Telegram Launches Affluent: A New Protocol Aiming to Transform Financial Services

Introduction to Affluent on the TON Blockchain

Today marks the debut of Affluent, a fresh protocol constructed on the TON blockchain, aimed at integrating DeFi solutions within Telegram. Co-founded by Justin Hyun, the former director of TON and now co-CEO of Affluent, this initiative is positioned to capitalize on Telegram’s vast user base of over a billion monthly active users. Hyun asserts that the platform is well-suited to evolve into a formidable financial super app, simplifying borrowing and lending services for its users.

Inside the Features of Affluent

Previously known as Factorial, Affluent presents itself as a decentralized asset management layer utilizing the TON framework. Its primary goal is to offer institutional investors competitive yields on assets such as Gold, Bitcoin, and real-world assets (RWAs) using TON or tsTON. The platform uses a "vault-of-vaults" model, featuring strategies like the "Strategy Vault" and "TON Multiply Vaults," which aim to amplify yields by up to 400%.

In the upcoming months, Affluent plans to introduce additional offerings like the USDT Multiply Cauly and various Strategy Vaults. Furthermore, it will conduct a "DeFi Simplified" campaign across Telegram, leveraging a Request for Quote (RFQ) system that allows efficient cross-chain liquidity access through trusted market makers. This method aims to streamline liquidity logistics, overcoming the challenges of sourcing within localized DeFi markets.

Telegram’s Vision of Becoming a Super App

James Wynn recently highlighted in a post that, reminiscent of Tencent and Alipay’s roles in pushing digital finance in China, Telegram has the potential to spark a similar transformation in blockchain and Web3 technologies. Notably, Telegram’s founder, Pavel Durov, is actively steering this vision forward, having recently introduced an NFT-based marketplace within the app.

Earlier this year, the TON blockchain secured $400 million in funding to further its development, particularly enhancing the accessibility of its integrated crypto wallet in Telegram. The rollout of Affluent strengthens Telegram’s objective of evolving into a comprehensive super app that bridges various digital services.

Conclusion

As Telegram pushes the boundaries of its platform, the introduction of Affluent signals a significant step in its journey toward making financial services more accessible to users. With the integration of advanced DeFi features, the app is poised to redefine user interactions in the digital financial landscape.

Disclaimer: This article reflects the author’s perspective and is influenced by current market trends. Conduct your own research before diving into cryptocurrency investments. The author and publication do not accept liability for any financial losses incurred by individuals.