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TON-Based Restaking Protocol Secures $100M Institutional Commitment: Because What the World Really Needed Was Another Way to Lose Your Shirt

Crypto NewsDeFiEthereum Doug Martinez September 16, 2024

A illustration depicting a giant piggy bank overflowing with coins and bills as it's being lifted by two balloons labeled 'Institutional Commitment' and 'TVL', while in the background, a graph showing an upward trend is rising to meet them.

With great fanfare and no doubt copious amounts of institutional hot air, Utonic’s restaking protocol has secured a whopping $100M in commitments from firms like Mirana Ventures and Foresight Ventures. Because what the world really needed was another complex financial product to confuse grandma with… I mean, contribute to TON’s security and decentralization. The fact that this is even considered ‘security’ is laughable – it’s just a bunch of numbers on a computer created from nothing, propped up by promises of 30% APY yields in the good times (which will inevitably be followed by bear market conditions). Lin, co-founder of Utonic, expects an over 20% yield during those ‘lean’ periods. Lean? More like bleeding dry investors with high energy usage and transaction fees… Stay tuned for more!.

Source: cointelegraph

TON-based restaking protocol secures $100M institutional TVL commitment
https://cointelegraph.com/news/ton-restaking-protocol-100m-tvl-launch
Utonic, an emerging restaking protocol on The Open Network (TON), received a $100-million institutional commitment in total value locked (TVL) ahead of protocol launch. The TON-based restaking protocol received a $100-million commitment from firms including Mirana Ventures and Foresight Ventures. The protocol aims to contribute to TON’s security and decentralization, according to Lemon Lin, co-founder of Utonic. Lin told Cointelegraph: Interest in restaking was ignited by the success of the […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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