As the first liquid staking protocol meticulously designed for institutions, Bedrock is committed to continuous growth and optimization to ensure the best user experience. In this regard, Bedrock is pleased to announce the beta launch of uniIOTX, the token representing one of the first liquid staking protocol on the IoTeX blockchain.
IoTeX is a modular Web3 infrastructure platform connecting smart devices and real-world data to blockchains. IoTeX’s middleware solution W3bstream provides the computation and verification of real-world data, bringing it on-chain while offering the modularity and customizability builders need to facilitate mass adoption. As the leading provider of DePIN infrastructure, IoTeX facilitates new rewards from devices, turns personal devices into communal economies, and tokenizes the “data of everything.”
IOTX is the utility token that powers the IoTeX blockchain. Our partnership with the IoTeX blockchain is a testament to Bedrock’s commitment to innovation. We believe that Web3 is the future, and that IoTeX’s technology will propel the industry forward.
Introducing the first liquid staking protocol on the IoTeX blockchain, we aspire to advance decentralization and make staking more accessible for our users. Leveraging Bedrock’s track record with its fast-growing ETH staking dApp, which has secured the top spot for 7-day and 30-day change on DeFi Llama, we believe that Bedrock will bring the launch of uniIOTX to new heights.Raullen Chai, Cofounder of IoTeX
uniIOTX is a pioneering liquid staking dApp developed by Bedrock for the IoTeX blockchain. IOTX holders can stake their tokens to receive uniIOTX, providing users with staking rewards while enabling the flexibility to be traded at any moment. With the backing of the IoTeX foundation, uniIOTX stands as the first-ever liquid staking token on the IoTeX blockchain. Currently, there are already projects within the IoTeX ecosystem exploring potential integrations with uniIOTX for their stablecoin initiatives. This development will offer users greater flexibility and utility with their uniIOTX tokens.
About the Beta Launch
Although it is a beta launch, this launch features the full functionality of IoTeX liquid staking, allowing users to stake their IOTX tokens to earn additional yield without compromising liquidity. During this beta phase, we are collaborating closely with the IoTeX team and community to conduct stress testing which encompasses extreme scenarios. This is to guarantee the safety and complete functionality of uniIOTX so that our users get the best experience and the highest possible level of security.
During this beta period, we would greatly appreciate users sharing their experience with uniIOTX via email, Discord, or Twitter.
Why Stake IOTX Through Bedrock?
- Simplified Staking Process: Bedrock eliminates all the complexities of Delegated Proof of Stake associated with IOTX by handling the technical side of things. Mint uniIOTX with your IOTX token, and we’ll take care of the rest.
- Optimized Returns: Bedrock intelligently allocates specific IOTX amounts to various validators with multiple staking periods and delegation strategy in mind, ensuring better profitability.
- Assured Transparency: Everything is built on-chain, and every transaction is fully transparent and traceable on the blockchain. To further demonstrate our dedication to openness and transparency, our white paper offers an in-depth understanding of our smart contract mechanisms and business processes.
- Proven Security: uniIOTX upholds the highest standards of trust with a thorough code audit by industry-leading firm PeckShield. This step fortifies our pledge to security excellence, as detailed in the accessible audit report.
- Instant Liquidity: Our platform grants users uniIOTX immediately upon deposit, allowing for both instant liquidity on staked IOTX and continued staking rewards.
Many out there share our belief that IoTeX is a blockchain of the future, and are already staking IOTX. We strongly believe that this new offering will greatly benefit both the IoTeX blockchain and current IOTX stakers. This new avenue to earn yield on IOTX tokens will provide IOTX stakers with greater flexibility while they continue to support a blockchain they believe in.
We have a great working relationship with the IoTeX team as we share a similar vision for the decentralized future. Working with them on IOTX liquid staking is just the start of an exciting journey, and we look forward to expanding our collaboration with enhancements in 2024. Partnering with a pioneer in the decentralized space illustrates our commitment to continuous innovation as leaders in the liquid staking realm, a ground-breaking piece of technology that will make staking more accessible and bring blockchain technology to new heights.Zhuling Chen, Founder and CEO of RockX
- How Does uniIOTX Distribute Staking Rewards?
uniIOTX serves as a representation of your staked IOTX and accumulates all future staking rewards. Once the token is minted, the quantity of uniIOTX remains constant, but its intrinsic value escalates. This means that over time, 1 uniIOTX can be exchanged for more than 1 IOTX, reflecting the accrued rewards.
- What are the fees involved in using Bedrock to stake IOTX?
Bedrock takes 10% of staking rewards as a commission for this service.
- Are there any upper or lower limits to staking IOTX on Bedrock?
There’s no lower limit to the staking amount, allowing IOTX holders the liberty to stake any desired quantity. Even though there’s no upper limit, staking from sanctioned addresses will undergo compliance checks.
- Can I unstake whenever I want?
To unstake, users need to process in multiples of 1 million IOTX. This action initiates a 94-day unlocking phase for the IOTX. Once this period concludes, users can reclaim their tokens back into their wallets. Remarkably, during this 94-day span, users still qualify for staking rewards.
- What are the supported wallets?
Currently, only Metamask is supported.
- What is the process for staking and unstaking IOTX on Bedrock?
To stake, users should first connect their Metamask wallets to Bedrock. Do ensure that your wallet is connected to the IoTeX blockchain.
Once connected, your address and wallet balance will be displayed on-screen, and the “stake” and “unstake” buttons will be enabled. You may choose to hide your wallet balance by clicking on the “eye” icon in the top right corner.
To stake, click on the “Stake” button and insert the amount of IOTX you would like to stake below. Do ensure that you have sufficient funds in your wallet before staking.
Next, confirm the transaction on the webpage and the Metamask pop-up.
With that, you should have successfully liquid-staked IOTX on Bedrock. Potential errors might be due to lack of funds for staking and/or for gas fees, so do ensure you have slightly more IOTX than you are staking.
To unstake, click on the “Unstake” button and key in the amount of IOTX tokens you would like to withdraw. Do take note that unstaking can only happen in multiples of 1 million IOTX tokens. Confirm the transaction on the webpage and on Metamask, and ensure you have enough to pay the gas fee for this transaction.
Upon successful confirmation, this will kickstart the 94-day period for unstaking, during which you will continue to receive staking rewards. At the end of this period, your claimable amount will be updated and you may click “Claim” to retrieve your IOTX and complete the withdrawal process.
The Opportunities Ahead
We are deeply honored to be the first to establish a liquid staking protocol on IoTeX and have a great vision for the future of blockchain through this venture. We anticipate sharing more good news regarding uniIOTX token integrations with other dApps such as DEXs on IoTeX. In the meantime, we take pride in unveiling the beta launch of uniIOTX with everyone. We hope you will benefit from using it as much as we did creating it.