Summary
This is a proposal to launch the second round for the two Bedrock Turbo&Stable funds: uniBTC & brBTC, both on BNB Chain.
Project Description:
What is uniBTC:
uniBTC represents the staked wBTC plus all future staking rewards and accrual of Babylon staking rewards and Bedrock diamonds. 1 uniBTC always equals 1 wBTC. Bedrock unlock the staking rewards from Babylon for wBTC users who don’t need redeem their wBTC back to BTC.
uniBTC holders receive Babylon points as well. The exact allocations are subject to Babylon’s future distribution plan.
What is brBTC:
brBTC is Bedrock’s innovative BTC yield product, designed to maximize returns by leveraging multiple restaking protocols. Launching natively on both Ethereum and BNB, brBTC is a Liquid Restaking Token (LRT) that combines the power of diverse BTC derivative assets with Bedrock’s advanced restaking strategies.
With brBTC, users can deposit a variety of BTC derivatives to generate yield from a curated selection of restaking protocols. This product provides a seamless, efficient, and secure way to earn rewards from BTC assets across two major blockchain ecosystems.
Why staking with Bedrock:
High Yield Potential:
By integrating with multiple restaking protocols, brBTC maximizes restaking opportunities across diverse ecosystems.
Multi-Network Accessibility:
With native support for Ethereum and BNB, brBTC offers unparalleled flexibility for users across major blockchain networks.
Simplified Reward Management:
brBTC consolidates complex restaking yield sources into a single, user-friendly token, making it easy for holders to benefit from a wide range of rewards.
Secure and Transparent:
Bedrock leverages industry-leading security standards and transparent mechanisms to ensure user trust and asset safety.
Fund Specifications (two funds, same specs except for the underlyings):
Underlying Asset(s): uniBTC, brBTC
Chain: BNB Chain
Multiplier: 5x (Tranchess specific) * 21x (Bedrock on BNB Chain) = 105X
Interest rate: 8%
Duration: Until June 26, 2025
Protocols: The underlyings are generated based on two protocols: Bedrock, Babylon
Motivation:
Bedrock is a rising star on multi-asset restaking and with its Cap 3 for uniBTC ongoing, the protocol will continue to attract interest and increase yield.
With over 400M in TVL currently staked, Bedrock meets our standard on security and liquidity. As part of Tranchess’ continuous endeavors to support the BTCFi narrative and explore Bitcoin’s liquid staking potential while bringing additional yield and benefits for our users and veCHESS holders, we propose to launch Turbo & Stable funds for uniBTC and brBTC on BNB Chain.
The new funds for uniBTC and brBTC will join Bedrock’s live Season 2 for Diamonds and its Loyalty program.
References/Useful links:
Website:https://www.bedrock.technology/
Documentation: https://docs.bedrock.technology/
Audit: Audit reports | Bedrock
More on Bedrock:
Snapshot voting will open until 24:00 UTC, Mar. 30, 2025. When the voting starts, all veCHESS on BNB Chain and Ethereum will be eligible for voting.