UTONIC Protocol locks in $100M for TON restaking
The post UTONIC Protocol locks in $100M for TON restaking appeared on BitcoinEthereumNews.com.
The UTONIC Protocol, a restaking protocol on the Open Network (TON), has secured $100 million in total value locked (TVL) from key investors, validators, and institutions, as disclosed to Finbold on Monday, September 16. Supported by the likes of TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, TON stakers can now earn validator rewards, Actively Validated Services (AVS) yield, and farming incentives while helping improve cross-chain bridges, oracle networks, and sidechains. How UTONIC restaking works UTONIC’s model aims to decentralize TON operations and build a more secure and diverse ecosystem. Enhanced security is achieved by repurposing staked tokens to secure additional applications within the blockchain. By reallocating these assets, users can secure AVS and grant additional enforcement rights over their staked assets, ensuring the integrity of data availability protocols, cross-chain bridges, and oracles. The protocol is structured as a marketplace where developers can incentivize others to allocate restaked TON for various services, eliminating the need for inflationary tokens. TON restaking methods Users can deposit TON into UTONIC smart contracts, which operators use to restake for additional yield. Likewise, users can deposit Liquid Staking Tokens (LSTs) into UTONIC smart contracts, which operators restake within the protocol. Restakers will receive Liquid Restaking Tokens (uTON) as proof of their staked assets, with additional incentives available across decentralized finance (DeFi), sidechains, and other TON ecosystem platforms. UTONIC’s focus on DeFI As The Open Network continues to expand, restaking will be essential for enhancing its security and scalability. By leveraging already-staked assets, UTONIC can secure additional decentralized applications (dApps) and services without new resources. This model strengthens TON’s infrastructure and encourages hybrid on- and off-chain strategies to reach a wider audience. UTONIC’s core team, deeply rooted in DeFi, has developed a restaking solution inspired by EigenLayer, tailored to TON’s specific needs. Through strategic partnerships with prominent…
Filed under: News - @ September 16, 2024 8:23 am