UTONIC Protocol secures $100m TVL for TON’s first restaking solution

UTONIC Protocol, a backhaul solution on The Open Network (TON), has raised a total valuation of $100 million from investors, validators, and institutions.

Supported by several of the leading players in the cryptocurrency takeover ecosystem, the protocol offers a marketplace where projects can incentivize users by rewarding them for allocating their staked Toncoins (TON) to the Open Network ecosystem.

UTONIC aims to expand the decentralized finance ecosystem on TON, a blockchain ecosystem that has gained significant momentum with the launch of tap-to-win games.

TON holders are offered the advantage of repurchasing shares

UTONIC outlines three ways TON re-stakeholders can participate and contribute to TON’s decentralization and shared security. Users can use their staked Toncoins to support the ecosystem and earn returns through native validator rewards, actively verified services, and farming.

Native re-staking allows TON holders to stake their tokens into UTONIC smart contracts, and these assets are used for staking. Users can also stake their liquid staking tokens into UTONIC smart contracts. LSTs are re-staking on UTONIC, and the native liquid re-staking token, uTON, is minted to enable participation in DeFi.

UTONIC allows users to reuse their staked TONs and extends the security of the blockchain to additional applications. By reallocating staked assets, users can secure Actively Verified Services within UTONIC while agreeing to grant additional application rights over their staked assets.

UTONIC

This should enable TON’s growing DeFi ecosystem to benefit from shared security, a scenario that will drive network growth. Projects that will benefit from this include cross-chain bridges, sidechains, and oracle networks.

UTONIC partners with and provides technical support to leading restaking platforms such as InfStones, TonStake, iZUMi Finance, Satlayer and Stakestone.