Launchpool

DeFi

Toncoin

Catizen

Jito

UTONIC Protocol, a restaking solution on The Open Network (TON), has secured $100 million in total value locked from investors, validators and institutions.
The protocol, backed by several leading players in the crypto restaking ecosystem, offers a marketplace where projects can incentivize users by rewarding them for allocating their staked Toncoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/toncoin/">TON</a>) in The Open Network ecosystem.
UTONIC aims to expand the decentralized finance ecosystem on TON, a blockchain ecosystem gaining significant traction with the launch of <a rel="noopener noreferrer nofollow" href="https://crypto.news/tap-to-earn-games/">tap-to-earn games</a>.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/binance-lists-telegram-mini-app-game-catizen-on-launchpool/"> Binance lists Telegram mini-app game Catizen on Launchpool </a>
<h2 class="wp-block-heading" id="bringing-restaking-benefits-to-ton-holders">Bringing restaking benefits to TON holders</h2>
UTONIC <a href="https://x.com/UTONIC_uTON/status/1834172551414907150" target="_blank" rel="noopener noreferrer nofollow">outlines</a> three ways through which restakers of TON can join and contribute to TON’s decentralization and shared security. Users can leverage their staked Toncoin to support the ecosystem and earn yield through native validator rewards, actively validated services and farming.
Native restaking allows TON holders to deposit their tokens into UTONIC smart contracts, with these assets used for staking. Users can also deposit their liquid staking tokens into UTONIC smart contracts. The LSTs are restaked on UTONIC, and the native liquid restaking token uTON is minted to allow participation in DeFi.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 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
</blockquote>
This should see <a rel="noopener noreferrer nofollow" href="https://crypto.news/telegram-mini-apps-sling-ton-tvl-over-300m/">TON’s burgeoning DeFi ecosystem</a> benefit from shared security, a scenario that will boost network growth. Projects set to benefit from this include cross-chain bridges, sidechains and oracle networks.
UTONIC has partnerships and technical support from top restaking platforms such as InfStones, TonStake, iZUMi Finance, Satlayer and Stakestone.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/jito-and-fragmetric-launch-new-solana-liquid-restaking-token/"> Jito and Fragmetric launch new Solana liquid restaking token </a>

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

Table of Contents

crypto.news

Other articles published on Sep 13, 2024

Coinbase’s ‘Stand With Crypto’ creates NFT legal defense fund

SBF officially files appeal to overturn fraud conviction after 5 months in prison

Ripple, Coinbase legal heads caught off SEC’s crypto blunder

TECNO Unveils PHANTOM V Fold2 5G – An AI-enhanced Large-Screen Powerhouse of Productivity and Cre...

Tectum Secures Best Blockchain Innovation Award at Leaders in Fintech Awards 2024

WazirX hacker launders over $64m, insider involvement suspected

Join our free newsletter for daily crypto updates!