety breach that led to a lack of $2 million in belongings right now , the crew stated in a current assertion.

The crew stated this transfer would assist strengthen the Bedrock protocol in opposition to future exploits. Chainlink’s PoR, which is relied on by main asset supervisor 21Shares, will present automated and verifiable onchain controls to make sure correct reserve protection, stop malicious minting and defend in opposition to manipulation, Bedrock stated.

“Integrating Chainlink Proof of Reserve is a important step in strengthening our protocol and serving to make sure the utmost safety of consumer funds,” stated Zhuling, a core contributor at Bedrock, including that the combination performs an essential function in guaranteeing the safety and transparency of Bedrock’s coin operate.

Chainlink’s platform, which has facilitated greater than $15 trillion in transactions, can even present a number of layers of decentralization and elevated transparency for Bedrock’s operations, Bedrock added.

“Proof of Reserve will safe the coin operate for uniBTC and take an important step in safeguarding this asset, whereas offering customers with full transparency round reserves,” stated Johann Eid, Chief Enterprise Officer at Chainlink Labs.

“With the explosion of tokenized belongings in our house, Chainlink’s real-time, automated verifications assist stop safety exploits related to extreme misuse, constructing belief and defending in opposition to vulnerabilities,” he famous.

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

The safety exploit involving Bedrock’s uniBTC was reported earlier right now. Following the incident, the Protocol assured customers that the remaining funds had been protected, was finalizing a compensation plan and would quickly launch an in depth autopsy report.