The UTONIC Protocol, operating on the Open Network (TON), has successfully amassed $100 million in total value locked (TVL) from key investors, validators, and institutions. This development was revealed to Finbold on September 16.
Backed by industry leaders like TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, TON stakers now have the opportunity to earn validator rewards, Actively Validated Services (AVS) yield, and farming incentives while contributing to the enhancement of cross-chain bridges, oracle networks, and sidechains.
UTONIC’s approach aims to decentralize TON operations and nurture a more secure and inclusive ecosystem. Its innovative model improves security by realigning staked tokens to safeguard additional blockchain applications. Through this reallocation, users can secure AVS, providing them with additional oversight over their staked assets, thereby ensuring the integrity of data availability protocols, cross-chain bridges, and oracles.
The protocol functions as a marketplace allowing developers to incentivize the allocation of restaked TON for diverse services, eliminating the necessity for inflationary tokens.
To engage in restaking, users can deposit TON into UTONIC smart contracts, enabling operators to restake for increased yield. Additionally, users can deposit Liquid Staking Tokens (LSTs) into UTONIC smart contracts, which operators then restake within the protocol. Restakers are rewarded with Liquid Restaking Tokens (uTON) as verification of their staked assets, with further incentives available across decentralized finance (DeFi), sidechains, and other TON ecosystem platforms.
As The Open Network expands, restaking emerges as a pivotal aspect in bolstering its security and scalability. By leveraging existing staked assets, UTONIC can secure additional decentralized applications (dApps) and services without requiring new resources. This model fortifies TON’s infrastructure and advocates for hybrid on- and off-chain strategies to broaden its user base.
With a core team deeply rooted in DeFi, UTONIC has devised a restaking solution inspired by EigenLayer, customized to meet TON’s distinct requirements. Through strategic partnerships with industry frontrunners, UTONIC is well-positioned to support TON validators and token holders in enhancing the network’s security and scalability.