As a seasoned analyst with years of experience in the crypto sphere, I find the UTONIC Protocol’s recent achievement of securing $100 million TVL quite intriguing. Having closely observed the restaking landscape, it’s clear that UTONIC is poised to bring significant benefits to The Open Network (TON) community.
The UTONIC Protocol, which provides a staking solution on The Open Network (TON), has successfully amassed a total of $100 million in assets committed by investors, validators, and institutions.
This protocol, endorsed by prominent figures within the cryptocurrency staking industry, establishes a platform facilitating interactions between projects and users. On this platform, projects can motivate users to stake their Toncoin (TON) within The Open Network ecosystem by providing rewards for their participation.
UTONIC is working towards broadening the decentralized finance network within the rapidly growing TON blockchain environment, which has seen increased popularity following the introduction of tap-to-play financial games.
Bringing restaking benefits to TON holders
UTONIC details three methods for TON revalidators to participate in TON’s decentralization and collective security. By using their staked Toncoins, users can aid the system and generate returns via:
Through native restaking, TON token holders can transfer their coins into UTONIC smart contract accounts, where they’re utilized for staking purposes. Similarly, users can deposit their already-staked liquid tokens into UTONIC smart contracts. These deposited tokens are then re-staked within the UTONIC platform, resulting in the creation of the uTON liquid restaking token. This uTON allows individuals to engage in DeFi activities.
UTONIC allows users to adapt their locked TON for use in strengthening the chain’s security across various applications. By moving their locked resources, users can safeguard services validated in real-time within UTONIC, simultaneously agreeing to delegate extra authority for enforcing rules over their staked assets.
UTONIC
In simpler terms, the growing decentralized finance (DeFi) environment within TON could advantage from mutual security, leading to increased network expansion. Various projects, such as bridge connections across chains, sidechains, and data relay services (oracle networks), are anticipated to profit from this.
UTONIC collaborates with leading staking platforms like InfStones, TonStake, iZUMi Finance, Satlayer, and Stakestone, receiving both partnerships and technical assistance from them.
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2024-09-13 18:44