UTONIC Protocol, a restaking solution on The Open Network (TON), has raised $100 million from institutions, validators, and investors.
The protocol provides a marketplace wherein projects can motivate users by compensating them for allocating their staked Toncoin in The Open Network environment.
Various prominent participants in the cryptocurrency restaking ecosystem support it. The goal of UTONIC is to develop the decentralized finance ecosystem on TON.
This blockchain ecosystem has seen a notable increase in popularity since the release of tap-to-earn games.
Bringing restaking benefits to TON holders
UTONIC lists three methods for TON restakers to become involved in TON’s shared security and decentralization.
Using native validator incentives, actively validated services, and farming, users may use their staked Toncoin to support the ecosystem and earn yield.
Through native restaking, token owners of TON can place their tokens inside UTONIC smart contracts to be used as staking assets.
In UTONIC smart contracts, users may also deposit their liquid staking tokens. To enable participation in DeFi, the native liquid restaking token uTON is coined and the LSTs are restaked 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 should lead to shared security benefits for TON’s developing DeFi ecosystem, accelerating network expansion.
Oracle networks, sidechains, and cross-chain bridges are among the projects that stand to gain from this.
Leading restaking platforms, including InfStones, TonStake, iZUMi Finance, Satlayer, and Stakestone, have partnered with UTONIC and provided technical support.
