Utonic Raises $100 Million in TVL From Institutional Investors Ahead of TON Restalking Protocol Launch

Utonic Raises $100 Million in TVL From Institutional Investors Ahead of TON Restalking Protocol Launch

Utonic, a restaking protocol for the Telegram Open Network (TON), has secured $100 million in institutional investor total value locked (TVL) ahead of the protocol's official launch, according to Cointelegraph. Utonic reportedly raised these funds from institutions including TonStake, Izzy Finance, Infstones, Satori Layer, and StakeStone. "Restalking has proven successful on EigenLayer and other Ethereum protocols and can be replicated perfectly on the TON Blockchain to help enhance its security and decentralization levels," Utonic said. Restalking is a staking mechanism that allows users to earn rewards for staking their tokens. However, unlike traditional staking, restaking allows users to earn rewards on their staked tokens even when they are not actively participating in the network. Utonic's restaking protocol is expected to launch in the coming months. The protocol will allow users to stake their TON tokens and earn rewards for doing so. Utonic's goal is to increase the security and decentralization of the TON network by encouraging more users to stake their tokens. The $100 million in TVL that Utonic has raised is a significant milestone for the project. It shows that there is strong institutional interest in Utonic's restaking protocol and in the TON network as a whole.