Telegram will enable users to earn DeFi yield through its in-app self-custodial wallet in partnership with Affluent.
Summary
- Telegram integrated with Affluent DeFi to make yield more accessible
- Wallet users will be able to make yield on their USDT balances
- According to the two firms, this makes DeFi more accessible
Telegram has taken another step to make DeFi more accessible. On Friday, October 24, Telegram announced an integration with Affluent, a TON-based DeFi vault protocol. The integration will enable users to earn yield through the Wallet in Telegram, its self-custodial wallet.
According to the two firms, the integration will bring one-click access to DeFi to over 100 million active users of Telegram’s wallet. The partnership will start with USDT yield, which will be enabled through Telegram’s “Earn” feature. According to the TON Wallet, users can 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 hopes to become Web3 super app
According to Justin Hyun, Co-CEO of the TON-based (TON) Affluent, the move is a milestone toward the goal of making Telegram a Web3 super app. This is a type of application with multiple use cases, including messaging, social media, and payments.
“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 Telegram messaging app has 800 million monthly active users, and its wallet has 100 million users. This makes it potentially one of the most significant sources of new DeFi users. The company plans to onboard 30% of its user base to the wallet by 2028.
