September 13, 2024
Utonic, a new restaking protocol on The Open Network (TON), secured a $100-million institutional commitment in total value locked (TVL) before its launch. This commitment came from firms such as Mirana Ventures and Foresight Ventures.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Utonic | $100M | September 13, 2024 | TVL | Mirana Ventures, Foresight Ventures | Restaking |
The protocol aims to enhance TON’s security and decentralization, as stated by Utonic’s co-founder, Lemon Lin. Lin mentioned that the successful implementation of restaking technology by EigenLayer and others on Ethereum can be effectively applied to TON to boost its security and decentralization.
Interest in restaking grew following the success of EigenLayer, an Ethereum-native restaking protocol, which exceeded $1 billion in TVL by December 28, 2023, and became the fourth-largest restaking protocol by February 15, reaching $6.99 billion in TVL.
Restaking protocols like EigenLayer allow validators and stakers to restake liquid staking derivative tokens, such as Lido Staked ETH (STETH) and RocketPool’s rETH, to secure and validate other networks. These assets can also be used in other decentralized finance (DeFi) protocols to earn additional yield.
About Utonic
Utonic is a restaking protocol on The Open Network (TON) that allows users to earn multiple types of yields. By supporting both liquid staking token (LST) restaking and native restaking, Utonic enables users to mint and restake tokens like TON, tsTON, and stTON. This process enhances the security and decentralization of the TON ecosystem while providing higher yields for token holders. Utonic also collaborates with professional fund managers to offer principal-protected products, making it easier for users to maximize their returns with minimal risk.
Website: https://utonic.org/home
About Investor
Mirana Ventures and Foresight Ventures
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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