Key Takeaways
- Wallet in Telegram has partnered with Affluent to enhance DeFi accessibility.
- Users can now earn yield on their USDT holdings within the Telegram app.
- This integration aims to simplify access to decentralized finance for a broader audience.
- The partnership positions Telegram as a potential Web3 super app.
Telegram Wallet Integrates with Affluent for DeFi Yield
Wallet in Telegram has announced a significant integration with Affluent, a protocol built on the TON (The Open Network) blockchain . This collaboration aims to make decentralized finance (DeFi) yield opportunities more accessible to Telegram’s extensive user base. The integration allows users to earn yield directly through TON Wallet, Telegram’s self-custodial digital wallet.
This partnership is designed to offer a simplified entry point into DeFi for over 100 million active users of the Telegram wallet. Initially, the feature will focus on enabling yield on USDT (Tether) balances. Users can access this through the Earn feature within TON Wallet.
Enhanced DeFi Accessibility Through TON Wallet
The integration represents a notable advancement in making DeFi services readily available within the widely-used messaging application. By partnering with Affluent, Wallet in Telegram aims to streamline the process of earning returns on digital assets.
⚡ The partnership will initially allow users to earn up to 3.5% yield on their USDT holdings.
“This partnership will allow millions of people worldwide to turn their idle holdings into productive yield-generating assets,” said Egor Danilov, CPO of Wallet in Telegram. “Our goal has always been to make Web3 accessible for everyone, whether crypto-native or not. Thanks to this integration of Affluent’s vaults, our users can put their assets to work simply, safely, and without ever leaving the Telegram app.”
Telegram’s Vision for a Web3 Super App
This move is seen as a crucial step towards Telegram’s ambition of becoming a comprehensive Web3 super app, combining messaging, social media, payments, and decentralized finance functionalities. The platform currently boasts 800 million monthly active users, with its wallet already serving 100 million users.
Simplifying DeFi for Mass Adoption
Justin Hyun, Co-CEO of Affluent, highlighted the significance of the integration in abstracting away the inherent complexities of DeFi. He stated that Telegram users can now access sophisticated savings strategies with ease, requiring just a few clicks within the Wallet interface.
“We’ve abstracted away the complexity of DeFi, allowing Telegram users to now access professional-grade savings strategies directly from Telegram – open Wallet, click, and earn,” Justin Hyun, Affluent.
💡 The companies have set an ambitious target to onboard 30% of Telegram’s user base to its wallet services by 2028, indicating a strong push towards mainstream Web3 adoption.
Expert Summary
Wallet in Telegram, in collaboration with the DeFi protocol Affluent, has launched an integration enabling users to earn yield on USDT directly within the Telegram app. This partnership aims to simplify DeFi access for over 100 million wallet users and contributes to Telegram’s vision of becoming a Web3 super app.