Bedrock Partners with Celer Network to Launch Cross-Chain Restaking
We’re proud to announce a groundbreaking partnership with Celer Network that we believe will set a new paradigm in how users can interact with the Bedrock protocol and its liquid restaking token, uniETH. This partnership is aimed at bringing cross-chain capabilities to uniETH and marks a significant milestone in blockchain interoperability and liquidity. We believe this partnership will bring revolutionary innovation to the decentralized finance (DeFi) ecosystem at large.
The concept of cross-chain restaking represents a monumental leap forward, enabling a seamless and secure flow of assets and liquidity across different blockchain networks. By integrating Linea in its ecosystem, uniETH is set to become a cornerstone of a more interconnected, efficient, and user-centric liquid restaking token (LRT) landscape. This collaboration demonstrates Bedrock and Celer Network’s commitment to advancing blockchain technology and paves the way for heightened engagement, interconnectedness and decentralization in the blockchain sphere.
The Innovation of Cross-Chain Restaking
Restaking first emerged as a transformative concept in the DeFi landscape, pioneered by Eigenlayer, and has since given rise to LRTfi — an entire ecosystem revolving around the concept of restaking. Cross-chain restaking aims to bring this a step further. Restaking broke the barrier of limited use of staked assets; liquid restaking broke the barrier of restricted liquidity when staking or restaking; cross-chain restaking will allow LRTs to flourish by allowing holders to participate in DeFi protocols across multiple blockchains.
This innovative approach enhances the overall efficiency and liquidity of the DeFi ecosystem, empowering users to maximize their investment potential without being constrained by network boundaries. Through cross-chain restaking, assets like uniETH not only contribute to the security and consensus mechanisms of their native blockchain but also serve as liquid, versatile instruments that can be engaged across various platforms and applications. This increased fluidity and utility herald a new era of DeFi, characterized by seamless interconnectivity and enhanced user experiences.
About Bedrock and Celer
Bedrock, launched in March 2023, redefines the liquid staking paradigm with its native protocol on Ethereum and IoTeX, issuing “universal” tokens, uniETH, and uniIOTX for staked ETH and IOTX. Transitioning uniETH to a liquid restaking token (LRT) in early 2024, Bedrock exemplifies innovation in DeFi, with over $167M in TVL, leveraging institutional-grade technology and a seasoned team and heavy-duty, institutional-grade technology.
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 Messaging 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.
This synergy between Bedrock’s pioneering liquid restaking solutions and Celer’s seamless cross-chain infrastructure underscores a significant leap toward a unified, efficient blockchain ecosystem, enabling users and developers to tap into a multi-blockchain landscape with unparalleled ease and security.
The Partnership
By combining Bedrock’s expertise in creating liquid restaking solutions with Celer’s advanced cross-chain technology, this alliance will redefine the boundaries of blockchain interoperability and liquidity.
Our two teams share a vision of creating a more integrated and efficient DeFi ecosystem. Bedrock’s uniETH token will find a new dimension of utility through Celer’s cBridge and Inter-chain Messaging (IM) technologies, enabling uniETH holders to seamlessly engage with multiple blockchain networks and allowing the restaking messages to pass cross-chain so that the Layer 2 users could participate in the restaking service on Ethereum with a one-click user experience. This strategic partnership enhances the utility of uniETH and extends Celer’s interoperability framework to encompass a broader range of assets and ecosystems.
The Role of Linea
Linea’s blockchain ecosystem is designed to support high throughput and low latency transactions, making it an attractive environment for DeFi applications and services. The integration of uniETH into Linea’s network not only broadens the accessibility of liquid restaking solutions but also contributes to Linea’s growth as a hub for innovative DeFi projects. This strategic expansion aligns with the overall objectives of the partnership, driving forward the vision of a more interconnected and liquid DeFi landscape.
Benefits of This Partnership
Leveraging Celer’s cBridge and Inter-chain Messaging technologies facilitates the seamless bridging of uniETH to Linea and other chains in the future, as well as the launching of cross-chain restaking feature that we believe marks a significant step forward.
Technical Synergy
The core of this collaboration is Celer cBridge, a state-of-the-art cross-chain bridge that empowers the secure and efficient transfer of assets like uniETH between distinct blockchain networks, and Celer Inter-chain Messaging, for generic message passing across blockchains to enable the cross-chain restaking feature for Bedrock with the simplicity of a single-transaction UX. Celer uses smart contracts deployed on each chain paired with the State Guardian Network, a Tendermint-based blockchain, to enable seamless multi-blockchain interoperability.
To quickly walk through the end-to-end workflow of how Bedrock cross-chain restaking works: users from Linea will first bridge ETH to Ethereum and also send their intention of participating in the Bedrock restaking service on Ethereum as a message to a MessageBus smart contract on Linea. Then the State Guardian Network will first reach a consensus on the existence of such a message and such a token transfer and concurrently generate a stake-weighed multi-signature attestation. This attestation is then relayed to Ethereum via an Executor contract. On the destination chain, which is Ethereum, the same MessageBus contract exists to check the validity of the message and triggers the staking of bridged ETH to the Bedrock restaking service. At the same time, the uniETH presenting the users’ restaking position can be bridged from Ethereum to Linea and sent back to the users. For a more detailed explanation with a step-by-step example walkthrough, please refer to Celer IM documentation and Celer cBridge (xAsset) documentation.
User Benefits
For users, the partnership between Bedrock and Celer Network, facilitated by the integration with Linea, opens up a realm of new possibilities. Key benefits to look forward to include:
Enhanced Liquidity: Users can now leverage uniETH across the Ethereum and Linea ecosystems, increasing the liquidity and utility of their staked assets. This cross-chain functionality allows for greater flexibility in asset management and deployment, enabling users to engage with a wider array of DeFi applications and services.
Diversified Earning Opportunities: Being able to utilize uniETH across multiple chains enhances the potential for earning staking rewards and participating in various DeFi protocols, maximizing the return on investment for uniETH holders. Moreover, there may be greater rewards in terms of points that can be collected through bridging uniETH to Linea.
Seamless User Experience: The integration offers a straightforward and secure method for users to expand their DeFi activities into Linea’s ecosystem, without needing complex maneuvers or compromising asset security.
Conclusion
The partnership between Bedrock and Celer Network, culminating in the integration of uniETH with Linea, marks a significant milestone in the evolution of cross-chain restaking and blockchain interoperability.
As we look to the future, the partnership between Bedrock and Celer Network, alongside the strategic integration with Linea, promises to continue driving the DeFi ecosystem forward. Through continued innovation and collaboration, the vision of a fully interoperable and user-centric blockchain landscape is closer than ever.
