Chain Venturer: Kirill Malev of The Open Platform

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Well… that was embarrassing.

I’m currently abroad and it seemed like the last email wasn’t scheduled properly so Friday’s issue was delayed by eight hours. Hope you still find it useful 🙈

On a side note, it has been 1.5 years since this publication was started.

We’ll be taking a short programming break from the weekly chain venture issues (the weekday issues will be business as usual) as we plan for the latter half of this year.

With that, stay tuned for new exciting content and enjoy this last issue of Chain Venturer v1.0 with Kirill Malev from The Open Platform!

Happy Weekend 🙋🏻‍♂️

-Marco

In case you don’t know…

I’m an investor at Primitive Ventures. We back founders who believe that crypto represents the new socioeconomic primitive that will redefine individual sovereignty and financial paradigms.

If you’re building an interesting project → DM me here.

If your project is too early in the lifecycle, I also run a syndicate, you can check it out here.

Anyway, enjoy this week’s conversation.

angeling is hard

Kirill Malev of The Open Platform

Kirill Malev is a Junior Partner at The Open Platform, the biggest Ecosystem Builder in TON Blockchain. TOP focuses on democratizing Web3 access by integrating and simplifying blockchain services for broader adoption. 

The Open Platform (TOP) focuses on democratizing Web3 access by integrating and simplifying blockchain services for broader adoption. TOP builds and merges traditional web functionalities with blockchain, through products like Wallet in Telegram and games, seamlessly integrated into Telegram Messenger, such as Notcoin. Additionally, TOP supports the development of TON-based startups and innovations, fostering the growth of the Web3 ecosystem with essentials such as a decentralized exchange (DEX), an NFT marketplace, and an API platform.

Kirill Malev, a Junior Partner at TOP, plays a significant role in driving the platform’s initiatives. Before joining TOP, Malev worked on Vinci, a viral artistic style transfer application, and served as a Data Chef at a large-scale dark kitchen company. Kirill holds two master's degrees: one in bioinformatics from Bologna University and another in applied mathematics from Novosibirsk State Technical University.

Here’s my conversation with Kirill Malev. 

Quick takeaways:

• TON blockchain stands out for its integration with Telegram, providing unparalleled ease of onboarding for users and developers alike.

• Malev’s formal entry into the cryptocurrency industry was marked by his role at The Open Platform (TOP) in early 2022, focusing on decentralized exchanges and liquidity staking.

• Malev emphasizes TON’s technological capabilities, speed, scalability, and unique integration with Telegram, offering developers access to a large user base and robust support resources.

• The success of Notcoin on the TON blockchain, with over 35 million users and a significant trading volume, exemplifies the potential for viral applications within the ecosystem.

• Malev highlights the rapid growth of TON’s DeFi ecosystem, bolstered by native USDT, liquid staking protocols, and an incentive program distributing 30M Toncoin to foster innovation and participation.

What was the defining moment that drew you into the world of crypto?

After overcoming initial hesitations around security concerns, Malev's journey into the crypto world began in 2012 when he started to take Bitcoin seriously, albeit with some regret over missed early opportunities.

A pivotal moment came in January 2021 when Anthony Bukov of 1inch encouraged him to explore his potential in the crypto realm. By early 2022, Kirill was fully immersed in the industry, actively engaging with Ethereum by setting up a standalone validator the previous year. This marked his formal entry into the crypto space and set the stage for his future endeavors at TOP.

In early 2022, Kirill Malev took on a pivotal role at The Open Platform (TOP), previously First Stage Labs, marking his formal entry into the cryptocurrency field. As a junior partner at TOP, Kirill focuses on decentralized exchanges (DEXes) and liquidity staking within the platform’s portfolio companies. He plays a critical role in operational excellence and strategic business, ensuring startups within the TON ecosystem receive robust support. TOP, the leading ecosystem developer on the TON Blockchain, leverages Kirill's expertise to empower startups to drive innovation and ensure supported startups receive adequate support from the venture builder.

How would you pitch TON to developers who are interested in building on it, considering the rise of new blockchains and the trend towards app chains and modularity?

Malev pitches TON to developers with clarity: TON excels technologically with its speed and scalability, but its true uniqueness lies in its integration with Telegram. For end-users, ease of onboarding is paramount, and in this regard, TON stands unrivaled.

Numerous mini-apps have already harnessed the viral growth potential offered by the Mini Apps Platform, following the successful model set by Notcoin. This seamless integration provides developers with unparalleled access to a broad user base, making it easier to engage and retain users.

Malev firmly believes that TON possesses the greatest unmatched potential among blockchains, especially for onboarding hundreds of millions of users into Web3 and cryptocurrency. There are after all 860 million Telegram users all of which have a built-in crypto wallet.

With his deep involvement in the ecosystem, he encourages developers to explore TON's opportunities. Malev highlights the extensive support and resources available for builders, ensuring they have everything needed to succeed in the TON ecosystem.

While TON's potential is vast, success hinges on a diligent effort to engage users. A prime example of this potential is Notcoin, which boasts over 35 million users and has shown impressive retention rates on the TON blockchain. This success, still trending on social media platforms like Telegram, and Twitter, serves as a testament to what builders can achieve within the TON ecosystem. Almost 800,000 vouchers were minted between the launch of pre-market trading and the end of the mining phase on 1^st April. With a total trading volume of 3.6M TON (~US$23.45M), these NFTs very quickly became the fourth most traded NFT collection of all time on TON blockchain, and the most traded collection in March. Upon token release, NOT became the #1 spot-traded coin on three exchanges.

The allure of TON extends beyond just user numbers; it provides a fertile ground for building innovative and viral applications. Quoting Packy McCormick: “To bootstrap a new blockchain or app, you need to convince people that other people will also use that blockchain or app. The best blockchain technology in the world is useless without people building on top of it.” Malev points out that while other ecosystems have to fight for the user’s attention, building on Telegram turns this into an activation task because of the ability to create mini-apps. The community's response to projects like Notcoin, Hamster Kombat, or Blum characterized by widespread engagement and the creation of memes, underscores the platform's capacity to support popular and beloved projects.

Drawing inspiration from historical web phenomena, Malev references the million-dollar homepage from the early Web 1.0 era as a precursor to modern pixel games thriving on TON. This comparison underscores the evolutionary path from Web 1.0's static format, through Web 2.0's interactive capabilities, to Web 3.0's ownership model. TON represents the future, where users not only interact but also have ownership and stake in the ecosystem's success.

In Malev’s view, TON stands out not just for its technological prowess but for its community's approach to building user-friendly applications that appeal to a broad audience. He emphasizes the importance of smooth onboarding processes, facilitated by tools like TON Connect, which simplifies both development and user experience. Or the integrated TON Wallet, which eases new users' entry into the ecosystem.

From a performance standpoint, TON has demonstrated high transaction per second (TPS) rates in tests conducted in late 2023, showcasing its capability to handle significant loads—an essential feature for applications requiring high transaction volumes, such as NFT minting and DEX interactions.

However, TON is not EVM-compatible, although bridges and cross-chain exchange protocols are expected to be released soon. For developers, TON offers several programming languages tailored to its environment, including FunC, which resembles C, and Tact, a higher-level language providing greater abstraction. While learning TON programming can be challenging, it is necessary for building truly scalable products. These tools, along with competitive gas fees and a responsive community governance system, make TON a technically sophisticated and cost-effective choice.

Is there still any relationship between the GRAM token and TON?

There is no relationship between GRAM token and TON. The development of the project with a GRAM native token was stopped, and TON technology has since been developed independently.

Can you recommend any resources or tools, such as Twitter accounts, websites, or Telegram channels, for people who want to learn more about TON?

Telegram channels:

• @the_open_platform — Kirill’s personal channel with the key info on TON ecosystem

• @toncoin — Official channel of TON Community

• @tondev_eng — TON Developer Community

• @trendingapps — trending mini apps

• @builders — a group for builders of TMAs

• @notcoin — Notcoin :)

• @stonfidex — Channel of STONfi DEX

• @thetonstakers — Channel of Tonstakers, Liquid Staking Protocol

• @tapps_bot — TMAs catalog in the form of TMA

Twitter accounts:

• https://x.com/playittodeath — Kirill’s X

• https://x.com/rogozov — X of Andrew Rogozov

• https://x.com/topdotco — X of TOP

• https://x.com/ton_blockchain — sort of main X account of TON Community

• https://x.com/alenka_w3 — X account of Ecosystem Lead

• https://x.com/thenotcoin — X account of Notcoin

• https://x.com/ston_fi — X account of STONfi DEX

• https://x.com/tonstakers — X account of Tonstakers

• https://top.co — TOP website

• https://ton.org — TON official website

• https://docs.ton.org — Official documentation for building on TON

• https://blog.ton.org — Blog with the key updates on the ecosystem

Other sources:

• Post on the Open League

• https://www.tapps.center/ — TMAs catalog website

• https://ton.app/ — Dapp catalogue

Can you share more about the DeFi ecosystem in TON and the opportunities it offers?

Malev's role in TON's DeFi ecosystem is marked by his direct oversight of integral projects like STON.fi and Tonstakers. The quickening pace of growth in TON's DeFi is largely attributed to the rise of meme coins and gaming platforms that have flourished post-Notcoin—integrating economic and entertainment models within the blockchain space.

It's noteworthy that the inclusion of native USDT has significantly bolstered TON's Total Value Locked (TVL), with trading pair expansions on DEXs ushering in a new era of liquidity and trading volume. Additionally, the successful launch of liquid staking protocols across key TON wallets, including Wallet in Telegram and Tonkeeper, has democratized the staking process. Users can now easily stake TON, capitalize on rewards, and operate with liquid staking derivative tokens across the DeFi ecosystem.

These advancements are a testament to TON's robust and strategic approach to enhancing its DeFi environment, aiming to provide secure, accessible, and diversified financial opportunities for its users. TON's methodical development ensures a stable and innovative ecosystem for all participants.

Beyond these ventures, the TON DeFi ecosystem is expansive and dynamic. Malev is particularly proud of The Open League, an incentive program designed to nurture and develop the DeFi ecosystem. This program is distributing 30M Toncoin (approximately $230 million as of June 2024) in rewards to encourage participation and innovation within the TON DeFi space over the next year.

https://topco.medium.com/the-state-of-ton-defi-q1-2024-4ce06c34617b

Does TOP invest exclusively in the TON ecosystem, and would it be accurate to describe TOP as both a venture studio and a venture capital firm?

TOP exclusively invests in the TON ecosystem and Telegram Mini Apps and it functions as a Venture Builder. TOP can also partner with talented entrepreneurs to launch a project or assemble a team of experts to incubate a company inside.

Rapid Fire Questions

1. What's one piece of content every aspiring investment professional should read/watch?

   • It’s hard for me to coin the only content piece because there is no silver bullet, it is more about having a lifelong habit to learn and read. On a more practical side: I did enjoy reading Venture Deals and Founders at Work.

2. What’s your biggest investment mistake?

   • Not inventing the system to securely store passwords and seed phrases to be in early on Bitcoin.

3. What’s the most underrated use case of crypto?

   • Putting tokens away in the locker contracts as a gift for a child’s 18th Birthday.

4. What’s your most contrarian view in crypto right now?

   • I disagree with the take that all crypto is a scam.

5. What’s the biggest risk that the crypto space is facing?

   • Absence of self-regulation.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.