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'Meet good people and have good conversations.' This is the basic purpose of Blooming Lunch. We meet the good people of the crypto scene (Crypto Scene, the blockchain·virtual asset ecosystem) and convey their work and life. When describing Justin Hyun, co-CEO of Affluent, one cannot omit the TON Foundation. TON is a Telegram-based layer-1 blockchain that was selected as Telegram's official blockchain partner in 2023. Hyun served as Director of Institutional Growth at the TON Foundation for about three years from 2022 until last year. Afterward, he left the TON Foundation and co-founded the TON-based decentralized finance (DeFi) project Affluent. Affluent's core goal is to expand DeFi services into the Telegram ecosystem, which has monthly active users (MAU) of up to 1 billion. We met Hyun at Yujeong Restaurant in Gangnam-gu, Seoul. It is a place BTS frequented during their trainee days and is considered a must-see stop on so-called 'BTS tours' that visit major BTS-related sites. Inside the restaurant were actually posters and goods left by BTS fans from around the world. Hyun arrived at the restaurant in shorts and a T-shirt, and we ordered two servings of the restaurant's signature dish, Yujeong ssambap. He said, "I come here often because it's near the office," adding, "Korean food has a good nutritional balance, and my health has definitely improved while I've been in Korea." From Deloitte and BlockFi to TON Hyun is 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 United States, and then worked for five years as an accountant at Deloitte, one of the Big Four accounting firms. He entered the crypto industry in 2021 when he worked at the U.S. cryptocurrency lender BlockFi as a financial strategy officer. Hyun recalled, "At the start of the COVID-19 pandemic, I spent some time in Canada," adding, "a Canadian classmate I had known since childhood was working in the blockchain industry, so I naturally became interested." While we were talking, the black pork stir-fry with spicy pork arrived on the hot plate. The sweet and spicy stir-fried pork paired well with the fresh ssam greens served alongside it. The side dishes, mainly made of seasoned vegetables, tasted clean and neat. There were also quite a few foreign customers inside the restaurant eating the same pork ssam-bap. Hyun continued speaking as he wrapped the stir-fried pork in the greens. He said, "BlockFi was a centralized finance (CeFi) company," adding, "I moved there wanting to challenge the blockchain industry, but the actual work wasn't much different from traditional finance (TradFi), so I felt disillusioned." He continued, "Through an introduction from an acquaintance I got to know some TON developers by chance, and looking back it was an amazing decision, but at the time I just felt, 'Let's give this a try.'" Thirst for DeFi grows, 'Affluent' founded Hyun officially joined the TON Foundation in 2022. That was before the TON Foundation officially launched in Switzerland in 2023, when the organization had not yet been properly structured. He said, "In the early days of working at the TON Foundation, I was in charge of incubating TON-based projects," adding, "By incubating several projects, I saw the potential of TON-based DeFi." His thirst for DeFi grew, and last year he left the TON Foundation and co-founded the TON-based DeFi project Affluent together with the domestic blockchain company B-Harvest. Hyun said, "I met B-Harvest when I came to Korea to attend a blockchain event two years ago, and we shared a consensus on the need for a TON-based DeFi project, so we joined forces." According to Hyun, Affluent is a third-generation DeFi lending platform. DeFi lending platforms have evolved from first-generation platforms like Aave, which simply provide asset lending services, to second-generation platforms like Morpho, which add asset management concepts to lending. He said, "Affluent partners with asset management firms to help maximize the returns on borrowed assets," adding, "It is characterized by the introduction of a 'trustless' model that increases transparency in asset management and fundamentally blocks the possibility of embezzlement." After the meal, we headed to the specialty cafe Popular Coffee Roasters near Hakdong Station on Line 7. It's about a 10-minute walk from Yujeong Restaurant. At the cafe we ordered two filter coffees brewed with the 'El Salvador Malacara C Pacamara Natural' beans. The menu's tasting notes listed grapefruit, cherry, blackberry, and others. Hyun laughed, saying, "It's symbolic to talk about cryptocurrencies while drinking coffee brewed from El Salvador beans." El Salvador was the first country in the world to adopt Bitcoin (BTC) as legal tender in 2021. Seated at the cafe, we continued the conversation about the 'trustless model.' The trustless model is one of the core aspects of decentralization and means a system where transactions can be safely conducted without trusting intermediaries such as institutions. Hyun said, "Blockchain 'trustlessness' doesn't mean 'we can't trust intermediaries,' but 'we don't have to trust them,'" adding, "I think the trustless model won't just become the future of finance — it must become the future." TON-based DeFi demand will grow When asked why Affluent chose TON as its blockchain while most existing DeFi lending platforms are based on Ethereum, Hyun answered, "Telegram is a communication tool for 1 billion people worldwide, so in terms of accessibility it has advantages over any other blockchain." He added, "The biggest obstacle to existing DeFi services was that ordinary users had to learn about blockchain to access them," saying, "The sustainability of DeFi and all blockchain mainnets ultimately depends on how easily ordinary users can access them in everyday life." The network's growth potential was also a reason he chose TON. Hyun said, "Telegram, unlike other social media, has a philosophy of not monetizing user data, so it has to enhance revenue models through blockchains like TON," adding, "TON will become increasingly integrated with Telegram," and predicted, "As blockchain technology spreads, demand for TON-based DeFi services will inevitably grow in regions that use Telegram as a main messenger, such as Eastern Europe and Southeast Asia." Finally, I asked about the appeal of the crypto scene. Hyun said, "The biggest advantage of the current crypto scene is that it doesn't look at people's backgrounds like other industries," explaining, "When hiring talent, there's an atmosphere of focusing on 'how much one can contribute' regardless of race, academic background, etc." He said, "Simply put, opportunities are open to anyone," adding, "There are many exceptionally smart people, so it's stimulating to work every day." After the interview, Hyun was the first to stand up. Slinging his backpack, he said with a smile, "I've heard that a successful person is someone who is happy going to work and happy coming home," adding, "Working in the crypto scene now, I feel like I've become that kind of person." He then hurried out of the cafe, saying he had a meeting at the office soon. This interview did not receive support or monetary compensation from any specific restaurant or brand and was conducted without commercial intent. The 'Blooming Lunch' column aims to present informal, free-form interviews conducted at the interviewee's favorite regular restaurants.

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Long-term Treasury yields rise day after day on mid- to long-term inflation concerns NVIDIA's stock is expected to move up or down about 6% after the announcement Ahead of NVIDIA's earnings announcement, the biggest event for the U.S. stock market this week, New York stocks opened mixed on the 27th (local time). At 10 a.m. Eastern, the S&P500 index was trading around 6.468 points, roughly unchanged from the previous day. The tech-heavy Nasdaq fell 0.1%. The Dow Jones Industrial Average rose 0.2%. NVIDIA, which reports July-end quarter results after the close, was trading at $180, down 0.8% in the early session. NVIDIA's earnings are expected to determine the direction of the New York market tomorrow. According to FactSet, NVIDIA beat Wall Street estimates in 11 of the last 12 quarterly reports, but in four of those cases the stock weakened after the earnings announcement. NVIDIA, with a market capitalization of $4.4 trillion, accounts for 8.1% of the S&P500 index. According to Bloomberg, options traders expect NVIDIA's stock to move about 6% in either direction on the 28th, the day after the earnings announcement. Clark Bellin of Bellwether Wealth pointed out, "NVIDIA is the ultimate gauge of the AI story," and said the market is already highly valued on expectations of NVIDIA's strong results. He added that with Wall Street effectively pricing in a Fed rate cut in September, NVIDIA is the next hurdle the market must clear to keep the rally going. Despite President Trump's unprecedented move to dismiss Federal Reserve Board Governor Lisa Cook, the stock market largely reacted quietly except for long-term Treasuries, which moved significantly.T With prevailing concerns that Trump taking control of the Fed would raise mid- to long-term inflation, long-term Treasury prices continued to fall from the previous day. Bond prices and yields move in opposite directions. The 10-year Treasury yield rose 2.5 basis points (1 bp = 0.01%) to 4.251%, while the 20-year and 30-year yields climbed more than 4 bp to 4.901% and 4.953%, respectively. By contrast, the 2-year Treasury yield, which follows policy rate expectations, fell 2 bp to 3.652% as markets priced in expectations of a September rate cut. The dollar strengthened against major currencies, with the Bloomberg Dollar Spot Index rising 0.3%. The Japanese yen, which has been weak against the dollar, fell 0.5% on the day to 148.07 per dollar. Bitcoin fell 0.2% to $111,120.36, while ether was nearly unchanged at $4,588.6. Contributing reporter Jeong-A Kim kja@hankyung.com

Bitcoin (BTC) appears to have a recurring pattern of beginning a correction before and after NVIDIA's earnings releases. On the 28th (local time), virtual asset (cryptocurrency) analyst Ali Martinez said on X, "Bitcoin generally shows weakness starting about 5 days before NVIDIA's earnings releases, and tends to continue to decline on the day of the release and for 2~3 days afterward." As NVIDIA has become a key stock in the tech rally amid the artificial intelligence (AI) boom, the analyst said investor sentiment across global risk assets tends to be affected around earnings releases. Meanwhile, Bitcoin is currently trading on CoinMarketCap at 111,101.49 dollars, down 0.52% from the previous day.
![[Analysis] "Bitcoin, repeated pattern of weakness before and after NVIDIA earnings releases"](/images/default_image.webp)
Arthur Hayes, co-founder of BitMEX, offered an optimistic outlook on dollar-pegged stablecoins. On the 27th (local time), Hayes wrote on his Medium that "the total circulation of dollar-pegged stablecoins will reach at least $10 trillion by 2028," emphasizing "this is a once-in-a-century financial structural change." He argued that "the more the U.S. Treasury covers government spending by issuing government bonds, the greater the annual debt repayment burden becomes, which in turn accelerates the pace of debt accumulation. In such a structure, dollar-based stablecoins are bound to expand exponentially, and this is a fundamental shift in the global monetary order." Hayes also predicted that "the DeFi market, which benefits from the explosive growth of dollar stablecoins, will enter a bull market that will be hard to come by again."
