The Good Tech Companies - UTONIC Protocol Secures $100 Million in TVL for TON's First Restaking Solution

Episode Date: September 13, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/utonic-protocol-secures-$100-million-in-tvl-for-tons-first-restaking-solution. UTONIC Protocol, a new restaking solution built on The Open Network (TON), has announced that it has secured commitments totaling $100 million in TVL. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #utonic-protocol, #utonic-total-value-locked, #utonic-native-restaking, #utonic-liquid-staking, #restaking-solutions, #the-open-network, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. UTONIC Protocol, a new restaking solution built on The Open Network (TON), has announced that it has secured commitments totaling $100 million in Total Value Locked. This development marks a significant milestone for the TON ecosystem as it seeks to enhance network security and scalability through innovative staking mechanisms.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. UTONIC Protocol Secures $100 Million in TVL for TUN's First Restaking Solution by Ashan Pandey UTONIC Protocol, a new restaking solution built on the open network, TUN, has announced that it has secured commitments totaling $100 million in total value locked TVL from notable locked, TVL, from notable investors, validators, and institutions. This development marks a significant milestone for the TON ecosystem as it seeks to enhance network security and scalability through innovative staking mechanisms. UTONIC aims to decentralize the way TON's

blockchain operates by allowing users to repurpose their staked TON tokens to secure additional applications. The protocol enables restakers to earn triple yields, native validator rewards, actively validated services, AVS, yield, and farming incentives. By reallocating staked assets, users can support services such as cross-chain bridges, oracle networks, and sidechains, thereby extending the blockchain's security and fostering innovation within the ecosystem. The ability to restate TON tokens for multiple yields not only incentivize SPART dissipation but also strengthens the overall security of the network, said a spokesperson for UTONIC. This approach benefits both validators and the broader TON community. UTON IC introduces an opt-in feature that allows users to grant additional enforcement rights over

their staked assets. This includes supplementary slashing conditions tailored to the specific needs of validated services, enforcing participant integrity and maintaining application security. The protocol functions as a marketplace where developers can incentive these operators to allocate their restaked TON for procuring services. This model reduces the need for applications to issue new tokens or build trust networks from scratch, streamlining the process of securing decentralized applications, DAPPs. Restakers can participate through two primary methods native restaking. Users deposit their TON tokens into UTONIC smart contracts, which are then used in TON staking. Operators utilize the staked TON to restake assets on UTONIC.

Liquid staking token, LST. Restaking. Users deposit their existing LSTs into UTONIC smart contracts. Operators use these already staked tokens to restake assets on UTONIC. Backslash dot, an embedded liquid restaking token, UTON, is minted as a receipt of restaked TION within the UTONIC protocol. Partners provide co-incentives to UTON users across decentralized finance, DeFi, sidechains, and other platforms within the T-ON ecosystem. UTON-IC is backed by several entities within the restaking segment and the

T-ON ecosystem, including TonStake, Izumi Finance, INF Stones, SatLayer, and Stakestone. These partnerships aim to offer advisory and technical support, enhancing the protocol's capabilities. The team has submitted a technical proposal to T-ON technical support, enhancing the protocol's capabilities. The team has submitted a technical proposal to TON Research, outlining the implementation details of TON restaking via the UTONIC approach. The proposal is available for public review on the TON Research Forum. Market context and future outlook The launch of UTONIC comes at a time when the cryptocurrency industry face challenges, including a slowdown in user adoption influenced by global economic downturns. Despite these headwinds, the open network has gained attention through the integration of

many apps on the Telegram platform, positioning it to potentially onboard millions of new users. Restaking is viewed as a critical component for TUN's growth, as it enhances both security and scalability. By leveraging existing staked assets to secure additional services, UTONIC aims to create a more robust and economically efficient infrastructure without necessitating new resources. Inspired by industry innovations drawing inspiration from projects like Eigenlayer, UTONIC combines innovative R-of-king solutions with tons unique use cases. The protocol seeks to empower TON validators and individual token holders, enhancing the security and scalability of local DAPPs within the ecosystem. By securing

$100 million in TVL, UTONIC signals strong investor confidence in the potential of restaking solutions. The protocol's approach could address some of the scalability and security challenges that have historically hindered blockchain networks. Restaking provides a pathway for networks to scale without compromising on security, said the analyst. If successful, UTONIC's model could be a significant step forward for the TON ecosystem. As the cryptocurrency industry navigates a period of economic uncertainty, initiatives like UTONIC represent efforts to bolster network security and encourage innovation. The substantial commitments from investors and institutions highlight a continued interest

in developing scalable and secure blockchain solutions. For those interested in the technical aspects of UTONIC's proposal, further details are available on the TON Research Forum. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this Hacker Noon story,

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