# Why Ketju rejected UniRouter

- URL: https://riadefi.com/rejections/unirouter/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-11-17

## The memo

REJECTED ON UNRESOLVED DISCLOSURE GAPS. Despite the name, UniRouter is unrelated to Uniswap: it is a Bitcoin liquid-staking platform built on B² Network, a Bitcoin Layer 2, issuing uBTC/stBTC against BTC staked through Babylon's Bitcoin staking protocol. No audit of any kind was found for UniRouter's contracts, no minting-authority or signer disclosure exists for the MuSig2-aggregated custody wallet, and the protocol's own architecture documentation does not describe unstaking or redemption mechanics at all. Absence of a reported incident is weak evidence given how thin the public documentation is.

## What would reopen the file

- 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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