Key Takeaways
- Bedrock integrates Chainlink Proof of Reserve following a $2M uniBTC exploit.
- Chainlink’s platform helps over $15 trillion in transactions, enhancing Bedrock’s safety layers.
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Bedrock, a multi-asset liquid staking protocol, is adopting Chainlink Proof of Reserve (PoR) to boost its minting operate’s safety after the protocol was hit by a safety breach that led to a $2 million loss in belongings right this moment, mentioned the staff in a latest assertion.
The staff mentioned the transfer would assist fortify the Bedrock protocol towards future exploits. Chainlink’s PoR, trusted by the main asset supervisor 21Shares, will present automated and verifiable onchain checks to make sure the proper backing of reserves, stopping malicious minting and defending towards manipulation, Bedrock acknowledged.
“Integrating Chainlink Proof of Reserve is a essential step in fortifying our protocol and serving to make sure the utmost safety of person funds,” Zhuling, a core contributor at Bedrock, mentioned, including that the mixing performs an necessary position in guaranteeing safety and transparency of Bedrock’s minting operate.
Chainlink’s platform, which has facilitated over $15 trillion in transactions, can even present a number of layers of decentralization and elevated transparency for Bedrock’s operations, Bedrock added.
“Proof of Reserve will safe the minting operate for uniBTC, taking a essential step in securing this asset, whereas offering customers with full transparency round reserves,” Johann Eid, Chief Enterprise Officer at Chainlink Labs, mentioned.
“With the explosion of tokenized belongings in our house, Chainlink’s real-time, automated verifications assist stop safety exploits associated to overminting, therefore constructing belief and safeguarding towards vulnerabilities,” he famous.
Launched by RockX in February 2023, Bedrock is the eighth-largest liquid staking protocol with $229 million in TVL as of September 27, DefiLlama information exhibits.
The safety exploit involving Bedrock’s uniBTC was reported earlier right this moment. Following the incident, the protocol assured customers that remaining funds had been secure and it was finalizing a reimbursement plan and would quickly launch an in depth autopsy report.
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