After recently announcing the upcoming integration of Chainlink Proof of Reserve, Bedrock is now going all-in on the Chainlink platform by adopting the industry-standard Chainlink Cross-Chain Interoperability Protocol (CCIP and Chainlink Price Feeds on Arbitrum, Ethereum, and Optimism.

Chainlink Proof of Reserve will be integrated to help secure our minting function and prevent security exploits like the $2M exploit that occurred last month involving uniBTC. CCIP will power secure cross-chain transfers of uniBTC and Chainlink Price Feeds will provide accurate, reliable, decentralized market data for uniBTC and uniETH, enhancing utility and liquidity.

Along with leveling up security, Chainlink enables LST/LRT asset issuers to drive user adoption and increase TVL as they become easily composable with an array of DeFi protocols in the Chainlink ecosystem, such as lending/borrowing markets, stablecoins, DEXs, derivatives protocols, and more.

Integrating Proof of Reserve’s Secure Mint capability directly into Bedrock’s minting function will help protect against malicious minting attacks by embedding cryptographic guarantees that new tokens minted are fully backed by reserves.

Key benefits of Chainlink Proof of Reserve include:

• Programmatic Utility—By bringing reserve data onchain, protocols can build automated logic around the reserve data backing an asset thus building new use cases and features such as automated onchain risk management.

• Confidence—With secure minting, Proof of Reserve protects against malicious minting by embedding cryptographic guarantees that new tokens minted are backed by reserves, helping to prevent infinite mint attacks.

• Decentralized—As the industry-standard solution, Chainlink Proof of Reserve Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to blockchains.

• Transparent—Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization, bringing increased transparency and trust to onchain products.

In the increasingly multi-chain Web3 landscape, it’s critical that DeFi protocols and users can access restaked assets across various chains. CCIP will unlock this feature for uniBTC by making it easily transferable cross-chain, increasing its utility and liquidity.

CCIP is built with defense-in-depth security and is powered by Chainlink’s industry-standard oracle networks. Chainlink CCIP is the only interoperability protocol with level-5 cross-chain security and features additional layers of protection via the first-of-its-kind Risk Management Network and transfer rate limits.

Chainlink CCIP offers numerous essential benefits and features to developers in the Bedrock ecosystem, including:

• Defense-in-depth security—CCIP’s consensus layer is powered by Chainlink Decentralized Oracle Networks (DONs), infrastructure that has secured over $60 billion in DeFi TVL at its peak and enabled over $16 trillion in onchain transaction value since the start of 2022. Each CCIP transfer is redundantly validated by multiple DONs, including an independent Risk Management Network that continuously monitors and validates the behavior of CCIP—a wholly unique concept in cross-chain interoperability that builds upon established engineering principles (N-version programming).

• Secure Token Transfers—CCIP simplifies the process of transferring tokens cross-chain by providing audited token pool contracts that abstract away the complexity of cross-chain validation, without imposing vendor lock-in on token issuers. CCIP token transfers also feature additional security functions such as configurable rate limits and reliability features such as Smart Execution that help ensure reliable transaction execution on the destination chain, regardless of blockchain network congestion.

• Arbitrary Messaging—CCIP’s empowers developers with the ability to create cross-chain native applications through the transfer of arbitrary data, encoded as bytes, between smart contracts on different blockchains. Cross-chain messaging enables numerous use cases from cross-chain NFT transfers to cross-chain lending use cases.

• Programmable Token Transfers—CCIP enables the transfer of value (via tokens) cross-chain along with data instructions informing the receiving smart contract on what to do with those tokens once they arrive on the destination chain. Through cross-chain programmability, CCIP can condense a complex set of actions involving multiple users, blockchains, and assets down to a single atomic cross-chain instruction.

• Extendable and future-proof—CCIP is built to be future-proof for developers, where future improvements can continue to be made, including the integration of new blockchain networks, the onboarding of additional tokens, and the incorporation of new defense-in-depth approaches to security.

To enable secure markets for uniBTC and uniETH, DeFi protocols require fresh price data accessible onchain that are highly reliable, accurate, and tamper-proof. Fair market asset prices should reflect a volume-weighted average from all trading environments, including onchain and offchain markets. Thus, we needed decentralized oracle network infrastructure to fetch, aggregate, and deliver financial market data onto the Arbitrum, Ethereum, and Optimism blockchains.

After reviewing various oracle solutions, we choose Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.

• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.

• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.

• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“We’re excited to leverage Chainlink Proof of Reserve, CCIP, and Price Feeds to help drive the adoption of uniBTC and uniETH. Chainlink’s industry-standard infrastructure is not only critical to enabling the security of onchain assets in DeFi, but key to increasing onchain assets’ transparency, utility, and liquidity as well.”— Zhuling Chen, Core Contributor at Bedrock

“Chainlink Proof of Reserve, CCIP, and Price Feeds will support the adoption and use of Bedrock’s restaked assets across the multi-chain ecosystem, helping accelerate the growth of Bedrock and drive BTCFi adoption.”— Johann Eid, Chief Business Officer at Chainlink Labs

About Chainlink

Chainlink is the universal platform for pioneering the future of global markets onchain. Chainlink has enabled over $16 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About Bedrock

Bedrock is world's first multi-asset liquid restaking protocol backed by OKX Ventures, Comma3 Ventures, LongHash, Babylon’s Co-founder & more. Initially launched with uniETH on EigenLayer, it has grown to become the largest liquid staking protocol on the IoTeX network. With over $200M in Total Value Locked (TVL), Bedrock supports assets like uniBTC, uniETH, and uniIOTX, providing users with enhanced yields through integrations with EigenLayer and Babylon. Offering cross-chain support and robust security, Bedrock enables users to restake their assets while maintaining liquidity, making it a trusted solution for maximizing yield and security in the DeFi ecosystem.

Official Links

Website | App | Documentation | Twitter | Discord

After recently announcing the upcoming integration of Chainlink Proof of Reserve, Bedrock is now going all-in on the Chainlink platform by adopting the industry-standard Chainlink Cross-Chain Interoperability Protocol (CCIP and Chainlink Price Feeds on Arbitrum, Ethereum, and Optimism.

Chainlink Proof of Reserve will be integrated to help secure our minting function and prevent security exploits like the $2M exploit that occurred last month involving uniBTC. CCIP will power secure cross-chain transfers of uniBTC and Chainlink Price Feeds will provide accurate, reliable, decentralized market data for uniBTC and uniETH, enhancing utility and liquidity.

Along with leveling up security, Chainlink enables LST/LRT asset issuers to drive user adoption and increase TVL as they become easily composable with an array of DeFi protocols in the Chainlink ecosystem, such as lending/borrowing markets, stablecoins, DEXs, derivatives protocols, and more.

Integrating Proof of Reserve’s Secure Mint capability directly into Bedrock’s minting function will help protect against malicious minting attacks by embedding cryptographic guarantees that new tokens minted are fully backed by reserves.

Key benefits of Chainlink Proof of Reserve include:

• Programmatic Utility—By bringing reserve data onchain, protocols can build automated logic around the reserve data backing an asset thus building new use cases and features such as automated onchain risk management.

• Confidence—With secure minting, Proof of Reserve protects against malicious minting by embedding cryptographic guarantees that new tokens minted are backed by reserves, helping to prevent infinite mint attacks.

• Decentralized—As the industry-standard solution, Chainlink Proof of Reserve Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to blockchains.

• Transparent—Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization, bringing increased transparency and trust to onchain products.

In the increasingly multi-chain Web3 landscape, it’s critical that DeFi protocols and users can access restaked assets across various chains. CCIP will unlock this feature for uniBTC by making it easily transferable cross-chain, increasing its utility and liquidity.

CCIP is built with defense-in-depth security and is powered by Chainlink’s industry-standard oracle networks. Chainlink CCIP is the only interoperability protocol with level-5 cross-chain security and features additional layers of protection via the first-of-its-kind Risk Management Network and transfer rate limits.

Chainlink CCIP offers numerous essential benefits and features to developers in the Bedrock ecosystem, including:

• Defense-in-depth security—CCIP’s consensus layer is powered by Chainlink Decentralized Oracle Networks (DONs), infrastructure that has secured over $60 billion in DeFi TVL at its peak and enabled over $16 trillion in onchain transaction value since the start of 2022. Each CCIP transfer is redundantly validated by multiple DONs, including an independent Risk Management Network that continuously monitors and validates the behavior of CCIP—a wholly unique concept in cross-chain interoperability that builds upon established engineering principles (N-version programming).

• Secure Token Transfers—CCIP simplifies the process of transferring tokens cross-chain by providing audited token pool contracts that abstract away the complexity of cross-chain validation, without imposing vendor lock-in on token issuers. CCIP token transfers also feature additional security functions such as configurable rate limits and reliability features such as Smart Execution that help ensure reliable transaction execution on the destination chain, regardless of blockchain network congestion.

• Arbitrary Messaging—CCIP’s empowers developers with the ability to create cross-chain native applications through the transfer of arbitrary data, encoded as bytes, between smart contracts on different blockchains. Cross-chain messaging enables numerous use cases from cross-chain NFT transfers to cross-chain lending use cases.

• Programmable Token Transfers—CCIP enables the transfer of value (via tokens) cross-chain along with data instructions informing the receiving smart contract on what to do with those tokens once they arrive on the destination chain. Through cross-chain programmability, CCIP can condense a complex set of actions involving multiple users, blockchains, and assets down to a single atomic cross-chain instruction.

• Extendable and future-proof—CCIP is built to be future-proof for developers, where future improvements can continue to be made, including the integration of new blockchain networks, the onboarding of additional tokens, and the incorporation of new defense-in-depth approaches to security.

To enable secure markets for uniBTC and uniETH, DeFi protocols require fresh price data accessible onchain that are highly reliable, accurate, and tamper-proof. Fair market asset prices should reflect a volume-weighted average from all trading environments, including onchain and offchain markets. Thus, we needed decentralized oracle network infrastructure to fetch, aggregate, and deliver financial market data onto the Arbitrum, Ethereum, and Optimism blockchains.

After reviewing various oracle solutions, we choose Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.

• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.

• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.

• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“We’re excited to leverage Chainlink Proof of Reserve, CCIP, and Price Feeds to help drive the adoption of uniBTC and uniETH. Chainlink’s industry-standard infrastructure is not only critical to enabling the security of onchain assets in DeFi, but key to increasing onchain assets’ transparency, utility, and liquidity as well.”— Zhuling Chen, Core Contributor at Bedrock

“Chainlink Proof of Reserve, CCIP, and Price Feeds will support the adoption and use of Bedrock’s restaked assets across the multi-chain ecosystem, helping accelerate the growth of Bedrock and drive BTCFi adoption.”— Johann Eid, Chief Business Officer at Chainlink Labs

About Chainlink

Chainlink is the universal platform for pioneering the future of global markets onchain. Chainlink has enabled over $16 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About Bedrock

Bedrock is world's first multi-asset liquid restaking protocol backed by OKX Ventures, Comma3 Ventures, LongHash, Babylon’s Co-founder & more. Initially launched with uniETH on EigenLayer, it has grown to become the largest liquid staking protocol on the IoTeX network. With over $200M in Total Value Locked (TVL), Bedrock supports assets like uniBTC, uniETH, and uniIOTX, providing users with enhanced yields through integrations with EigenLayer and Babylon. Offering cross-chain support and robust security, Bedrock enables users to restake their assets while maintaining liquidity, making it a trusted solution for maximizing yield and security in the DeFi ecosystem.

Official Links

Website | App | Documentation | Twitter | Discord