On March 16, Bedrock announced on platform X: BR Token Airdrop Query is Now Live. 5.5% of the total supply of BR will be airdropped during the TGE (Token Generation Event) in the first quarter; the points program will continue to be used for future rewards; the number of addresses eligible for the airdrop exceeds 200,000; over 100,000 wallets will receive additional loyalty rewards; all community airdropped BR tokens will be fully unlocked.

On the same day, Bedrock announced that its token BR is now supported by three exchanges: Bitget, Bybit, and Gate.io for pre-deposit functionality. Subsequently, the aforementioned exchanges confirmed the launch of BR spot trading.

These two important announcements related to the token quickly attracted market attention, and community feedback was enthusiastic:

• Babylon's official account held an online Space on platform X to discuss Bedrock's ecological progress, indicating its high interest in Bedrock;

• Bedrock partner Penpie (@Penpiexyz_io) retweeted Bedrock's official airdrop announcement;

• Community member BILI (@BiliSquare), with 56,000 followers, stated that Bedrock has high investment potential based on a comparative analysis of FDV and TVL ratios with similar projects;

• Community member cryptodoggy (@MultiDoggy) actively promoted the project by posting related videos.

……

What has led to the frequent positive affirmation of the Bedrock project by the community and its continued attention in the currently sluggish market? Based on various information, we summarize the following four core reasons:

(1) Bedrock's Airdrop Rules** are fair and align with market expectations for the TGE (Token Generation Event);**

(2) The current FDV valuation is relatively low (between $200 million to $300 million), with significant growth potential;

(3) The project has a high degree of community involvement, with a large proportion of retail investors, and community-driven initiatives are evident, unaffected by major institutions;

(4) The fundamental data performance is outstanding: total TVL reaches $443 million, user base exceeds 278,000, the project ecosystem covers 19 chains, and has integrated over 60 DeFi protocols.

In the context of positive market response, the specific valuation of the upcoming Bedrock token has become the most concerning topic for investors.

Bedrock Token (BR) Valuation Analysis and Potential Forecast

Valuation Logic and FDV Comparison

First, based on the current BTC re-staking market size (approximately $3.5 billion) and Bedrock's market share (about 15%), its reasonable initial FDV is estimated to be between $200 million to $300 million.

Using TVL as a basis and referencing the valuation data of competing projects in the same track (Swell, Ether.fi, Solv) (TVL data sourced from Defillama; FDV data sourced from Coinmarketcap), the analysis shows that Bedrock has a clear FDV price advantage and significant growth potential:

As shown in the table above, the average FDV/TVL of similar products that have issued tokens is about 1.43. Based on this coefficient, Bedrock's FDV has the potential to grow to $682 million ($477 million * 1.43) in the future.

Connection Between Diamonds Points and BR

As an important component of the Babylon ecosystem, Bedrock incentivizes users to actively participate in asset staking and liquidity provision through its unique Diamonds points mechanism, enhancing ecological activity. This mechanism has gained widespread community recognition since its mainnet launch on January 28, 2024. Season 1 point rewards have now ended and completed the snapshot, and it has automatically entered Season 2, with specific point rules yet to be announced.

Bedrock core contributor Zhuling (@czhuling) publicly stated in the TGE community call that Diamonds points will be exchanged for native BR tokens according to a specific mechanism during the TGE. Users who hold uniToken long-term until after the TGE and actively participate in uniToken DeFi will receive higher airdrop rewards, further enhancing the community's confidence in the project's long-term development.

Community Valuation Estimation and Investment Value Analysis

As of now, Bedrock has not officially disclosed the total supply of BR tokens.

However, according to KOL BITWU.ETH, Bedrock, as an important participant in the BTCFi 2.0 field, has an estimated FDV of about $200 million to $300 million, which is far lower than similar competing products. Meanwhile, the FDV/TVL of emerging cross-chain staking or yield aggregation protocols often reaches 3 to 5 times. Even when estimated at the industry average level, Bedrock's FDV still has significant upward adjustment space—even reaching the median level, Bedrock's FDV has the potential to double compared to the current valuation.

Additionally, according to Discord community member Jerry's speculation, estimating within the $200 million to $300 million FDV range, the price of Diamonds points is expected to be between $0.003 to $0.007. Although this valuation is low, considering the growth potential, the price of BR tokens could reach an optimistic range of $0.2 to $0.3.

Based on the community's optimistic speculation of the $0.2 to $0.3 BR token price range, the airdrop APY calculation is as follows: assuming active users stake 1.3 uniBTC (worth $85,000) on the Pendle platform for 6 months, they would receive 23,824 BR tokens as airdrop rewards:

• If the BR price is $0.2, the corresponding annualized yield (APY) would be about 9%;

• If the BR price is $0.3, the corresponding APY would reach 13%;

This predicted yield range (9%-13%) highlights the attractiveness of Bedrock's airdrop strategy, with a relatively considerable level of returns (it should be noted that the above calculations are speculative user cases from the community, and actual situations may vary with market conditions).

Having understood the FDV valuation and BR APY yield predictions, let’s delve into Bedrock's unique token economic design and understand the innovations of the PoSL and veBR models.

PoSL and veBR Token Models: Constructing an Enhanced Paradigm for Bitcoin Staking Economy

In the context where traditional staking protocols generally adopt a single-token incentive model, separating governance rights from capital efficiency, Bedrock innovatively introduces the ve (vote-escrowed) token model, applying the PoSL (Proof of Staking Liquidity) framework for the first time in the Bitcoin re-staking scenario, constructing a dual-token system that deeply integrates governance and yield.

veBR, as the first governance token designed for staking liquidity, binds users' time preferences with the long-term development of the protocol through the BR token lock-up minting mechanism. This design not only addresses the issue of separating capital efficiency and governance rights in the re-staking scenario but also achieves the value transformation of "liquidity as governance rights" for the first time in the Bitcoin ecosystem through the design of non-transferable governance credentials.

PoSL: The Combination of Staking and Liquidity

Unlike traditional single-yield staking protocols, PoSL's core advantage lies in incentivizing users to stake multiple assets (such as uniBTC, uniETH) to earn BR tokens, achieving a dual enhancement of yield and liquidity. The staking operation for users is simple and easy to participate in, but it should be noted that the yield level will be directly affected by market activity and changes in ecological TVL.

veBR: Balancing Governance and Gains

BR is a tradable governance token, while veBR is obtained by locking BR, granting holders the following rights:

• Governance rights: Participate in decisions regarding protocol upgrades, BR emission distribution, etc.;

• Yield enhancement: Increase staking returns and provide additional rewards for long-term holders;

• Season voting rights: Participate in Season operations, with voting rights reset at the beginning of each Season to ensure fairness and dynamic participation.

This mechanism reduces the market circulation of BR by locking it, helping to stabilize and enhance the long-term value of the BR token. However, for ordinary investors, it also means accepting the risk of limited liquidity. Bedrock's collaboration with Aragon further enhances the transparency of the governance process, helping to increase investors' confidence in long-term holding and participation in governance.

After the Diamonds are automatically converted to BR at the TGE, users can choose to sell directly or further lock BR to obtain veBR, enjoying higher yield bonuses. The mechanism design of PoSL and veBR tightly links investor returns with the long-term development of the platform, with a low participation threshold for users, who only need to hold BTC or ETH to join. However, special attention should be paid to market risks: a decline in ecological TVL may lead to an overall decrease in returns; the previous $2 million vulnerability incident with uniBTC (which has now been compensated) also reminds users to be cautious of protocol security risks.

In summary, Bedrock's Diamonds points mechanism is a clearer and more effective incentive mechanism that helps enhance user enthusiasm and ecological participation. At the same time, its innovative economic model and technical layout lay a solid foundation for the project's sustainable development, making it worthy of further attention and research from investors.

In the future, whether Bedrock's veBR token model can truly form a flywheel effect depends on whether governance incentives and long-term lock-up mechanisms continue to promote the growth of ecological value circulation. The answer to this question must be sought within the project's own products and technologies.

Product Layout and Technical Advantages

Bedrock's product layout and technical design focus on providing users with secure and sustainable investment returns. This positioning has driven Bedrock to form a differentiated development strategy characterized by multi-asset and multi-chain layouts, with a focus on the BTCFi track.

Bedrock supports multiple assets such as Bitcoin (BTC), Ethereum (ETH), and IoTeX (IOTX). The multi-asset layout allows retail investors to flexibly choose investment targets, effectively reducing the risk of price fluctuations in a single asset. Cross-chain deployment has already covered 19 chains, including Ethereum and BNB Chain, with plans to connect more networks to further increase asset participation flexibility.

Priority Layout of BTCFi and the Launch of brBTC

Bedrock views BTCFi as a core direction and is committed to fully exploring Bitcoin's potential in the DeFi space. In the BTCFi 1.0 phase, Bedrock launched the uniBTC product based on the Babylon protocol with a single yield, accumulating over 4,400 BTC in staking, which received widespread recognition from users.

To further meet investors' diverse strategic needs, Bedrock officially launched brBTC on December 20, 2024, fully entering the BTCFi 2.0 phase. brBTC supports various Bitcoin derivatives (such as WBTC, FBTC, mBTC, cbBTC, BTCB, uniBTC), with approximately 500 BTC staked. brBTC not only integrates Babylon's yield channels but also overlays multiple protocols such as Babylon, Kernel, and Pell to provide returns, specifically presenting the following characteristics:

• Multi-protocol yields: Connecting protocols like Babylon, Kernel, Pell, SatLayer, and Mellow, retail investors can obtain multi-source returns through a single asset, reducing reliance on a single strategy.

• Ecological integration: Unifying various Bitcoin derivatives simplifies the participation process, making it suitable for retail investors who wish to use BTC directly.

• Application expansion: Supporting stablecoin functionalities increases asset practicality, but actual returns depend on market acceptance.

brBTC has been initially deployed on Ethereum and BNB Chain, allowing retail investors to complete asset deposits and staking participation through mainstream wallets. In the future, as more blockchains are integrated, the usage threshold for brBTC will further decrease, and the user coverage will become broader. However, users should be aware of the compatibility and risks of cross-chain assets between different chains.

Security is an important consideration for retail investors. To ensure the protocol is secure and reliable, Bedrock collaborates with several professional auditing firms to conduct strict audits and continuous monitoring of smart contracts and related protocols. Additionally, brBTC passed audits before its launch and further reduced asset security risks through the deployment of Layer-2 technology.

Bedrock's current product layout and technical advantages have already begun to show results, which are clearly reflected in its comprehensive market data performance.

Data Performance and Market Activity

TVL and On-chain Performance

Left: uniBTC TVL; Right: uniETH TVL

Left: uniIOTX TVL; Right: brBTC TVL

According to Bedrock's official report, as of now, the project's total TVL has been continuously climbing since April 2024.

Bedrock TVL

In addition to impressive TVL data, Bedrock's data on the BNB Chain over the past few weeks has also been remarkable. It ranked first in user growth and trading activity for two consecutive weeks and launched an exclusive pre-TGE event on Binance Wallet on the BNB Chain.

User Growth and Activity

According to the latest rankings from the BNB Chain platform (as of March 18, 2025), Bedrock ranks fifth in the DeFi category, reflecting the project's strong competitiveness and user recognition on that chain.

User growth over the past 7 days totaled 18,000, and during most time periods, the daily user growth significantly exceeded the industry average of 685; trading volume over the past 7 days totaled 29,000, with daily trading volume surpassing the industry average of 2,300 during most time periods.

Both user numbers and trading activity show a significant growth trend, further confirming the strong demand for its products and active user participation.

Community Influence

It is particularly noteworthy that Bedrock's user count has exceeded 278,000. Unlike other leading protocols (such as Lido, Renzo, etc.) that are institutionally dominated, Bedrock has a high proportion of retail investors, and community-driven initiatives are evident. This decentralized community ecosystem provides a more solid foundation for the project's long-term development.

In the context of continuously rising data and excellent market performance, investors are most concerned about the performance after the TGE and future development layout.

TGE Expectations and Future Layout—How to Seize Bedrock's Explosive Window

As the countdown to the BR token TGE begins, market expectations for Bedrock are focusing on two core logics: the value gap under low FDV valuation and the strong narrative drive of the BTCFi track. Currently, the project has released three key positive factors—airdrop checker launch, pre-deposit channels opened on three exchanges, and the continuous deepening of Babylon ecosystem interactions—while potential listing expectations (such as Binance, OKX) may become the next catalyst after the TGE.

It is worth noting that BR token activities have been successively launched on OKX Web3 Wallet and Binance Wallet. If the team announces new partnerships with leading CEXs before the TGE, or progress in integrating the brBTC ecosystem (such as compatibility with Solana or Layer 2 protocols), its FDV is expected to break through $300 million and challenge the $500 million valuation range.

From a long-term vision, Bedrock is constructing a "Bitcoin liquidity layer" through the PoSL mechanism + veBR governance model, bridging the nested value of BTC staking returns and DeFi Lego. With brBTC's penetration across 19 chains and deep integration with over 60 protocols, the project may lead the paradigm iteration of BTCFi 2.0—transforming Bitcoin into not only an income-generating asset but also the underlying fuel for a cross-chain liquidity network. The feasibility of this path has been validated by data: the participation of over 270,000 users and a 15% market share in BTC re-staking provide a strong user base for ecological expansion.

For investors, participation strategies after the TGE can be divided into:

• Season 2 participation window: Season 2 has automatically entered as of March 7, and current staking can still capture the undisclosed points rule bonus. It is recommended to complete the uniBTC position deployment within one week before and after the TGE;

• Airdrop token disposal: Based on the triangular balance principle (yield, security, and liquidity), it is recommended to stake 30% of BR to obtain veBR governance rights (expected APY 15%-20%), 40% to cash out on exchanges to lock in basic profits, and 30% for participating in brBTC liquidity mining to amplify returns (such as Pendle, Curve pools);

• Loyalty program bonuses: According to recent community information disclosure, long-term holders are expected to receive additional rewards in subsequent quarters (previous participants in the first quarter have already received airdrop incentives, and the additional rewards after the TGE are aimed at users who continue to participate in the second quarter and beyond), such as BR token airdrop bonuses, increased ratios for Diamonds points conversion, and special weighting of governance rights to further incentivize long-term participation and ecological contributions.

Overall, Bedrock is currently at a critical development juncture, with the market filled with optimistic expectations. Investors need to make strategic layouts to seize the development dividends brought by the BTCFi boom.

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