Affluent Launches Smart Bank for Crypto on Telegram

A TON-based money market protocol, Affluent, has launched as a "smart bank for crypto" within the messaging platform Telegram. This new protocol aims to transform Telegram into a super app for decentralized finance (DeFi), offering a range of financial services directly accessible through a mini app within the Telegram platform.

Affluent provides a one-stop hub for users, featuring lending pools and yield strategies. This initiative is led by Justin Hyun, a former director of the TON Foundation, and Hyung Lee, co-founder of the DeFi research and development project B-Harvest. Their goal is to leverage crypto to offer everyday savings to retail users and provide sticky liquidity for institutions, effectively turning Telegram into a financial super app.

A super app is a versatile platform that offers multiple services, such as instant messaging, digital wallets, mobile payments, loans, and credit scoring. Examples include Grab, Uber, and Tencent's WeChat. By integrating financial services into Telegram, Affluent aims to enhance the user experience and overcome one of the major barriers to wider DeFi adoption—the often uneven user experience.

Telegram, during its development of TON, maintained a distance from the network, emphasizing its separate entity status. However, in September 2023, Telegram formally endorsed TON as its preferred blockchain for Web3 infrastructure, signaling a significant shift in its approach to integrating blockchain technology.

This development marks a strategic move to make Telegram a comprehensive financial platform, leveraging the familiarity and ease of use that users already associate with the messaging app. By embedding financial services within Telegram, Affluent aims to attract a broader user base and foster greater adoption of DeFi technologies.