By applying a TradFi and DeFi combination, Affluent aims to allow users to earn interest in a manner as simple as depositing assets with a single click via Telegram.
A former TON Foundation executive is launching Affluent, a cryptocurrency investment app on Telegram featuring yields and lending.
Affluent, a money market protocol built on Telegram-linked blockchain, The Open Network (TON), announced its full launch Monday.
Co-founded by ex-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 associated complexities.
“Our goal is to transform complex DeFi services into a simple and intuitive experience where users of all backgrounds and knowledge levels can easily invest and grow their wealth,” Affluent co-founder and co-CEO Hyun said in an announcement shared with Cointelegraph.
Strategy Vault and Vault Manager system
Built natively on TON, Affluent implements key features like Strategy Vault and the Vault Manager system, which are designed to automate asset allocation and yield strategies.
“By depositing assets into a vault, users let Affluent manage their assets via a combination of automated smart contracts and expert management,” Affluent’s announcement reads, adding that user deposits are auto-spread across different lending markets for optimized returns.
The protocol is built to “balance with human judgment,” enabling users to interact with a clean and simple interface, while expert-managed vaults work in the background to optimize for long-term performance and safety.
Combination of TradFi and DeFi
Hyung Lee, another Affluent co-founder who brings traditional finance (TradFi) options trading expertise, said the app will deliver a unique combination of TradFi and DeFi experience.
By applying the mix, Affluent aims to create a new mechanism that will allow users to earn interest in a manner as simple as depositing assets with a single click via Telegram.
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“By engineering solutions from traditional finance and developing 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, but with the security and risk management of TradFi,” Lee said.
Cointelegraph approached Affluent for comment regarding risk management on its newly launched platform, but had not received a response by the time of publication.
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This is a developing story, and further information will be added as it becomes available.
