Utonic, a staking protocol developed on The Open Network (TON), has secured $100 million in TVL ahead of its official launch.
Funding Secured
The Utonic protocol received $100 million in TVL from firms including TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone. This funding aims to enhance the security and decentralization of the TON network.
Expected Returns
The Utonic protocol expects to launch with a yield of up to 30% APY. Lemon Lin, co-founder of Utonic, commented: 'Even in a bear market, we still expect yields over 20% APY.' The protocol enables stakers to earn yields from three sources: native validator yield, Actively Validated Services (AVS) yield, and farming incentives.
Interest in Restaking
Interest in restaking and liquid staking solutions continues to rise. The success of Ethereum's native restaking protocol EigenLayer has catalyzed this trend, reaching $1 billion in TVL by the end of 2023. According to Bybit Research, liquid staking on Solana could grow nearly fivefold to reach $18 billion.
The Utonic protocol shows significant potential in enhancing the security and decentralization of the TON network, attracting substantial investments. With growing interest in restaking and liquid staking, Utonic plans to go live at the end of September.
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