Universal ETHPrice

(UNIETH)

Universal ETH (uniETH) is a liquid restaking token (LRT) that represents staked Ether within the Bedrock protocol. It enables users to participate in Ethereum's staking ecosystem, earning rewards, while maintaining liquidity. This means holders can utilize their uniETH in various decentralized finance (DeFi) applications or trade it without undergoing the traditional, time-consuming "unstake" process from the Ethereum network. It effectively offers the benefits of staking alongside the flexibility of a liquid asset.

By holding uniETH, users can typically accrue rewards from three distinct sources. Firstly, there are the fundamental Ethereum staking yields, which are the basic rewards for contributing to the security and operation of the Ethereum network. Secondly, holders earn EigenLayer Restaked Points, which are awarded for extending Ethereum's security to other decentralized applications within the EigenLayer ecosystem. Lastly, users also receive Bedrock Diamonds, which serve as a native loyalty point system designed specifically for the Bedrock protocol, rewarding early adopters and loyal participants.

Bedrock Diamonds are a unique loyalty point system native to the Bedrock protocol, designed to incentivize and reward early adopters and committed users. These points are primarily earned by holding uniETH in your wallet, typically at a rate of one Diamond per uniETH per hour. Additionally, users can accelerate their Diamond accumulation by providing liquidity in various supported decentralized finance (DeFi) pools, where specific liquidity provisioning activities often come with attractive multipliers, such as 2x or 3x boosters, enhancing the reward rate for active participation.

Yes, the Bedrock protocol did experience a security exploit. In September 2024, the protocol was affected by an incident primarily targeting its `uniBTC` minting logic due to a bug. Although the exploit focused on the Bitcoin-version token, it prompted a thorough review of the protocol's broader security framework. The Bedrock team responded by taking immediate action, including pausing affected contracts and developing a comprehensive reimbursement plan to compensate users impacted by the breach. This event underscored the importance of continuous security enhancements in the DeFi space.

To unstake uniETH and retrieve your underlying ETH, there are primarily two methods. The standard withdrawal process typically involves a cooling period of approximately seven days, which is mandated by EigenLayer. This period may also be extended by additional time required for the Ethereum validator exit queue, bringing the total estimated time to around 7–10 days. For those seeking quicker liquidity, an "instant-unstake" option is available by exchanging uniETH for ETH on supported decentralized exchanges. However, this immediate swap might incur a small cost, often referred to as a "haircut" or slippage, due to market dynamics.

Following the security exploit in 2024, the Bedrock protocol took significant steps to enhance its security posture. This included undergoing additional comprehensive audits by reputable firms like PeckShield and Dedaub, and implementing more robust security measures throughout its infrastructure. While these efforts aim to fortify the protocol, it's crucial to acknowledge that, like all decentralized finance (DeFi) protocols, uniETH is still subject to inherent "smart contract risk." Users are always encouraged to review the latest audit reports and understand the evolving security landscape associated with any digital asset.