# Ketju research: UniRouter

- URL: https://riadefi.com/rejections/unirouter/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-17
- Last confirmed: 2026-08-17

## Research summary

The research assessment is adverse because key disclosures remain unresolved. Despite the name, UniRouter is unrelated to Uniswap. It is a Bitcoin liquid-staking platform built on B² Network, a Bitcoin Layer 2, and issues uBTC/stBTC against BTC staked through Babylon's Bitcoin staking protocol. We found no audit of UniRouter's contracts, no disclosure of the minting authority or signers for the MuSig2-aggregated custody wallet, and no unstaking or redemption mechanics in the protocol's own architecture documentation. With public documentation this thin, the lack of a reported incident is weak evidence.

## Observable review triggers

- UniRouter publishes an independent, named third-party security audit covering the staking-vault and minting contracts
- MuSig2 signer or validator set composition and threshold are publicly disclosed and independently verifiable
- Redemption and unstaking mechanics, including timing and any Babylon-unbonding-period pass-through, are documented and demonstrated at proposed size
- Twelve consecutive months with no depeg, slashing-related loss, or custody incident following the above disclosures

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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