UTONIC Protocol, a restaking solution on The Open Network (TON), has secured $100 million in total value locked from investors, validators and institutions.
The protocol, backed by several leading players in the crypto restaking ecosystem, offers a marketplace where projects can incentivize users by rewarding them for allocating their staked Toncoin (TON) in The Open Network ecosystem.
UTONIC aims to expand the decentralized finance ecosystem on TON, a blockchain ecosystem gaining significant traction with the launch of tap-to-earn games.
Read more: Binance lists Telegram mini-app game Catizen on Launchpool
Bringing restaking benefits to TON holders
UTONIC outlines three ways through which restakers of TON can join and contribute to TON’s decentralization and shared security. Users can leverage their staked Toncoin to support the ecosystem and earn yield through native validator rewards, actively validated services and farming.
Native restaking allows TON holders to deposit their tokens into UTONIC smart contracts, with these assets used for staking. Users can also deposit their liquid staking tokens into UTONIC smart contracts. The LSTs are restaked on UTONIC, and the native liquid restaking token uTON is minted to allow participation in DeFi.
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 should see TON’s burgeoning DeFi ecosystem benefit from shared security, a scenario that will boost network growth. Projects set to benefit from this include cross-chain bridges, sidechains and oracle networks.
UTONIC has partnerships and technical support from top restaking platforms such as InfStones, TonStake, iZUMi Finance, Satlayer and Stakestone.
You might also like: Jito and Fragmetric launch new Solana liquid restaking token
