The UTONIC Protocol, a restaking system integrated with the Open Network (TON), has successfully amassed $100 million in total value locked (TVL) through investments from important figures, validators, and institutions. This information was disclosed to Finbold on Monday, September 16.
With the backing of TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, TON participants can now earn rewards from validators, Actively Validated Services (AVS) yield, and incentives from farming activities, all while contributing to the enhancement of cross-chain connections, oracle networks, and sidechains.
UTONIC operates on a model that seeks to decentralize TON operations and cultivate a more secure and varied ecosystem. This model accomplishes heightened security by utilizing staked tokens to fortify additional applications within the blockchain. By realigning these resources, users can secure AVS and acquire added rights to reinforce their staked assets, which safeguards data availability protocols, cross-chain bridges, and oracles.
The protocol functions as a marketplace where developers have the opportunity to incentivize others to allocate restaked TON for various services, eliminating the necessity for inflationary tokens.
Users have the option to deposit TON into UTONIC smart contracts, which operators utilize to restake for increased yield. Similarly, users can deposit Liquid Staking Tokens (LSTs) into UTONIC smart contracts, which operators then restake within the protocol. Restakers receive Liquid Restaking Tokens (uTON) as verification of their staked assets, with enhanced incentives available across decentralized finance (DeFi), sidechains, and other TON ecosystem platforms.
As the Open Network expands, restaking will play a critical role in boosting its security and scalability. Through the effective leverage of already-staked assets, UTONIC can reinforce decentralized applications (dApps) and services without requiring new resources. This approach strengthens TON’s framework and promotes a blend of on- and off-chain strategies to reach a broader audience.
UTONIC, driven by a core team deeply rooted in DeFi, has crafted a restaking solution influenced by EigenLayer, tailored to meet TON’s unique requirements. Through strategic partnerships with key industry players, UTONIC is well-positioned to empower TON validators and token holders in advancing the network’s security and scalability.
The article “UTONIC Protocol locks in $100M for TON restaking” was originally published on Finbold.