As a seasoned crypto investor with years of experience navigating the dynamic landscape of blockchain technology, I find myself increasingly intrigued by UTONIC Protocol and its remarkable achievements. Having witnessed the meteoric rise of Ethereum’s EigenLayer, I can appreciate the potential this innovative restaking platform holds within The Open Network (TON).
The UTONIC Protocol, a blockchain-based re-staking platform, has hit a significant milestone, now boasting over $100 million worth of assets locked in its system. This impressive feat is attributable to the involvement of well-known investors, verifiers, and establishments.
On Friday, the platform highlighted that it was the initial re-staking solution developed for The Open Network (TON). This system is designed to promote a more distributed structure in the blockchain environment, thus improving collective security and reinforcing decentralized applications (dApps) established within the TON network.
Inspired by Ethereum’s EigenLayer
UTONIC takes inspiration from EigenLayer, an early re-staking protocol on Ethereum, but sets itself apart by merging innovation with TON‘s distinctive features. By tapping into the strength of its network, it offers improved security and scalability for both validators and token holders alike.
To date, UTONIC has formed significant collaborations not only within the TON network but also beyond. As stated by the platform, they are actively engaged in projects with prominent staking solutions such as TonStake, iZUMi Finance, InfStones, Satlayer, and Stakestone.
The partners have additionally promised to offer guidance and technological assistance to improve the platform’s abilities and seamless functioning within multiple blockchain solutions.
With UTONIC, network users can reap three distinct types of returns through restakers: native validator returns, Actively Validated Services (AVS) profits, and farming bonuses. By restaking their resources, users help strengthen various services on the TON blockchain, like cross-chain connections, oracle systems, and sidechains. This contributes to enhancing the protocol’s overall security.
Alongside its other features, UTONIC offers an option where users can choose to implement extra penalties (slashing conditions) designed for particular verified services, like data access regulations and information feeds (oracles). These added rules contribute to preserving the reliability and safety within the blockchain network.
Rewards and Incentives
Users of TON tokens can take advantage of UTONIC to reinvest their assets through various methods, such as direct restaking or Liquid Staking Tokens (LST) restaking. Essentially, direct restaking means putting your TON tokens into UTONIC’s smart contracts, which are then employed in the TON staking procedure. Operators can use the staked TON to take part in UTONIC’s reinvestment process with this setup.
Users also have the option to utilize UTONIC’s smart contracts for LST restaking. This involves depositing their Liquid Staking Tokens. In this process, network operators gather the LSTs that are already staked across different protocols and then re-stake these assets via UTONIC.
After the restaking procedure is finished, the platform issues an embedded token known as uTON. This uTON token serves as proof of the restaked TON and provides users with opportunities to earn rewards from partner networks. These incentives can be utilized across DeFi platforms, sidechains, and various other components of the TON ecosystem, offering benefits in multiple areas.
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2024-09-14 17:18