Following today’s security exploit on our platform involving uniBTC, Bedrock is integrating the industry-standard Chainlink Proof of Reserve (PoR) to help secure our minting function and fortify the security of our protocol.

While Bedrock is committed to pushing the boundaries of innovation, the recent incident underscores the critical importance of onchain security. To ensure the highest level of security and transparency moving forward, we are taking decisive steps to mitigate future risks by leveraging Chainlink’s industry-leading platform, which has securely enabled over $15T in transaction value and helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events.

Chainlink Proof of Reserve will provide Bedrock with automated and verifiable onchain 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.

Key benefits of Chainlink Proof of Reserve include:

• Secure Minting — With Proof of Reserve directly integrated into Bedrock’s minting function, this will help protect against malicious minting by embedding cryptographic guarantees that new tokens minted are fully backed by reserves, helping to prevent infinite mint attacks.

• Multiple Layers of Decentralization — 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 onchain.

• Increased Transparency Around Asset Reserves — 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.

• 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.

“Through this collaboration, Bedrock and Chainlink are pioneering standards on how tokenized asset security should be handled. Proof of Reserve will secure the minting function for uniBTC, taking a critical step in securing this asset, while providing 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. ” — Johann Eid, Chief Business Officer at Chainlink Labs

“Integrating Chainlink Proof of Reserve is a critical step in fortifying our protocol and helping ensure the utmost protection of user funds. By leveraging the industry-standard Chainlink Proof of Reserve, we can provide verifications that all assets are fully collateralized and secure our minting function, providing a reliable and transparent minting process that gives our users the utmost confidence.” — Zhuling, Core Contributor at Bedrock

We're deeply grateful for our community's support. As we move forward, our commitment to security and innovation remains unwavering.