[Blooming Lunch] Justin Hyun: “The ‘Trustless Model’ of Blockchain is the Future of Finance”

Justin Hyun, Co-CEO of Affluent

Founded DeFi Service After Careers at BlockFi and TON

‘Trustless Model’ Must Become the Future of Finance

TON, Boasting ‘1 Billion Users’ as Its Strength

Demand for TON-Based DeFi Will Only Grow

“Meeting good people and having good conversations.” That’s the basic purpose of Blooming Lunch. We meet remarkable people from the crypto scene (blockchain and digital asset ecosystem) and share their work and lives.

When introducing Justin Hyun, Co-CEO of Affluent, you can't leave out the TON Foundation. TON is a layer 1 blockchain based on Telegram and was selected as Telegram’s official blockchain partner in 2023. From 2022 until last year, Hyun served as Director of Institutional Growth at the TON Foundation for about three years.

After leaving the TON Foundation, he co-founded the TON-based decentralized finance (DeFi) project Affluent. Affluent’s core goal is to expand DeFi services within the Telegram ecosystem, which boasts a monthly active user (MAU) base of 1 billion people.

The interview with Hyun took place at Yoojung Restaurant located in Gangnam, Seoul. This is one of the must-visit spots for any so-called “BTS tour,” as BTS frequently ate there during their trainee days. The restaurant was filled with posters and merchandise left behind by BTS fans from all over the world.

Dressed in shorts and a T-shirt, Hyun arrived and ordered two servings of the restaurant’s signature dish, Yoojung Ssam-bap. He said, “I come here often because it’s close to the office,” and added, “Korean food is so nutritionally balanced that I feel much healthier while living in Korea.”

From Deloitte and BlockFi to TON

Hyun is a Korean-Canadian. His family immigrated to Canada when he was eight. After finishing high school in Canada, he majored in accounting at a university in the US and later worked for five years as an accountant at Deloitte, one of the Big Four accounting firms.

He entered the crypto industry in 2021 while working as a financial strategist at the American crypto lender BlockFi. “During the early days of the COVID-19 pandemic, I spent time in Canada,” he recalled. “A childhood friend of mine was working in the blockchain industry, and that naturally sparked my interest.”

As we chatted, a sizzling plate of stir-fried black pork was served. The spicy-sweet pork paired perfectly with fresh lettuce wraps, and the side dishes of mostly seasoned vegetables were neat and refined. There were quite a few foreign guests also eating similar pork-with-ssam.

Continuing while making a wrap with leafy greens and pork, Hyun said, “BlockFi was a centralized finance (CeFi) company. Although I moved there to take on the blockchain industry, the actual work didn’t differ much from traditional finance (TradFi), which left me hesitant.” He added, “By chance, I got to know some TON developers through a mutual acquaintance. Looking back, it was a surprising decision, but at the time, I just felt I had to give it a try.”

Growing DeFi Aspirations Lead to Affluent

Hyun joined the TON Foundation in earnest in 2022. At the time, the foundation hadn’t yet officially launched in Switzerland in 2023, nor did it have a formal organizational structure. “Early on, my role involved incubating TON-based projects,” he said. “Through incubating various projects, I saw the potential for TON-based DeFi.”

His thirst for a DeFi project kept growing, and last year, he left the TON Foundation and co-founded the TON-based DeFi project Affluent with the Korean blockchain firm B-Harvest. “Two years ago, I visited Korea for a blockchain event and learned about B-Harvest. We bonded over the need for a TON-based DeFi project, which led to the partnership,” he explained.

According to Hyun, Affluent is a third-generation DeFi lending platform. DeFi lending platforms have evolved from first-generation ones like Aave, which simply offer asset lending, to second-generation ones like Morpho, which add asset management to lending.

“Affluent connects with asset management companies to maximize returns on collateralized assets,” he said. “It features the adoption of a ‘trustless’ model, which enhances transparency in asset management and fundamentally blocks any possibility of embezzlement.”

After the meal, we headed to Popular Coffee Roasters, a specialty café near Hakdong station on subway line 7, about a 10-minute walk from Yoojung Restaurant. There, we ordered two cups of filter coffee brewed with El Salvador Malacara C Pacamara Natural beans. On the menu's tasting notes were grapefruit, cherry, and blackberry.

“It feels symbolic to be talking crypto while drinking coffee brewed with El Salvador beans,” Hyun said with a laugh. El Salvador became the world’s first country to adopt Bitcoin (BTC) as legal tender in 2021.

Seated in the café, we continued the discussion about the ‘trustless model’. This model, central to decentralization, allows for secure transactions without intermediaries or the need to trust institutions. “Trustless in blockchain doesn’t mean ‘I don’t trust the middleman,’ but rather, ‘I don’t need to trust them,’” explained Hyun. “I don’t just believe the trustless model will be the future of finance—I believe it must become the future.”

Demand for TON-Based DeFi Set to Grow

Asked why Affluent chose TON as its blockchain despite most DeFi lending platforms running on Ethereum, Hyun said, “Telegram is a communication tool for 1 billion people worldwide. If you prioritize accessibility, it offers advantages no other blockchain has.”

He continued, “The biggest stumbling block for traditional DeFi services is that users have had to learn about blockchain just to get started. The sustainability of not just DeFi but all blockchain mainnets depends on how easily ordinary users can access them in daily life.”

Growth potential was another reason for choosing TON. “Telegram, unlike other social media platforms, doesn’t make money by leveraging user data, so it needs to advance its profit models using blockchains like TON,” he said. “TON will be increasingly tightly integrated with Telegram. As blockchain technology spreads, demand for TON-based DeFi will inevitably surge in regions like Eastern Europe and Southeast Asia, where Telegram is the main messenger.”

Finally, when asked about the appeal of the crypto scene, Hyun said: “The best thing about today’s crypto scene is that it doesn’t care about one’s background, more so than any other industry. When recruiting talent, there’s a focus on ‘how much you can contribute’, regardless of race, education, or credentials.” He added, “Simply put, it means opportunities are open to everyone. Also, there are so many smart people that I am constantly inspired at work.”

After the interview, Hyun stood up first. Slinging his backpack on, he said, “I once heard that a successful person is someone who looks forward to going to work and is happy when returning home. I feel like I’ve become that person while working in the crypto scene,” he said with a smile. He then hurried out, saying he had a meeting soon at the office.

This interview was not sponsored or compensated in any way by any restaurant or brand, and was conducted without any commercial intent. The ‘Blooming Lunch’ feature is meant to capture a relaxed, informal conversation with the interviewee at their favorite local restaurant.