🧐 Bedrock DeFi Research Report | TGE Approaches, Is There a Good Opportunity with 300 Million FDV?

Previously, I wrote a research report on Bedrock @Bedrock_DeFi, at that time staking had just begun and I participated in a portion of it.

Now, eight months have passed, and with TGE approaching,

We are tracking the latest FDV, TVL, token price expectations, and activities we can participate in regarding Bedrock;

Summary: As an important player in the BTCFi 2.0 space, Bedrock currently has a fully diluted valuation (FDV) of only about 300 million USD, which is significantly lower than similar competitors.

With TGE approaching, airdrops, and veBR staking, Bedrock is in the best ambush stage.

This article analyzes six aspects: valuation, token price expectations, upcoming airdrops and staking mechanisms, ecological advantages, valuation model comparisons, and specific investment action guides to help investors seize this potential opportunity.

1️⃣ Valuation Model Low FDV Brings Ambush Opportunities —

I think this point is worth mentioning;

Currently, Bedrock's FDV has not been publicly disclosed, but it is estimated to be around 200-300 million USD, which is severely undervalued compared to similar projects in the same field.

Many protocols in similar areas have FDVs several times that of Bedrock. According to current market expectations, Bedrock's FDV is likely to double, reaching 600 million USD or even higher.

Current Bedrock TVL: 585 million USD. I will attempt to evaluate its relative value using the FDV/TVL (Total Locked Value) model:

1) Current Valuation Level:

Based on official disclosed data and recent growth estimates, Bedrock's current multi-chain total TVL (covering networks like ETH, BTC, IoTeX, etc.) is approximately in the range of 200-300 million USD. With an FDV of only 300 million USD, its FDV/TVL ratio is about in the range of 1.0-1.5.

This is considered a low level among DeFi protocols, especially considering Bedrock's potential for cross-chain multi-asset growth; this ratio suggests that the market has not fully priced in its future expansion potential.

2) Competitor Comparison: Projects in similar fields typically have higher FDV/TVL ratios. Some leading mature staking protocols have relatively low ratios due to their large TVL base;

While emerging cross-chain staking or yield aggregation protocols often reach FDV/TVL ratios of 3-5 times, reflecting the market's high expectations for their growth. Even estimating by industry averages, Bedrock's FDV still has significant room for upward adjustment—if it only reaches the median level, Bedrock's FDV could potentially double compared to the current level.

3) Diamonds Valuation Verification:

Using the FDV/TVL model and token distribution projections, we can also verify the previously mentioned price expectations for Diamonds points.

If Bedrock is revalued to an FDV of over 600 million USD according to industry standards, the corresponding BR token price will also rise significantly. The previously mentioned value range of each Diamonds being $0.003-$0.007 is reasonable and even conservative under this revaluation.

Overall, whether compared horizontally with competitors or vertically with its own model calculations, Bedrock's relative valuation is low.

For value investors, this means that positioning in BR has dual advantages: limited downside (supported by real TVL) and considerable upside potential (valuation recovery combined with business growth).

If the market can be a bit stronger during TGE, it should perform even better;

2️⃣ Diamonds Points and BR Token Price Expectations —

Bedrock has designed a Diamonds points system to incentivize users, allowing participants to earn Diamonds by staking assets like BTC and ETH.

The market already has preliminary expectations for the value of Diamonds:

Conservatively estimating each Diamonds is worth about $0.003, optimistically it could reach $0.007. Based on this calculation, once converted to BR tokens, it means the BR listing price will have at least a 3-fold increase;

Of course, the specific airdrop ratio and initial circulation of the tokens are yet to be announced by the official team.

However, from the perspective of valuation and market enthusiasm, BR tokens are likely to have a bright start. While controlling expectations reasonably, positioning in Diamonds in advance remains a relatively low-risk, high-potential return strategy.

3️⃣ Airdrop Approaches + veBR Staking Mechanism + TGE Catalysts —

BR airdrop + veBR staking + TGE chain reaction catalysts:

1) BR Token Airdrop Approaches:

The official team is about to distribute BR token airdrop rewards for early contributors and Diamonds holders.

This not only directly creates profits for participants but will also significantly enhance community engagement and visibility. Once the airdrop news is confirmed, it often triggers high market attention and enthusiasm for early positioning in the project.

2) veBR Staking Value Highlights:

Bedrock has revealed in the community that it will introduce a veBR staking mechanism to encourage holders to lock up BR for more governance rights and rewards.

This is similar to the "voting lock" model of other projects, meaning early holders and stakers of BR will enjoy long-term value returns. As the project ecosystem expands, the rewards and weight of veBR may further increase, driving more people to buy and lock up BR, thereby reducing circulation pressure and enhancing token value stability.

3) TGE Official Launch Catalyst:

As an important milestone for the project to officially enter secondary market trading, TGE is often accompanied by heightened market sentiment and influx of funds.

After a long period of preparation, the community has been eagerly anticipating the listing of its tokens. The attention brought by TGE, combined with the aforementioned airdrop and staking mechanisms, will create a strong resonance. If one does not position in advance now, waiting to chase in after TGE may lead to regretting missing the best entry opportunity.

In short, with multiple favorable factors combined, Bedrock is on the eve of an explosion. For investors, this is both a stimulant and a reassurance—positioning in advance and waiting for the eruption.

4️⃣ Unique Competitive Advantages of the Ecosystem —

Bedrock's competitive advantages at the ecological level provide strong support for its long-term value. First, Bedrock is the first protocol on EigenLayer to support the re-staking of native BTC assets, opening the door for Bitcoin assets to empower DeFi, which is significant in the entire ecosystem, giving Bedrock a first-mover advantage that is hard for other projects to match, attracting a large influx of BTC capital.

Secondly, the team has early laid out multiple hot tracks such as BTC, ETH, and DePIN, and actively participated in the construction of new ecosystems like EigenLayer and Babylon.

Most importantly, its token economic model adopts the veBR lock-up staking mechanism: investors who hold and stake BR tokens for the long term can receive protocol revenue sharing and governance weight. This design not only provides real sources of income for long-term holders but also effectively reduces market selling pressure, promoting token supply to be more concentrated among loyal holders.

Bedrock possesses ecological first-mover advantages and technical moats that are hard for other projects to compare;

Overall, Bedrock is not a solitary functional project but a comprehensive player with cross BTC-ETH-DEPIN multi-ecosystems.

The future is promising.

5️⃣ How to Seize the Last Opportunity to Enter —

With Bedrock's TGE approaching, here are some things we can do to not miss any opportunities to acquire tokens for free:

1) Stake to Mine Diamonds:

By staking designated assets on the official platform to earn Diamonds points. This is a zero-cost way to "ambush" Bedrock, ensuring that you can receive the corresponding BR token airdrop based on your points during TGE.

The earlier you participate in staking, the more Diamonds you accumulate, and the more generous the airdrop rewards you will receive in the future. However, as the time approaches, unless you have significant funds, you may not be able to obtain too many results;

2) Participate in BR Prize Pool Activities:

Currently, multiple platforms are launching pre-heating benefits for Bedrock.

Previously, OKX also collaborated with Bedrock to launch a task activity with a total prize pool of 200,000 USD worth of BR tokens, where completing designated tasks gives you a chance to be one of the 10,000 winners.

Additionally, Binance's official Web3 wallet has also launched similar pre-heating activities, especially after the Bubblemaps Binance wallet IDO ended, the Binance wallet immediately launched a Bedrock PRE-TGE activity, which is an exclusive activity with the BSC chain, providing opportunities to acquire BR tokens or Diamonds for free.

These activities are essentially giving away tokens for free, so be sure to pay close attention and actively participate, and don’t miss any "airdrop harvesting" opportunities.

3) Follow Binance Market Dynamics:

Recently, Binance's actions against malicious market makers have created a healthier trading environment for the market. As price manipulation decreases, truly valuable and undervalued projects will welcome valuation recovery.

As a currently highly potential and undervalued target, Bedrock is very likely to become the biggest beneficiary of this wave of healthy market conditions.

Conclusion —

Overall, Bedrock currently possesses characteristics of "undervaluation" and "high growth catalysts." Smart capital often quietly ambushes before the noise, and Bedrock is expected to achieve good results with short-term momentum + long-term value.

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