Bedrock, a multi-asset liquid staking protocol, has announced the adoption of Chainlink Proof of Reserve (PoR) to enhance the security of its minting function following a recent security breach that resulted in a $2 million loss in assets. The team stated that this move will strengthen the protocol against future exploits. Chainlink’s PoR, utilized by leading asset manager 21Shares, will provide automated and verifiable on-chain checks to ensure the proper backing of reserves, thereby preventing malicious minting and safeguarding against manipulation.
“Integrating Chainlink Proof of Reserve is a crucial measure in fortifying our protocol and ensuring the highest level of protection for user funds,” said Zhuling, a core contributor at Bedrock. The integration is key in maintaining the security and transparency of Bedrock’s minting function.
With a track record of facilitating over $15 trillion in transactions, Chainlink’s platform will bring multiple layers of decentralization and increased transparency to Bedrock’s operations, added the team.
“Proof of Reserve will enhance the security of the minting function for uniBTC, a significant step in securing this asset while offering users full visibility into reserves,” stated Johann Eid, Chief Business Officer at Chainlink Labs.
“In a landscape where tokenized assets are on the rise, Chainlink’s real-time, automated verifications play a crucial role in preventing security breaches related to overminting, thereby building trust and protecting against vulnerabilities,” he emphasized.
Launched by RockX in February 2023, Bedrock stands as the eighth-largest liquid staking protocol with $229 million in Total Value Locked (TVL) as of September 27, according to DefiLlama data.
Earlier today, a security exploit involving Bedrock’s uniBTC was reported. In response, the protocol reassured users that remaining funds are secure and that a detailed reimbursement plan and post-mortem report are in the works.
