The UTONIC Protocol, a restaking solution on The Open Network (TON), has secured a total value of $100 million from investors, validators, and institutions
The protocol, supported by numerous prominent participants in the crypto restaking ecosystem, provides a marketplace where projects can incentivize users by rewarding them for allocating their staked Toncoin in The Open Network ecosystem.
UTONIC’s objective is to broaden the decentralized finance ecosystem on TON, a blockchain ecosystem that has experienced substantial growth due to the introduction of tap-to-earn games.
Providing TON holders with restaking benefits
UTONIC delineates three methods by which retakers of TON can participate in and contribute to TON’s decentralization and shared security.
Native validator rewards, actively validated services, and farming are all ways users can utilize their staked Toncoin to support the ecosystem and generate yield.
Native restaking enables TON holders to deposit their tokens into UTONIC smart contracts, which are then utilized for staking. Additionally, users can deposit their liquid staking tokens into UTONIC smart contracts.
The native liquid restaking token uTON is minted to enable participation in DeFi, and the LSTs are restated on UTONIC.
UTONIC empowers users to repurpose their staked TON, extending the blockchain’s security to additional applications. By reallocating staked assets, users can secure Actively Validated Services within UTONIC while consenting to grant additional enforcement rights over their staked assets. – UTONIC
This is expected to result in the shared security of TON’s burgeoning DeFi ecosystem, stimulating network growth. Cross-chain connections, sidechains, and oracle networks are among the projects expected to capitalize on this.
UTONIC has technical support and partnerships with major restaking platforms, including InfStones, TonStake, iZUMi Finance, Satlayer, and Stakestone.