A former TON Foundation executive has launched Affluent, a cryptocurrency investment application based on Telegram that offers yield and lending features.
Affluent is a currency market protocol built on the blockchain associated with Telegram—the Open Network (TON)—which officially announced its launch on Monday.
Co-founded by former TON Foundation director Justin Hyun, Affluent aims to introduce trustless crypto asset management to Telegram, allowing users to benefit from decentralized finance (DeFi) lending and yields without facing the associated complexities.
In an announcement shared with Cointelegraph, Affluent co-founder and co-CEO Justin stated, "Our goal is to transform complex DeFi services into a simple and intuitive experience, enabling users from various backgrounds and knowledge levels to easily invest and grow their wealth."
Affluent is natively built on TON and implements key features such as the Strategy Vault and Vault Manager System, designed to automate asset allocation and yield strategies.
The announcement from Affluent stated, "By depositing assets into the vault, users can allow Affluent to manage their assets through a combination of automated smart contracts and expert management." It also added that user deposits would be automatically diversified across different lending markets to optimize returns.
The protocol's design "incorporates human judgment," allowing users to interact with a streamlined interface, while the expert-managed vault optimizes long-term performance and security in the background.
Another Affluent co-founder, Hyung Lee, brings expertise in traditional finance (TradFi) options trading, stating that the application will offer a unique combination of TradFi and DeFi experiences.
Through this combination, Affluent aims to create a new mechanism that allows users to earn interest in a simple way, with just one-click deposits via Telegram.
Hyung Lee remarked, "By designing traditional financial solutions and evolving them into a fully modular blockchain-based infrastructure, we are building the next generation of DeFi protocols—one that has all the advantages of Web3 while incorporating the security and risk management of TradFi."
The crypto lending industry is known for its vulnerabilities to various issues, including the high volatility of crypto assets. According to co-CEO Justin, Affluent has not overlooked this problem.
Justin told Cointelegraph, "The Affluent protocol has been audited by industry-leading security audit firm Trail of Bits. The design of Affluent inherently embeds strong risk management by implementing isolated lending pools."
The isolated pool structure limits the risk of bad debt to specific lending pools (if any), protecting the entire protocol from impact. The co-CEO also mentioned that Affluent's vault managers are "highly sophisticated institutions that continuously monitor utilization" to optimize user deposits.
Justin stated, "Due to TON's asynchronous design, flash loans are not a risk either." He added:
"Currently, user deposits are not insured, but this is something we will consider as the protocol evolves."
The launch of Affluent comes after Justin's years of work at the TON Foundation, where he served as the head of incubation and director of institutional growth, launching the first global TON hackathon and bringing funds and institutions into the TON ecosystem. Before co-founding Affluent, co-CEO Hyung Lee also co-founded the DeFi development company B-Harvest.
Related: Circle CEO: Stablecoins are about to have their "iPhone moment"
Original article: “Former TON Foundation Executive Launches Telegram-Based Cryptocurrency Investment App”
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