We have some very exciting news to announce! With all the buzz around restaking and liquid restaking in recent months, we wanted to look into what opportunities Celer’s tech could offer—enter Bedrock, a non-custodial liquid restaking protocol. We are collaborating with Bedrock to integrate Celer Inter-chain Messaging (Celer IM) to allow for seamless cross-chain restaking using our one-click quick and easy architecture! This initial integration will allow users who are holding $ETH on Layer 2 to quickly and easily stake their $ETH to Bedrock restaking service on Ethereum mainnet and receive the Liquid Restaking Token (LRT) $uniETH back on their L2 wallet!
About Liquid Restaking and Bedrock
To understand what Liquid Restaking is we first need to go over a few terms and concepts:
- Staking – Securing tokens on a Proof-of-Stake (PoS) network, like Ethereum, within a single project for an extended period, anticipating a fixed predetermined staking reward in return.
- Liquid Staking – This is a protocol that stakes tokens on behalf of users. However, they provide users who utilize their protocol tokens representing their staked funds called Liquid Staking Tokens (LSTs). These LSTs can then be used as collateral for loans or yield farming on other DeFi protocols. Basically, Liquid staking allows users to utilize the value of their staked funds without having to unstake them.
- Restaking – This is the idea of taking tokens that are already staked, or the LSTs that represent these staked positions, and staking them again on a different project—earning additional rewards, yield, and helping to enhance overall security.
One of the featured restaking protocols is EigenLayer, built on Ethereum. Eigenlayer revolutionizes cryptoeconomic security by reusing staked ETH or LSTs in other applications or PoS networks, what Eigenlayer calls Actively Validated Services (AVSs).
Now when we talk about liquid restaking, we combine liquid staking and restaking.
This is where Bedrock comes in—Bedrock is a leading Liquid Restaking Protocol designed to natively restake the staked ETH and harness additional EigenLayer and AVSs rewards. Bedrock offers $uniETH, the Bedrock Liquid Restaking Token (LRT) to users of the protocol. $uniETH represents the restaking position plus all future restaking rewards and accrual of EigenLayer points and Bedrock diamonds, a huge value.
Overall, Liquid Restaking is an innovative option that addressed several challenges:
- Limited Accessibility – Liquid Restaking makes it easier for users to participate in restaking to various AVSs without giving up access to their assets.
- Opportunity Costs – It reduces opportunity costs by offering immediate liquidity through the issuance of an LRT, letting users utilize the value of their staked assets.
- Limited Growth and Adoption of Assets – Liquid Staking and Restaking share in the benefit of allowing the value of the locked assets to continue to grow through utilization in other dApps and AVSs, promoting greater adoption of the assets.
Cross-Chain Restaking and How It Works
Currently, most of the restaking services focus on Ethereum Mainnet. This has led to rewards and yield being sent only to the Ethereum L1. However, there is a lot of untapped potential for Layer-2s (L2s) to participate in restaking. This is why Celer and Bedrock have teamed up to and launched a one-click, one-transaction cross-chain restaking feature! Using the power of Celer’s Inter-chain Messaging framework (Celer IM), Bedrock can enable users to participate in restaking on Ethereum while staking their assets and receiving LRTs on L2s.
How cross-chain restaking works:
- Users on Layer-2 bridge $ETH from L2 to Ethereum together with a cross-chain message stating: Stake their $ETH to Bedrock Liquid Restaking service on Ethereum.
- Bedrock will restake the staked $ETH to EigenLayer’s Actively Validated Service (AVS) with the opportunity to choose the optimal yield options across AVSs and select the best validator sets.
- Bedrock then sends and bridges $uniETH (pegged 1:1 to the staked $ETH) – the LRT representing users’ restaking position – from Ethereum to the L2 where the users are from, and sends the $uniETH to the users.
When unstaking, users could just initiate the unstake transaction on L2 and then it will be relayed to Ethereum to trigger the $ETH unstake transaction on Ethereum! It also allows users to bridge the withdrawn $ETH back to L2.
Bedrock has integrated Celer IM for the underlying cross-chain staking and unstaking message passing with token tranfer to allow the message, $ETH, and $uniETH transfers across Ethereum and multiple Layer 2s, and more importantly, all with a one-click user experience.
What’s Next
This synergy not only strengthens the capabilities of both Celer and Bedrock but also marks a significant step towards an interoperable restaking ecosystem. Together we are enabling users to experience the future of cross-chain restaking with unparalleled efficiency and confidentiality. We look forward to collaborating with Bedrock to expand their interoperability to additional networks.
Stay tuned for more!
About Bedrock
Bedrock is a pioneering liquid staking and restaking protocol that is incubated by RockX in the decentralized finance landscape. It started with uniETH, its proprietary institutional-grade liquid staking token on Ethereum, and later expanded to become the first liquid staking protocol on the IoTeX network and has captured a cumulative TVL of over $180M to date. With its cutting-edge technology, Bedrock has upgraded its LST to LRT in 2024, and brings about institutional-grade infrastructure to the masses while ensuring security and transparency to accommodate the needs of larger clients and institutions.
About Celer Network
Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, privacy solutions and more across multiple chains. Developers can build inter-chain-native dApps using the Celer Inter-chain Message SDK to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.
Follow Celer Network:
Website | Telegram | Twitter | Github | Discord |
Are you interested in working with or integrating Celer’s tech? Let us know! We are always interested in exploring new projects and opportunities!
