UTONIC Protocol, a revolutionary solution on The Open Network (TON), has successfully raised $100 million in total value locked from a diverse range of investors, validators, and institutions. This groundbreaking protocol, supported by prominent players in the crypto restaking industry, introduces a unique marketplace where projects can incentivize users by rewarding them for allocating their staked Toncoin (TON) within The Open Network ecosystem.
The primary objective of UTONIC is to expand the decentralized finance ecosystem on TON, which has been gaining significant traction with the recent launch of tap-to-earn games. To achieve this, UTONIC has outlined three distinct methods through which TON restakers can actively participate and contribute to the decentralization and shared security of the network. These methods include leveraging staked Toncoin to support the ecosystem and earn yield through native validator rewards, actively validated services, and farming.
One of the key features of UTONIC is its native restaking functionality, which allows TON holders to deposit their tokens into UTONIC smart contracts. These assets are then utilized for staking purposes, thereby enabling users to earn rewards. Additionally, users can also deposit their liquid staking tokens into UTONIC smart contracts. These tokens, known as LSTs, are restaked on UTONIC, and as a result, the native liquid restaking token uTON is minted. This innovative approach allows users to actively participate in the world of decentralized finance (DeFi) within the TON ecosystem.
By implementing this restaking mechanism, TON’s flourishing DeFi ecosystem stands to benefit from enhanced shared security, ultimately facilitating network growth. Various projects, including cross-chain bridges, sidechains, and oracle networks, are expected to reap the rewards of this collaborative effort.
UTONIC has forged strategic partnerships and secured technical support from leading restaking platforms such as InfStones, TonStake, iZUMi Finance, Satlayer, and Stakestone. These alliances further solidify UTONIC’s position as a trailblazer in the restaking space.
In a similar vein, Jito and Fragmetric have recently unveiled a new Solana liquid restaking token, showcasing the continued growth and innovation within the restaking sector.
With its impressive achievements and strong backing, UTONIC Protocol is poised to revolutionize the restaking landscape and contribute to the ongoing development of The Open Network ecosystem.