OKX Ventures Announces Lead Investment in Bedrock, A Multi-Asset Liquid Restaking Protocol
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.”
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About OKX Ventures
OKX 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 Bedrock
Bedrock 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.
