Key highlights:
- UTONIC has secured $100 million in TVL with support from key partners in The Open Network (TON) ecosystem.
- The protocol enables users to earn triple yield from validator rewards, AVS yield, and farming incentives.
- Restaking enhances the security of applications such as cross-chain bridges, oracles, and sidechains in the TON ecosystem.
UTONIC Protocol secures $100 million in TVL, launching TON’s first restaking solution
UTONIC Protocol is backed by several major partners from The Open Network (TON) ecosystem and they have just successfully secured $100 million in total value locked (TVL). Supported by contributors such as TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, UTONIC introduces a novel restaking mechanism aimed at enhancing TON’s network security while offering users additional ways to earn rewards. By facilitating restaking, UTONIC allows users to gain returns from multiple sources, including native validator rewards, Actively Validated Services (AVS) yield, and farming incentives.
UTONIC’s approach will strengthen the TON blockchain’s infrastructure by decentralizing security efforts across applications such as cross-chain bridges, oracle networks, and sidechains. This new system encourages shared security, benefitting both developers and users in the growing TON ecosystem.
How UTONIC’s restaking solution works
UTONIC empowers users to repurpose their staked TON tokens, providing security for additional services on the blockchain. This system allows users to participate in securing Actively Validated Services while agreeing to supplementary enforcement rights over their staked assets. For example, services like data availability protocols, cross-chain bridges, and oracles can implement tailored slashing conditions to maintain security across the network.
The protocol functions as a marketplace where developers can incentivize operators to allocate their restaked TON, eliminating the need to create new reward systems from scratch. This drastically reduces both the financial and time investments required to build trust networks, leveraging the security already embedded in staked TON assets.
Restaking options and benefits
UTONIC provides two methods for restaking:
- Native restaking: Users can deposit their staked TON tokens into UTONIC smart contracts, allowing operators to use those tokens for restaking purposes.
- LST restaking: Alternatively, users can restake their Liquid Staking Tokens (LSTs), enabling operators to restake assets that have already been staked in other protocols.
The protocol’s native token, uTON, is minted as a receipt for restaked assets. This token, combined with incentives from UTONIC’s partners, can be utilized across various decentralized finance (DeFi) platforms within the TON ecosystem.
A new era of restaking for The Open Network
As the TON blockchain ecosystem expands, the need for more advanced security solutions becomes critical. UTONIC’s restaking model offers a flexible and economically efficient way to bolster the security of decentralized applications (dApps) without requiring additional resources. The restaking solution is expected to help TON scale, ensuring security across both on-chain and off-chain applications.
UTONIC Protocol is inspired by successful models such as EigenLayer and will bring similar innovations to TON. By integrating TON’s unique features with advanced restaking techniques, UTONIC improves the security of local dApps and improves scalability for the entire ecosystem.
The bottom line
UTONIC Protocol’s $100 million TVL milestone and its launch of TON’s first restaking solution are a significant development for The Open Network. By allowing users to earn triple yield and participate in securing vital network services, UTONIC is not only bolstering TON’s security but also driving innovation within the ecosystem. With strong backing from key players in the industry, UTONIC will surely contribute to TON’s continued growth and success.
