Steve Yun, representative of your foundation as a member of the board of directors, met Beincrypto at the 2025 Hong Kong web festival. In this exclusive interview, he discussed recent tone developments and their unique position in the blockchain landscape as an infrastructure focused on the mini-application designed for the Telegram ecosystem.
The conversation covered the investments of the secondary market of $ 400 million in tone, the technical upgrades of their asynchronous architecture and strategic initiatives in the DEFI and Game sectors. Yun also shared his prospects on expansion on the American markets and taking advantage of the familiarity of the Asia-Pacific region with super related ecosystems.
TVL on your fell 72%. Why, and what is your answer?
The decrease in the total locked value comes mainly from our strategic decision to stop incentives to the pool of liquidity. Our analysis confirms that the incentives are effective – because their impact is significant on the lower and exponentially larger markets during the bull markets – but the fundamental challenge is to guarantee that liquidity remains lasting after the end of the incentives.
What we discovered is that a complete challenge ecosystem is essential for sustainable liquidity. Our initial infrastructure was mainly made up of basic automated market manufacturers, which was not enough. Now, we are building a full sequence of primitives DEFI: loan protocols, derivatives, perpetual future, dex of liquidity concentrated with boundary orders, stable exchange mechanisms such as curve and dynamic liquidity solutions similar to Maverick.
These capital efficient tools create an ecosystem where liquidity naturally wants to stay. We are busy developing this complete infrastructure, and once it is in place, we will consider reintroducing incentives. Key computer science was that the incentives alone create a temporary activity, but a robust ecosystem creates sustainable value and sustainable growth.
How are you going to use the recent investment of $ 400 million with Telegram for Web3 initiatives?
The investment of $ 400 million occurred over the secondary market for several years, not directly to the Foundation. The Foundation does not directly receive these funds – the beneficiaries are holders of tones and minors who determine the allocation of these products independently. We only operate donations from minors as a reserve. Although we hope that these funds will benefit the ecosystem, it ultimately depends on individual holders. It is important to specify that when we have announced this investment, we consolidate and report sales of the secondary market that we were aware, without announcing a direct investment in the foundation itself.
What key features of your 2 2025 layer network upgrade and will the “accelerator” range produce?
We have implemented substantial improvements to asynchronous tone architecture, which is fundamentally different from synchronous blockchains like Ethereum. In tone, transactions do not need to wait for the previous ones to confirm – they can all be confirmed simultaneously, which makes it much faster and more scalable. Previously, congestion in a brilliance could affect the entire network, but our update guarantees that the problems remain isolated with specific fragments, considerably improving the robustness of the network.
We also develop a new programming language to replace FUNC, which has an important complexity for developers due to its low level nature. In addition, we are working on the sites – simultaneously of Polkadot Parachians but more closely coupled with the main channel. These specialized channels will allow use cases that the current infrastructure cannot effectively bear, such as high frequency trading which requires decentralized hyper liquid exchanges. These improvements collectively make your more suitable for developers and capable of supporting various applications.
How will the Pontage Mechanism have your BTC impact on your ecosystem?
TGBTC represents a significant addition to our collateral ecosystem, considerably increasing liquidity in the Ton DEFI environment. What makes it unique is our approach to implementation. Most Bitcoin solutions wrapped on other channels use token standards like ERC-20, which include compliance features allowing the transmitter to freeze or confiscate assets. This centralization is problematic for Bitcoin holders who appreciate decentralization.
Your challenge by this challenge through our owner’s “additional coins” technology, which works as a tone itself – controlled only by the validators network, not by a single entity. This means that the TGBTC cannot be frozen or confiscated by the tokens creator, which makes it only attractive for Bitcoin holders who want to generate a return through DEFI activities but have been reluctant to use other solutions wrapped due to childcare problems. They can now use their bitcoin in deffi without compromising the fundamental value of resistance to censorship which initially attracted them to bitcoin.
What advantages does you have in Defi and Gamefi?
Speaking personally, I maintain measured expectations concerning the future trajectory of cryptographic games. When we have seen high quality games starting on Telegram, the main concerns of users tend to focus on tokenization deadlines rather than appreciating gameplay. People want speculation, not games – crypto games often served as an alternative vehicle for speculative activity. Even successful examples like Infinity Axia have seen the price exceed reality, and few still play these games.
The Foundation continues to support game initiatives because of Telegram’s social aspects, but I believe that the cryptographic game paradigm as it was initially designed may have reached its conclusion. There can be a monetization strategy among many, but is not essential.
DEFI, however, cannot exist without crypto. We focus on DEFI payments and solutions, including the tokenization of telegram bonds, which generate 8 to 15% of annual yields and can offer reduced access to price Introductions Potential Telegrams – Powerful active ingredients for the ecosystem.
What are your American expansion plans under the direction of President Manuel Stotz?
Due to the past problems of the dry with the Gram, we have maintained a policy of non-engagement with the American entities. When they set out, we simply refused the opportunities for engagement. However, the regulatory landscape has evolved, causing a recalibration of our strategy.
We are now actively committing to American companies and exchanges on the inscription of assets based on tones and tons, including stablecoins. We encourage Stablecoin issuers to tone on tone. The community has already started to organize events in the United States and the Foundation plans to establish a physical representation there.
Significant development puts the non -guardian part of the Ton space portfolio available to American people, who was previously limited. This strategic change recognizes the importance of the American market while maintaining compliance with regulatory requirements.
What is your message to the Hong Kong Web3 festival and the strategy in Asia-Pacific?
Our strategic positioning distinguishes us from conventional blockchain projects-we target the mini-applies of mini-support rather than developers of intelligent contracts. While other channels attend Ethereum conferences to compete for developers of smart contracts, we focus on regions with super-applicable ecosystems established. The APAC region is particularly important because people here understand and use super-applies like WeChat, Line and Kakaotalk.
We access this market via Hong Kong, establishing relationships with key players like Hashkey, who supported us by providing main stage access for the day of the Ton Day ecosystem two years of racing. This partnership is strategic because APAC users have a sophisticated familiarity with integrated digital ecosystems, making them early ideal adopters for the mini-tone application ecosystem within the telegram. The familiarity of the region with integrated digital experiences makes it a fertile land for our approach to the adoption of web3.
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