OKX Ventures Announces Lead Investment in Bedrock, A Multi-Asset Liquid Restaking Protocol
May 01 2024 - 11:00PM
OKX Ventures, the investment arm of leading crypto exchange and
Web3 technology company OKX, is pleased to announce that it has
invested in Bedrock, a multi-asset liquid restaking protocol.
This strategic move brings institutional-grade infrastructure to an
expansive audience, ensuring both security and transparency to
cater to the requirements of larger clients and institutions.
As a restaking protocol, Bedrock is engineered to restake
natively and unlock additional rewards from EigenLayer. As of
today, around 41,344 ETH have been staked by 1,292 validators on
RockX, the node operator and early contributor to Bedrock.
The popularity of restaking saw a significant surge following
the Q4 2022 merge of Ethereum's Beacon chain. Validators stake to
store data, process transactions and add new blocks to the Ethereum
network, and the total stETH/ETH supply now stands at 26.72%.
Introduced by EigenLayer, restaking allows staked ETH to serve as
security for protocols outside of Ethereum, in return for fees and
rewards. With over 15 outstanding restaking protocols today, the
total staked ETH (Staking & Restaking) stands at 32 million
ETH, according to Dune's dashboard. Restaking not only
enhances capital efficiency but also fosters ecosystem
development.
uniBTC, a universal bitcoin token by Bedrock in partnership with
Babylon, is at the forefront of staking innovation. It allows BTC
holders to earn staking yield while maintaining their BTC liquidity
and participating in other DeFi activities. With Proof-of-Stake
(PoS) chains, a larger pool of staking capital increases user
security and efficiency.
OKX Ventures Founder Dora Yue said: “We are
pleased to see that the total value locked (TVL) in DeFi remains at
US$93.4 billion, with 48.2% of the contribution coming from staking
and restaking. Users earn native staking yield from restaking.
Following the successful launch of the Eigenlayer mainnet last
week, restaking has become one of our solid public pools. Our
restaking portfolios are steadfast in their product and ecosystem.
With our investment in Bedrock, we aim to improve liquid restaking
solutions in the crypto space. Bedrock, which started with
Ethereum, has now laid the foundation in the Bitcoin and Depin
ecosystems. It offers liquid restaking/staking on Ethereum (uniETH)
and on IOTEX (uniIOTX), with over US$200 million in TVL.”
“In addition, with Babylon's mainnet launch, Bedrock introduced
liquid restaked bitcoin (uniBTC). This could allow Liquid Staking
Token (LST) holders to earn extra yields without compromising fund
security,” Dora further commented. “Based on OKX Ventures'
restaking portfolio layout, we anticipate providing diversified
options to the community with secure assets. This is also a
strategy for managing liquidity in a volatile market.”
For further information, please
contact:Media@okx.com
About OKX VenturesOKX Ventures is the
investment arm of global leading crypto exchange and Web3
technology company OKX, with an initial capital commitment of
USD100 million. It focuses on exploring the best blockchain
projects on a global scale, supporting cutting-edge blockchain
technology innovation, promoting the healthy development of the
global blockchain industry, and investing in long-term structural
value.
Through its commitment to supporting entrepreneurs who
contribute to the development of the blockchain industry, OKX
Ventures helps build innovative companies and brings global
resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
About BedrockBedrock is a pioneering liquid
restaking protocol in the decentralized infrastructure. It started
with uniETH, its institutional-grade liquid restaking token on
EigenLayer, and later expanded to become the first and largest
liquid staking protocol on the IoTeX network and has captured a
cumulative TVL of over $200 million to date. With its secure
technology, Bedrock has expanded to multi-asset restaking, bringing
institutional-grade infrastructure to the masses.