SINGAPORE, May 01, 2024 (GLOBE NEWSWIRE) -- 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.”