Affluent Launches on Telegram Aiming 400% Yield Boost

Affluent, a new cryptocurrency investment application, has been launched by Justin Hyun, a former executive of the TON Foundation. The app is integrated within the Telegram messaging platform, aiming to simplify decentralized finance (DeFi) services, particularly borrowing and lending, by making them accessible directly to Telegram's extensive user base. Affluent operates on the TON blockchain and is described as a "trustless asset-management layer." It follows a vault-of-vaults model, which currently includes "Strategy Vault" and "TON Multiply vaults" to amplify yields up to 400%. The app also plans to introduce USDT Multiply Cauly and Strategy Vaults in the coming months, powered by an RFQ (Request for Quote) system. This system allows trusted market makers to seamlessly tap cross-chain liquidity, reallocating it across strategies to ensure optimal yield regardless of market conditions.

The launch of Affluent is part of a broader vision to transform Telegram into a super app, similar to how Tencent and Alipay drove mass adoption in China. Telegram's founder, Paul Durov, has been actively pushing this strategy. The platform recently launched an integrated NFT-based Telegram Gift Marketplace and received $400 million in funding to enhance its native blockchain, TON. This funding has been used to update and improve the accessibility of its integrated Crypto Wallet within Telegram.

Affluent's integration into Telegram is seen as a significant step towards achieving this vision. By providing seamless DeFi investing options directly within the messaging app, Affluent aims to make financial services more accessible and user-friendly. The app's co-founders, Justin Hyun and Hyung Lee, believe that with over a billion monthly users, Telegram is uniquely positioned to become the next great financial super app. This launch is expected to boost the ongoing efforts to make Telegram a comprehensive platform for various financial services, leveraging the power of blockchain and Web3 technologies.