Bedrock integrates Chainlink Proof of Reserve to enhance protocol security after a $2M exploit involving uniBTC.
Chainlink PoR provides automated, real-time verification of reserves, ensuring full transparency and collateral backing.
Bedrock is working with audit teams and white-hat hackers on a reimbursement plan for affected users.
In response to a recent security exploit involving uniBTC that resulted in $2 million in losses, multi-asset liquid restaking protocol Bedrock has announced it will integrate Chainlinkâs Proof of Reserve (PoR) system. The integration aims to enhance the security of the platform and prevent future exploits by providing real-time verification of reserves backing synthetic tokens.
Security Measures Following the Exploit
Bedrock, launched by Singapore-based blockchain firm RockX, is the eighth-largest liquid restaking protocol, with over $230 million in total value locked (TVL). The platform allows users to stake assets like Bitcoin, Ethereum, and IOTX through synthetic wrapped tokens such as uniBTC, uniETH, and uniIOTX, offering yield.
The recent exploit involving uniBTC highlighted a vulnerability in the platformâs minting function, prompting the integration of Chainlink PoR to secure future transactions, as noted by Collin Brown.
https://twitter.com/CollinBrownXRP/status/1840144955425034294
Chainlinkâs Proof of Reserve leverages its operations, which has processed over $15 trillion in transaction value. PoR offers cryptographically verified, real-time updates on the reserves backing digital assets, ensuring transparency and security. Bedrock's decision to integrate PoR aims to provide automated, on-chain checks that verify collateral backing, enhancing the safety of the protocol.
Commitment to Transparency and Security
Chainlink Labsâ Chief Business Officer, Johann Eid, highlighted the importance of this integration, stating that PoR sets a new standard for transparency and security within decentralized platforms. Eid noted that Proof of Reserve will secure the minting function for uniBTC, providing full transparency around reserves.
Bedrockâs core contributor, Zhuling, reiterated the significance of adopting PoR, explaining that the integration will help ensure full collateralization of assets, bolstering user confidence in the protocolâs reliability.
In addition to strengthening its security measures, Bedrock is collaborating with audit teams and white-hat hackers to recover lost funds from the recent exploit. The company is also working on a reimbursement plan for affected users and preparing a detailed post-mortem report.
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