The UTONIC Protocol, operating within the Open Network (TON), has successfully attracted $100 million in total value locked (TVL) from major investors, validators, and institutions, according to details provided to Finbold on September 16.
Driven by TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, TON stakers are now able to earn rewards from validators, Actively Validated Services (AVS) yield, and farming incentives, all while contributing to the enhancement of cross-chain bridges, oracle networks, and sidechains.
The operational concept of UTONIC focuses on the decentralization of TON operations with the goal of establishing a more secure and varied ecosystem. One key aspect of this is the repurposing of staked tokens to reinforce additional blockchain applications, ensuring heightened security measures.
Through reallocation of these assets, users can fortify AVS and expand their control over the staked assets, thereby upholding the integrity of data availability protocols, cross-chain bridges, and oracles.
Constructed as a marketplace, the protocol permits developers to incentivize others to allocate restaked TON for multiple services, eliminating the necessity for inflationary tokens.
Users have the option to deposit TON into UTONIC smart contracts for further yield or to deposit Liquid Staking Tokens (LSTs) for restaking within the protocol. Users will then receive Liquid Restaking Tokens (uTON) to certify their staked assets, with added incentives available across decentralized finance (DeFi), sidechains, and various TON ecosystem platforms.
Amid The Open Network’s expansion, the emphasis on restaking by UTONIC is vital for boosting security and scalability. Leveraging existing staked assets allows UTONIC to reinforce decentralized applications (dApps) and services without requiring additional resources, thereby bolstering TON’s infrastructure and broadening its reach through hybrid strategies.
The UTONIC team, deeply ingrained in DeFi, has devised a restaking solution inspired by EigenLayer customized to TON’s unique demands. Through strategic collaborations with key industry players, UTONIC is strongly positioned to empower TON validators and token holders in advancing the network’s security and scalability.
For further details, refer to the original article “UTONIC Protocol locks in $100M for TON restaking” on the Finbold website.