Bedrock Partners with Chainlink to Fortify Security Post-Hack

Following a $2 million exploit, liquid restaking protocol Bedrock is integrating Chainlink Proof of Reserve.

Such safety measures will likely be mandatory to preserve investor confidence throughout Bedrock’s development.

Bedrock to Tighten Minting Protocols with Chainlink Integration

Bedrock, a liquid restaking agency, suffered a significant exploit on September 26. In its announcement, the Bedrock staff claimed that this exploit primarily concerned uniBTC, however the agency’s wrapped and reserve BTC have been safe.

The “impact” of this exploit was roughly $2 million, principally in DEX LPs, and Bedrock is working to recuperate as a lot of the funds as doable. A extra complete autopsy on the incident will likely be forthcoming.

Read More: Ethereum Restaking: What Is it and How Does it Work?

In the quick aftermath of this exploit, the corporate made one other announcement. Moving ahead, Bedrock will combine Chainlink Proof of Reserve (PoR) to enhance safety total. In explicit, this “industry standard” for safety will fortify their minting protocol.

“Chainlink Proof of Reserve will provide Bedrock with automated and verifiable on-chain checks to help ensure the correct backing of reserves, preventing the kind of exploit we experienced today. These transparent verifications, conducted in real-time, will help guarantee that funds remain fully collateralized and protected against manipulation or mishandling”, the announcement claimed.

Integrating Chainlink Proof of Reserve is a essential step in fortifying our protocol and serving to make sure the utmost safety of person funds. By leveraging [it], we are able to present verifications that every one property are absolutely collateralized and safe our minting operate, offering a dependable and clear minting course of”, stated Zhuling, Core Contributor at Bedrock.

Chainlink’s Security Portfolio

This explicit incident echoes one other that came about 4 years in the past. In 2020, ValueDeFi suffered a $6 million flash mortgage exploit and afterward built-in Chainlink’s Price Feeds protocol. Since then, the agency has continued conducting outstanding safety offers, making a deal with 21.co earlier this week. This observe document helps clarify the corporate’s bullish worth strikes these days.

Read More: What Is Chainlink (LINK)?

Bedrock was based lately, in 2023, however its concentrate on attracting institutional buyers has triggered it to skyrocket in prominence. According to information from DefiLlama, it’s presently the eighth-largest liquid staking protocol, with over $240 million in complete worth locked. For Bedrock to proceed this fast rise after such an exploit, buyers will want reassurances of safety.

“Proof of Reserve will…[provide] users with full transparency around reserves. With the explosion of tokenized assets in our space, Chainlink’s real-time, automated verifications help prevent security exploits related to overminting, hence building trust and safeguarding against vulnerabilities,” claimed Johann Eid, Chainlink’s Chief Business Officer.