Telegram's First $1B+ Unicorn 'TOP' on Mass Adoption, Treasury Debate & VC Evolution

TON of Alpha was the Season Zero of 168X — the prototype that shaped our East-West capital conversations with frontier leaders.

In this pilot series, we sat down with institutions and builders to decode the emerging billion-user Telegram ecosystem.

How should on-chain treasury funds be used? Where does TON's business model truly lie? And what should developers prioritize today?

Following the strong response to our first episode featuring TON Foundation's VP of IP, Jack Booth, TON of Alpha returns with Episode 2. This time, we sit down with Kirill Malev, Venture Advisor at The Open Platform (TOP) — the first unicorn in the TON & Telegram ecosystem — for an in-depth conversation on the future of TON.

From the much-debated rise of Digital Asset Treasuries to TON's path toward sustainable business models, Web3 VC evolution, tokenization, regulation, and ecosystem growth, Kirill offers rare insights from the perspective of a deeply involved operator.

Does TON Need a Strategic Treasury Fund?

Mr. Z: Thanks so much for joining us, Kirill. Digital Asset Treasuries have been a big trend recently. As a Venture Advisor, what's your view? Does TON need a Treasury Fund?

Kirill: It's definitely one of the hottest and most exciting trends right now. I expect a few treasury-style companies to emerge and draw real attention.

But before partnering or investing, you should make sure these companies actually know what they're doing — otherwise, there's real risk.

The TON ecosystem does need significant resources to grow, but honestly, I'm not too worried about capital. TON Foundation is already taking care of much of this, and many early miners have donated generously to ecosystem development.

What I care about the most is mass adoption — I hope one day TON becomes even more widely recognized than Bitcoin.

Mr. Z: Would TOP consider incubating or participating in a Treasury Fund?

Kirill: We're interested in anything that creates long-term value for the Telegram/TON ecosystem. Scale doesn't matter — what matters is sustainability.

We're less focused on short-term hype. We've seen enough of that in this ecosystem already.

What Will TON's Sustainable Business Models Look Like?

Mr. Z: You mentioned sustainable business models. What unmet needs do you see in TON today?

Kirill: I see a lot of opportunities — simple yield products, real-world asset tokenization (RWA), and viral growth mechanics.

RWA is particularly interesting because it connects capital markets with real-world yield-generating assets, redistributing returns to capital providers. TON can combine Telegram's strong distribution with the deep liquidity of Web3 capital.

Mr. Z: That reminds me of payments. TON's TPS is extremely high and USDT supply on TON has surged from April to over $1.4B today. Is payment a core pillar of TON's future?

Kirill: Payments are absolutely a high-demand use case with huge potential. But trading infrastructure will also be key — and it still needs time to mature.

Over the next year or two, I expect TON's technology to grow rapidly. Payments, RWA, trading infrastructure — we'll see a diverse set of business models flourish.

The New Role of Web3 VCs: Becoming Venture Builders

Mr. Z: How do you see Web3 VC evolving? Is the role changing?

Kirill: Web3 is becoming more transparent and accessible, attracting more talent. Long-term, I think it will resemble traditional finance — more mature, more stable.

Many VCs today are no longer just capital providers — they're becoming venture builders. If you know the market and know what is needed, why not build the product yourself?

So when we talk about trends, it's not just about starting Treasury companies. VCs are taking on multiple roles: building products, launching new protocols, managing liquidity, and actively seeking the best opportunities for LPs.

At its core, VC is about capital allocation — attracting capital, deploying it strategically, and growing it.

The Future of Tokenization and Its Regulatory Challenges

Mr. Z: What's your view on tokenization?

Kirill: Tokenization will definitely happen. Yes, Web3 still has too many scams, but regulation will accelerate this trend and bring stability.

If we eventually see a protocol that protects users from scams, the tokenized asset market could even surpass traditional stock markets.

What Will TON Look Like by 2026?

Mr. Z: As an early TON participant, what do you think TON will look like by the end of 2026?

Kirill: I'm most excited about MiniApps solving everyday problems. We already have over a thousand MiniApps, and daily active users are growing fast.

This trend will only accelerate — we're still just at the beginning.

Advice for TON Developers

Mr. Z: Any advice for TON developers, whether already building or considering entering?

Kirill: Know why you chose TON. Is it the tech? The community? The market? And who are your users?

If your goal is millions of non-crypto users, TON/Telegram is a great choice.

But the most important thing: don't give up too early.

Also, be honest about what you're building. What business are you really in? Does the market need it? Keep evaluating and iterating.

Quick Fire Round

Mr. Z: If you could "borrow" one feature from another blockchain to strengthen TON, what would it be?

Kirill: Region-specific regulatory compliance for wherever Telegram operates.

Mr. Z: What's a TON ecosystem opinion you hold that others might not?

Kirill: Mass adoption is already happening.

Mr. Z: If resources and technology were unlimited, what startup would you build?

Kirill: A decentralized exchange similar to Hyperliquid.

Mr. Z: What milestone in the next 12 months would make you feel TON has "made it"?

Kirill: TON reaching the top 3 on CoinMarketCap.

Mr. Z: Any alpha you can share?

Kirill: There are many extremely talented people in the TON ecosystem. Real results are coming. My team is also building something truly useful — can't reveal too much yet, but stay tuned.

Mr. Z: Thank you, Kirill. From Treasuries to TON's evolution, VC trends, and developer guidance — you've given extraordinary insight. If you found this episode valuable, please like, share, and follow TON of Alpha. I'm your host, Mr. Z — see you next time.

Kirill: Thanks everyone — goodbye!