Originally published on: September 13, 2024
Utonic, a cutting-edge restaking protocol built on The Open Network (TON), has garnered an impressive $100 million in total value locked (TVL) from institutional investors, setting the stage for its upcoming launch.
Following an update that now includes Mirana Ventures and Foresight Ventures in its list of backers, Utonic is gearing up to revolutionize the restaking landscape on TON.
Co-founder Lemon Lin emphasized that Utonic’s mission is to enhance TON’s security and decentralization through its innovative protocol. With the recent success of the Ethereum-based restaking protocol EigenLayer, which amassed over $1 billion in TVL and became the fourth-largest protocol, interest in restaking has been at an all-time high.
Moreover, Utonic is expected to offer an attractive annual percentage yield (APY) of up to 30% to its users. Lin remains confident that even in bear market conditions, Utonic will provide a yield of over 20%.
The protocol offers multiple sources of yield, including native validator yield, Actively Validated Services (AVS) yield, and farming incentives. By allowing users to stake TON tokens and reinvest the equivalent into various applications like AVS, Utonic aims to maximize passive yields for its stakeholders.
Liquid staking and restaking solutions have been gaining traction, with EigenLayer’s impressive growth being a key driver of the trend. Bybit Research predicts that liquid staking on Solana could see a substantial increase to $18 billion, fueled by retail investors seeking enhanced liquidity and capital efficiency.
As the largest protocol category on Ethereum with a combined TVL of over $39.5 billion, liquid staking has become a cornerstone of decentralized finance (DeFi) applications.
With a scheduled launch at the end of September, Utonic is poised to make a significant impact on the restaking ecosystem and further solidify TON’s position in the blockchain landscape.
