Bedrock's market cap is ~$14M. Its TVL is ~$346M. That's a 25x gap that nobody's really explaining.
Most of the early capital came in farming Diamonds points pre-BR launch. Now that the token is live, the protocol is finding out how much of that TVL was conviction versus airdrop chasing.
uniETH yields ~2.5% APY. That's not beating Lido on base rate alone. The real bet is whether BR emissions and multi-asset exposure justify the switch — and that's still unproven.
The $2M uniBTC exploit got patched via Chainlink PoR. Good. But brBTC now runs across Babylon, Kernel, Symbiotic, and Pell simultaneously. More surface area, same question.
TVL is down ~5% while the chain count keeps climbing. Is that drawdown coming from ETH stakers or BTC holders?