SEC - Page 6

3429 result(s) found.

Bitunix Enhances User Security with Comprehensive Penetration Test and Bug Bounty Program

Dubai, United Arab Emirate, September 26th, 2024, Chainwire

In many cases, crypto exchanges and the cryptocurrency industry in general have been criticized for lack of security. This is because, throughout the history of crypto, many scandals have occurred regarding security. Often crypto exchanges have failed to protect themselves and their users from cyber attacks, thus being hacked and losing millions. However, in recent years, with the increase in cryptocurrency adoption and the involvement of large institutions in the industry, security has begun to be taken more seriously.

To prevent such problems and to have high user security Bitunix the fastest-growing exchange in the world has successfully completed a thorough penetration test and bug bounty program in collaboration with Hacken, a major cybersecurity firm specializing in the blockchain and crypto industry. A penetration test is a planned hacking attempt on a system or network to find weaknesses and improve its security. As part of this test, the exchange underwent a thorough security audit to identify and mitigate potential vulnerabilities.

This 2024 penetration test shows Bitunix’s commitment to user security and the seriousness with which it treats this matter by taking a significant step in ensuring the highest standards of security for its users. It also proves that Bitunix security protocols surpass industry standards and that transparency is a priority for the exchange.

User Security Enhanced with Bug Bounty Program

Bitunix treats the security of user funds and data with the highest priority. Bitunix believes that exchange failures have increased user uncertainty, raising concerns about the security and integrity of platforms.

Therefore, in addition to the penetration test, Bitunix also implemented a bug bounty program, which will serve as an extra layer of defense for the exchange. Through this program, Bitunix encourages the global community of security experts and ethical hackers to continuously test the platform and report any issues or vulnerabilities.

According to Bitunix, this program strengthens the platform in terms of security, helping it to be one step ahead of any potential attacks and ensuring that any possible issues are quickly resolved before they can affect users. Furthermore, this demonstrates Bitunix’s commitment to safeguarding user assets by leveraging external expertise.

Bitunix Strengthens User Protection by Partnering with Hacken

User confidence and trust depend on how secure they feel; if security is not taken seriously by the exchange, this can lead to user uncertainty and panic. Cyberattacks can result in stolen assets and trust loss, leaving users unsure about their funds.

Therefore, as proof of its commitment to user security and following many efforts for users to have peace of mind, Bitunix has partnered with Hacken. From now on the latter will perform constant audits of the exchange. With Hacken’s ongoing audits, Bitunix is committed to maintaining a safe environment for its users. Hacken is a leading and trusted blockchain security auditor and plays a key role in securing digital platforms. This partnership with Bitunix, the fastest-growing exchange in 2024 underscores their dedication to advancing security standards within the digital finance sector.

“Our partnership with Hacken is part of our mission to provide the most secure trading experience possible”, said Arron Lee, Co-founder at Bitunix. “We’re ensuring that our platform stays ahead of cyber threats, giving users tranquility each time they trade.”

These steps to strengthen security have been made as part of the efforts to improve the overall experience of platform users since Bitunix has also recently launched its Proof of Reserves (PoR), in which case the exchange has verified that it has the reserves for users. This also shows the commitment that Bitunix has for full transparency with users. Furthermore, CoinGecko, a top cryptocurrency data aggregator and asset management platform, has ranked Bitunix as the 13th exchange globally based on trust score.

About Bitunix

Founded in 2021, Bitunix is one of the fastest-growing crypto derivatives exchanges in the world, achieving millions of users around more than 100 countries in just one year, and already offering over 250 coins for trading. Recently, major exchange rankings like CoinGecko have positioned it in the global Top 15 (by trusted rate).

Bitunix offers unique features that make it the most advanced crypto trading platform in the world (such as multi-window systems where the user can trade simultaneously on up to 8 different charts).

Thus, ease, security, and transparency are the main reasons why traders choose Bitunix for their daily trading, with advantages such as: Leverage up to x125, deep liquidity, lower trading fee, 24/7 customer support, reserve verification/audits, and a strong adherence to regulatory compliance.

Website | Twitter | Register

Contact

COO
KX
Bitunix
kx.wu@bitunix.io

EOS Network significantly upgrades with 1-Second Transaction Finality

Alberta, Calgary, September 25th, 2024, Chainwire

The EOS Network announces the successful completion of its landmark upgrade to Spring 1.0. This upgrade has introduced the Savanna consensus algorithm, marking a new era in performance, reliability and speed on the network. By enhancing transaction finality to 1 second, EOS has achieved a more than 100-fold improvement over previous iterations. This rapid advancement in speed, security, and scalability sets the stage for future cryptographic breakthroughs.

This upgrade reflects the shared vision and dedication of EOS’s global decentralized community, underscoring its commitment to pioneering blockchain innovation.

Bart Wyatt, CTO of the EOS Network Foundation, articulated the significance of this strategic development: “With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we’re achieving something rare in the blockchain world: changing our core consensus algorithm. Very few Layer 1 blockchains have ever done this. I can think of only a handful—Ethereum being the most well known. In doing so, we’re standing on hallowed ground. By bringing EOS to an industry-leading 1-second finality, we’ve taken a massive leap forward, placing EOS at the forefront of blockchain innovation. This isn’t just a technical achievement—it’s about the EOS community taking full ownership.”

EOS Network has completed the transition to Antelope Spring 1.0, providing a non-contentious upgrade path. This process demonstrated the collaborative effort within the EOS community, involving extensive beta testing and a distributed activation, carried out by global block producers (BPs).

The Savanna consensus algorithm revolutionizes blockchain efficiency. By integrating advanced cryptographic techniques such as aggregate BLS signatures, Savanna ensures rapid, irreversible transactions, boosting both network security, scalability and unlocking new use cases in the blockchain industry. 

Yves La Rose, CEO of the EOS Network Foundation: “Spring 1.0 marks a pivotal moment for the blockchain industry, introducing the Savanna consensus algorithm with 1-second Instant Finality via cutting-edge BLS cryptographic advancements. This upgrade offers unmatched transaction speed, reliability, and security, laying the foundation for next-generation decentralized applications to flourish. Achieving this was a collaborative feat involving internal teams and external partners, positioning EOS as one of the most technically advanced platforms.

As a transformative phase, Spring 1.0 enables new growth opportunities and adoption within the ecosystem. It unlocks unprecedented value for developers and anyone invested in the long-term potential of blockchain innovation. With proven technology and robust infrastructure, the future presents limitless possibilities as EOS propels the industry forward”

As EOS Network forges ahead with Spring 1.0, it strengthens the foundation for continued innovation and community development. This significant leap in technology unlocks a vast array of new use cases, enhancing the EOS ecosystem. 

Follow EOS Network on Twitter or Telegram to stay up to date with the latest enhancements, updates and upgrades to the network. 

EOS Network Foundation

The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.

Contact

Chief Communications Officer
Zack Gall
EOS Network Foundation
zack@eosn.foundation

SEC Chair Gary Gensler Slammed for Inhibiting Crypto

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United States Representative Tom Emmer criticized Securities and Exchange Commission Chair Gary Gensler during a congressional hearing, labeling him the most “destructive” and “lawless” chair in the regulator’s 90-year history.

“You’ve made up the term crypto asset security. This term is nowhere to be found in statute; you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,” Emmer stated before the House Financial Services Committee on Sept. 24.

He argued that this term formed the foundation of Gensler’s “enforcement crusade” against the crypto industry over the past three years, until SEC lawyers retracted it in a court footnote last week.

“Your inconsistencies on this issue have set this country back. We could not have had a more historically destructive or lawless chairman of the SEC,” Emmer said.

Emmer also questioned Gensler about the SEC’s handling of the Debt Box case, where the SEC sued a crypto startup for an alleged $50 million fraud scheme.

The case was dismissed on May 28, and the SEC was ordered to pay $1.8 million in fees.

Gensler, responding to Emmer’s inquiries, acknowledged that the matters in the Debt Box case were “not well handled.”

SEC Commissioner Hester Peirce also criticized Gensler, stating the SEC should have retracted the term crypto asset security much earlier.

“[By] tucking into a footnote, we admit that now actually the token itself is not a security. That’s something that we should have admitted long ago,” Peirce said.

She added, “We’ve fallen on our duty as a regulator not to be precise.”

When asked about the need for a statutory definition for crypto tokens, Peirce indicated that while it’s helpful for Congress to weigh in, the SEC could provide guidelines it has chosen not to.

Despite calls to rescind the SEC’s Staff Accounting Bulletin No. 121 rule, Gensler confirmed it would remain in effect, stating, “No, it’s a good accounting bulletin.”

He claimed it helps public companies understand the risks associated with holding crypto, citing recent bankruptcies.

Representative Wiley Nickel countered that SAB 121 actually makes the digital asset ecosystem “less safe.”

Nickel criticized the SEC for exempting Bank of New York Mellon from the reporting requirement, arguing it leads to “different rules for different folks.”

Republic Senators Demand SEC to Rescind ‘Disastrous’ SAB 121

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More than 40 Republican Party senators and representatives in the United States have urged the SEC to rescind its “disastrous” Staff Accounting Bulletin No. 121 (SAB 121) rule, following bipartisan support for a repeal bill that was vetoed.

In a letter dated Sept. 23 to SEC Chair Gary Gensler, House Financial Services Committee Chair Patrick McHenry and Senator Cynthia Lummis, along with 40 other politicians, claimed that SAB 121 disrupts custody rules for cryptocurrencies, weakens consumer protections, and stifles financial innovation.

The 42 politicians further stated that SAB 121— a proposed rule requiring SEC-reporting entities that hold cryptocurrencies to list those holdings as liabilities—was issued without consultation with “prudent regulators” and deviates from established accounting standards.

“It would fail to reflect the legal and economic obligations of the custodian and put consumers at risk of loss,” the letter asserted.

“By issuing this rule under the guise of staff guidance, the SEC evaded the notice and comment rulemaking process required by the Administrative Procedure Act,” the politicians added.

“Rescinding SAB 121 is the only appropriate action and well within the SEC’s authority.”

Democratic Representative Wiley Nickel has claimed that SAB 121 would hinder U.S. banks from custodying cryptocurrency exchange-traded products at scale, creating a “concentration risk” by giving non-bank entities more control.

The letter was sent ahead of a House Financial Services Committee hearing with the SEC on Sept. 24.

The politicians also criticized the SEC’s Office of the Chief Accountant for allegedly collaborating with certain institutions to circumvent the balance sheet reporting requirements, potentially leading to inconsistencies.

According to a Sept. 17 hearing in Wyoming, the Bank of New York Mellon, the largest custodian bank in the U.S., reportedly received an exemption from SAB 121.

The letter’s supporters mainly consisted of Republican members from the House Financial Services and Senate Committee on Banking, Housing, and Urban Affairs.

President Joe Biden vetoed the SAB 121 repeal bill in June after it received bipartisan support, and the House later failed to overturn that veto on July 10, falling 60 votes short of the necessary two-thirds majority.

Republic Senators Urge SEC to Rescind ‘Disastrous’ SAB 121

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More than 40 Republican Party senators and representatives in the United States have urged the SEC to rescind its “disastrous” Staff Accounting Bulletin No. 121 (SAB 121) rule, following bipartisan support for a repeal bill that was vetoed.

In a letter dated Sept. 23 to SEC Chair Gary Gensler, House Financial Services Committee Chair Patrick McHenry and Senator Cynthia Lummis, along with 40 other politicians, claimed that SAB 121 disrupts custody rules for cryptocurrencies, weakens consumer protections, and stifles financial innovation.

The 42 politicians further stated that SAB 121— a proposed rule requiring SEC-reporting entities that hold cryptocurrencies to list those holdings as liabilities—was issued without consultation with “prudent regulators” and deviates from established accounting standards.

“It would fail to reflect the legal and economic obligations of the custodian and put consumers at risk of loss,” the letter asserted.

“By issuing this rule under the guise of staff guidance, the SEC evaded the notice and comment rulemaking process required by the Administrative Procedure Act,” the politicians added.

“Rescinding SAB 121 is the only appropriate action and well within the SEC’s authority.”

Democratic Representative Wiley Nickel has claimed that SAB 121 would hinder U.S. banks from custodying cryptocurrency exchange-traded products at scale, creating a “concentration risk” by giving non-bank entities more control.

The letter was sent ahead of a House Financial Services Committee hearing with the SEC on Sept. 24.

The politicians also criticized the SEC’s Office of the Chief Accountant for allegedly collaborating with certain institutions to circumvent the balance sheet reporting requirements, potentially leading to inconsistencies.

According to a Sept. 17 hearing in Wyoming, the Bank of New York Mellon, the largest custodian bank in the U.S., reportedly received an exemption from SAB 121.

The letter’s supporters mainly consisted of Republican members from the House Financial Services and Senate Committee on Banking, Housing, and Urban Affairs.

President Joe Biden vetoed the SAB 121 repeal bill in June after it received bipartisan support, and the House later failed to overturn that veto on July 10, falling 60 votes short of the necessary two-thirds majority.

SEC Requests Delay Amid Legal Battle With Coinbase

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Lawyers for the U.S. Securities and Exchange Commission (SEC) have requested a delay until February 2025 to provide “hundreds of thousands of documents” in their legal battle with Coinbase.

In a Sept. 18 court filing, the SEC asked the U.S. District Court for the Southern District of New York to extend the deadline for producing documents by four months, originally set for Oct. 18.

This follows a partial win for Coinbase in its motion to compel discovery, which requires the SEC to provide details on how it applies securities laws to tokens.

The SEC stated that it’s currently reviewing over 133,000 unique documents, and the extension would give them the time needed to comply with the court’s order.

If the extension is approved by Judge Katherine Failla, the SEC would have until Feb. 18, 2025, to produce fact discovery documents, and expert discovery—including depositions—would have a new deadline of April 22, 2025. If the case proceeds to trial, it likely wouldn’t begin until 2025.

This legal battle is part of a broader clash between the SEC and several crypto exchanges. At the same time, U.S. lawmakers are debating the SEC’s role in crypto regulation. The House Subcommittee on Digital Assets recently discussed whether the SEC’s approach under Chair Gary Gensler has been overly political.

In addition to its case against Coinbase, the SEC has been involved in major lawsuits against other firms like Ripple Labs, Terraform Labs, and Binance. It remains unclear whether potential changes in SEC leadership after the 2024 U.S. elections will have a significant impact on these court cases.

Cryptocurrency Wallets: How to Choose the Best for Security and Convenience

Selecting a secure and convenient cryptocurrency wallet can be complex. I’ve experienced the same confusion, faced with numerous options and feeling overwhelmed. After extensive wallet research, I’ve identified key factors that can simplify the decision.

I’ll guide you through finding the balance between strong security and user-friendly design. By the end of this article, you’ll have a clear plan for choosing the ideal crypto wallet to match your specific needs.

Key Takeaways

  • Choose a crypto wallet with strong security features like robust private key protection, malware defense, and two-factor authentication to guard against cyber threats.
  • Consider convenience and user-friendliness when selecting a wallet, looking for simple interfaces, built-in trading functions, and features like QR code scanning for easy transactions.
  • Hot wallets offer quick access for frequent trading, while cold wallets provide enhanced security for long-term storage of large holdings.
  • Protect your digital assets by securely managing private keys, using strong passwords, enabling two-factor authentication, and conducting regular security audits.
  • With 93 million Americans owning crypto and 63% planning to grow their assets, selecting the right wallet that balances security and convenience is crucial for effective crypto management.

Key Considerations for Selecting a Crypto Wallet

Choosing a crypto wallet involves key factors. I’ll guide you through the most important aspects to consider.

Security Features

I always prioritize security features when choosing a crypto wallet. Strong private key protection tops my list, as losing access is like forgetting my bank PIN. I’ve seen firsthand how cyber threats can wreak havoc on digital assets.

That’s why I opt for wallets with robust malware protection and two-factor authentication. These safeguards help me fend off phishing attacks and other sneaky tricks hackers use.

Personal wallets give me more control over my crypto, which I prefer to exchange wallets. Still, I know top platforms offer insurance if breaches occur. I also favor open-source wallets because experts can review their code.

This extra layer of scrutiny boosts my confidence in the wallet’s security. With nearly 93 million Americans owning crypto, I’m glad more people are taking wallet security seriously.

Convenience and User Interface

After ensuring my wallet’s security, I focus on convenience and user-friendliness. A good crypto wallet should make transactions easy. I look for wallets with simple interfaces and helpful features.

Many new crypto users prefer built-in wallets on trading platforms. These offer both ease of use and added security.

I value wallets that let me buy crypto directly or swap currencies within the app. QR code scanning for payments is another plus. It makes sending and receiving funds quick and simple.

For active traders, wallets with trading functions are ideal. RockWallet PRO, launched on May 29, 2024, offers BSV pair trading right in the wallet. With 63% of crypto owners planning to grow their assets, user-friendly wallets are key for managing larger portfolios.

Comparing Hot and Cold Wallets

I’ll compare hot and cold wallets for you. Hot wallets connect to the internet, while cold wallets stay offline for better security.

Benefits of Each and Optimal Use Cases

Hot wallets offer quick access to my crypto assets, making them ideal for frequent trading. I can easily manage my funds on-the-go using mobile apps or desktop software. They’re more susceptible to online threats, though.

Cold wallets, in contrast, provide enhanced security for long-term storage. They keep my private keys offline, protecting them from hackers.

For day-to-day transactions, I prefer hot wallets like Coinbase Wallet. It supports thousands of crypto assets and allows staking. When I need high-level security for large holdings, I use cold wallets such as Ellipal Titan.

It uses QR codes instead of USB or Bluetooth connections, adding an extra layer of protection.

The right wallet choice balances security and convenience, suited to your crypto needs.

Essential Tips for Safeguarding Your Digital Assets

I’ll share key tips to keep your digital assets safe. Read on to learn how to protect your crypto investments effectively.

Private Key Management and Regular Security Audits

Private key management and regular security audits are vital for protecting your digital assets. I’ll share some key tips to help you safeguard your cryptocurrencies and maintain wallet security.

  1. Secure your private keys: Store them offline in a safe place, like a hardware wallet or paper backup. Never share your private keys with anyone.
  2. Use strong passwords: Create unique, complex passwords for each wallet and exchange account. Avoid using personal info or common phrases.
  3. Enable two-factor authentication (2FA): Add an extra layer of security to your accounts with 2FA, preferably using an authenticator app.
  4. Backup your wallet regularly: Make multiple copies of your wallet data and store them in different secure locations.
  5. Update your software: Keep your wallet software and operating system up-to-date to patch security vulnerabilities.
  6. Use hardware wallets: For large amounts of crypto, invest in a hardware wallet for enhanced security.
  7. Conduct regular security audits: Check your accounts for any suspicious activity and review your security settings often.
  8. Be cautious of phishing attempts: Verify website URLs and email addresses before entering sensitive information.
  9. Use open-source wallets: These allow for code review by independent security experts, increasing trust and reliability.
  10. Consider insurance coverage: Some top exchange platforms offer insurance for cybersecurity breaches, adding an extra layer of protection.

Conclusion on Selecting the Ideal Crypto Wallet for Your Needs

Selecting the appropriate crypto wallet is essential for protecting your digital assets. I’ve provided crucial advice to assist you in choosing a secure and user-friendly option. Consider the balance between security features and usability.

Always safeguard your private keys and keep your wallet software up to date. Following these guidelines will help you find a wallet that meets your crypto requirements effectively.

Onboard Secures Funding from Coinbase Ventures & LAVA to Drive Global Expansion and Unlock Onchain Economy Potential

Lagos, Nigeria, September 16th, 2024, Chainwire

Onboard is excited to announce a significant expansion and rebrand, coupled with a successful capital raise from Coinbase Ventures and LAVA. This expansion marks the evolution of Onboard from a digital money app and a global P2P exchange, to a comprehensive platform and ecosystem designed to empower onchain builders and creators globally.

The world is facing unprecedented challenges, with over 3.5 billion people living below the poverty line, 75-90% currency devaluation, and rampant double to triple-digit inflation across various regions. Onboard believes that rather than battling outdated systems, the way we change this, is by focusing on the transformative possibilities of the onchain economy.

Onboard empowers independent builders and creators to help bring the world onchain. Onboard’s vision is to enable anyone, anywhere to come onchain and live a radically better life. Their gateway enables people to come onchain with as little as $1 in under 2 minutes. However, the true value lies in the applications and experiences that make this economy accessible, engaging, and transformative.

“To truly unlock the potential of the onchain economy, we need to support the creation of actually useful onchain apps and experiences. This is where builders and creators come in. This rebrand signifies our commitment to fostering a thriving onchain ecosystem that benefits everyone.” – Yele Bademosi, Co-Creator of Onboard.

Onboard is dedicated to building the ultimate financial platform and support community for onchain dreamers—those independent builders and creators. We believe that by inviting the world’s best minds to join us, we can create exceptional onchain applications and experiences that will inspire and enable more people to embrace the possibilities of this new economy.

The capital raised from Coinbase Ventures and LAVA will be pivotal in accelerating Onboard’s growth and expanding its offerings to meet the needs of the global onchain community. This funding will support the development of new financial tools, resources, and community initiatives aimed at empowering onchain creators and builders.

 The onchain economy holds tremendous potential to empower people around the world. Onboard’s on and offramps enables safe, low-cost, and low-barrier entry to the onchain world, bringing the benefits of this new economy to people who need it most. We’re excited to partner with Onboard in making economic freedom more accessible to all.” – Shan Aggarwal, Vice President, Corporate & Business Development, Coinbase Ventures.

About Onboard

Onboard is building the ultimate financial platform and support community for onchain dreamers—independent builders and creators developing applications and experiences to bring the world onchain. With a mission to expand the onchain economy and make it universally accessible. Onboard is committed to enabling anyone, anywhere, to live a radically better life through the possibilities of the onchain economy.

Website: onboard.xyz

X: @OnboardGlobal

Farcaster: @Onboard

Contact

Marketing Lead
Liza J
Onboard
liza@nestcoin.com

John Deaton Slams SEC For ‘Misconduct and Gross Overreach’

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John Deaton, a pro-crypto attorney and Republican US Senate candidate, has vehemently criticized the Securities and Exchange Commission (SEC) for what he describes as excessive intervention in the cryptocurrency market, resulting in significant financial losses for retail investors. Deaton claims that the SEC’s aggressive regulatory actions have caused a staggering loss of over $15 billion for investors.

“The SEC’s misconduct and gross overreach caused small investors over $15 billion. On behalf of those 75K small investors I represented, we do not accept the SEC’s apology,” Deaton asserted in a recent post on X.

Deaton’s critique extends to the lack of action from other political figures, notably pointing out that Senator Elizabeth Warren has not taken steps to address these issues, a point of contention he plans to challenge as he runs against her in the upcoming Senate race in Massachusetts.

This development coincides with a notable shift in the SEC’s approach to cryptocurrencies. A recent court filing revealed a departure from the SEC’s previous assertions that cryptocurrencies are securities. This filing included an apology for any confusion caused by their prior statements: “The SEC regrets any confusion it may have invited” by falsely and repeatedly stating that tokens themselves are securities.”

This change is seen as a significant turn, especially as the SEC has previously maintained that tokens like XRP were considered securities. Deaton commented on the inconsistency, expressing frustration over the SEC’s refusal to clarify the legal status of the XRP token: “All I asked, was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security. The lawyers at the SEC not only refused to do so, but they attacked me personally.”

The SEC’s regulatory stance has led to substantial enforcement actions, with the agency imposing nearly $4.7 billion in penalties against various crypto firms and executives by September 2024, marking an increase of over 3,000% from the previous year. This aggressive enforcement comes as the SEC navigates the complex and evolving landscape of cryptocurrency regulation.

TON-Based Restaking Protocol Secures $100 Million TVL

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Utonic, a nascent restaking protocol on The Open Network (TON), has secured a significant financial commitment of $100 million in total value locked (TVL) prior to its launch. This commitment comes from several firms, including TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, signaling robust institutional interest in the protocol.

The TON-based protocol aims to bolster the security and decentralization of the network. Lemon Lin, co-founder of Utonic, explained the strategic approach behind adopting the restaking mechanism on TON, citing its proven success on other platforms: “The tech path of Restaking has been proven successful by Eigenlayer & others on Ethereum, and can be perfectly practiced on TON to enhance security and the level of decentralization.”

The interest in restaking protocols has been growing, as evidenced by the success of EigenLayer, an Ethereum-native restaking protocol. EigenLayer notably surpassed $1 billion in TVL by the end of December 2023 and achieved a remarkable $6.99 billion in TVL by mid-February, becoming the fourth-largest restaking protocol.

Restaking allows validators and stakers to re-stake liquid staking derivative tokens like Lido Staked ETH and RocketPool’s rETH. These assets are then used to secure and validate other networks or deployed in decentralized finance (DeFi) protocols to generate additional yields.

As Utonic gears up for its launch, it is set to offer an enticing annual percentage yield (APY) of up to 30%. When discussing the potential for yield reductions during bear market conditions, Lin remained optimistic about the protocol’s performance, stating: “Native 3.65% APY + extra 5-15% APY coming from AVS, expecting farming incentives on L2s, the total can be over 30% APY. Even if it’s in a bear market where on-chain liquidity is draining, we still expect 20% APY.”

Utonic enables users to earn yield from three distinct sources: native validator yield, Actively Validated Services (AVS) yield, and farming incentives. Users can stake TON tokens and reallocate those into applications such as securing AVS, thereby earning additional passive yields. The launch of Utonic is scheduled for the end of September, marking a significant addition to the evolving landscape of blockchain and staking protocols.

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