UTONIC Protocol Launches Restaking Program for The Open Network

On October 21, the UTONIC protocol introduced uTON, a restaking program on The Open Network (TON) blockchain, as announced in the company’s press release.

To mark the launch, UTONIC will host two events:

• TonicWave — a loyalty program for UTONIC users. Participants will receive native yield and additional UP points for placing TON in the protocol to issue uTON and staking uTON in pools;
• Binance Web3 Wallet — an activity for Binance clients. Owners of the exchange’s Web3 wallets can join the restaking on TON. The UTONIC team will reveal campaign details on X and Telegram.

According to the project’s website, uTON is the first restaking protocol for Toncoin (TON) tokens.

On October 12, the UTONIC team published a restaking proposal on TONResearch. The team claims it will enhance the security of the growing number of applications on Telegram and encourage more TON holders to participate in staking.

“UTONIC offers TON stakers the opportunity to earn triple income from native TON staking (3.6% APR), restaking (5–15% APR), and farming (UTONIC tokens and DeFi/L2/dapps), while fostering innovation and strengthening network security. This brings significant benefits to cross-chain bridges, oracles, sidechains, and other projects.

It also enhances the security and scalability of the TON ecosystem by utilizing existing assets in staking and security methods for other decentralized applications and services,” the press release states.

The creators of uTON were inspired by the EigenLayer protocol for Ethereum. The initiative has received support from TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone.

According to Cointelegraph, in September, UTONIC secured an institutional commitment of $100 million in TVL. In October, the project welcomed over 10 AVS partners, including Symbiosis, Meson.fi, Butter Network, and ARPA.

Prior to the launch, UTONIC collaborated with DeFi protocols bemo, EVAA, Dedust, Torch, P2P, Chorus One, and Ston.fi.

“The bemo liquid staking protocol token (stTON) can now be used for minting uTON. Torch, Ston.fi, and Dedust will support uTON liquid farming, offering additional initiatives. P2P and Chorus One will become restaking operators,” UTONIC representatives commented.

In the future, they plan to expand collaboration with DeFi protocols to create new use cases for uTON.

Previously, Pavel Durov announced the conversion of a limited number of gifts into NFTs on the TON blockchain.