Bedrock, a decentralized multi-chain liquid restaking platform, has had the best month since its launch at the beginning of 2023. The total value locked (TVL) on the platform reached a record $686 million on November 21 after surging over 100% this month, according to data compiled by DefiLlama.
Bedrock is a decentralized platform that supports liquid staking and restaking on 13 different chains, including Ethereum, Mode, Bitcoin, BOB, Mantle, BSC, and Arbitrum. Ethereum accounts for nearly 60% of all TVL.
The protocol relies on EigenLayer and Babylon for restaking deposited tokens.
It offers several liquid staking tokens (LSTs), including uniBTC, uniETH, and uniIOTX, which represent corresponding Proof of Stake (PoS) tokens, such as Wrapped Bitcoin (WBTC), Ethereum, and IOTX, respectively. These LSTs represent the corresponding amounts staked with Bedrock as well as all future staking/restaking rewards and points from the underlying platforms.
uniBTC has been the main driver behind Bedrock’s rapid growth this month. The LST was launched at the end of August and its total liquid rose to a record $385 million on November 22 before correcting to the current level of $366 million.
uniBTC represents Bitcoin-related tokens on 12 chains, with Ethereum accounting for a third of all deposits, followed by Mode, Bitcoin, BOB, and BSC.
The latest surge in uniBTC’s TVL has been supported by the recent increase in the price of Bitcoin itself, which set a new record at over $99,000.
At the end of September, Bedrock was drained of $2 million worth of uniBTC, with hackers targeting a smart contract exploit. However, the platform resolved the issue and the event hasn’t affected its reserves.
Meanwhile, uniETH has recovered from the recent low of $85 million, which was the lowest level since mid-February. The LST product currently has over $122 million in TVL.
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