[Blooming Lunch] Justin Hyun Says Blockchain’s ‘Trustless’ Model Must Be the Future of Finance

Bloomingbit

“Meeting good people and having good conversations.” That is the idea behind Blooming Lunch. We meet people in the crypto scene — the blockchain and digital-asset ecosystem — and tell the story of their work and lives.It is hard to describe Affluent co-CEO Justin Hyun without mentioning the TON Foundation.TON is a Telegram-based layer-1 blockchain that was named Telegram’s official blockchain partner in 2023. Hyun served as director of institutional growth at the TON Foundation for about three years, from 2022 through last year.He later left the foundation and co-founded Affluent, a TON-based decentralized finance project. Its core goal is to expand DeFi services across the Telegram ecosystem, which has 1 billion monthly active users.I met Hyun at Yoojung Sikdang in Seoul’s Gangnam district. The restaurant is known as a stop on the so-called BTS tour because members of BTS visited it often during their trainee years. Inside, the walls were covered with posters and merchandise left by fans from around the world.Hyun arrived in shorts and a T-shirt. We ordered two portions of the restaurant’s signature Yoojung ssambap set. He said he comes often because it is close to his office. He added that Korean food is well balanced nutritionally and that he has definitely felt healthier while living in Korea.From Deloitte and BlockFi to TONHyun is Korean Canadian. His family immigrated to Canada when he was 8. After finishing high school there, he studied accounting at a US college and later worked for five years as an accountant at Deloitte, one of the Big Four firms.He entered the crypto industry in 2021, when he joined US crypto lender BlockFi in a finance strategy role. Recalling the early stages of the Covid-19 pandemic, he said he spent time in Canada then and developed an interest in the sector naturally because a Canadian classmate he had known since childhood was already working in blockchain.As we talked, a sizzling plate of black pork stir-fry arrived at the table. The sweet-and-spicy pork paired well with the fresh wrap vegetables served alongside it. The side dishes, mostly seasoned greens, were clean and neatly prepared. Several foreign diners in the restaurant were eating the same pork ssambap set.Hyun continued as he wrapped the pork in lettuce. BlockFi was a centralized-finance company, and although he joined because he wanted to take on a challenge in blockchain, the work itself did not feel much different from traditional finance. That left him disillusioned. He later met TON developers through an acquaintance’s introduction and decided to give it a try.Growing Hunger for DeFi Led to AffluentHyun formally joined the TON Foundation in 2022. That was before the foundation’s official launch in Switzerland in 2023, when the organization was still taking shape. Early on, he handled incubation for TON-based projects and came to see the potential for DeFi on TON while working with multiple teams.His interest in DeFi kept growing. Last year, he left the TON Foundation and launched Affluent, a TON-based DeFi project. By his description, Affluent is a third-generation DeFi lending platform.DeFi lending platforms evolved from first-generation services such as Aave, which focused on straightforward crypto lending, to second-generation models such as Morpho, which added an asset-management element to lending. Affluent works with asset managers to help maximize returns on borrowed assets. Its defining feature, he said, is a trustless model designed to increase transparency in asset management and structurally block the possibility of embezzlement.After lunch, we headed to specialty cafe Popular Coffee Roasters near Hakdong Station on Seoul Subway Line 7, about a 10-minute walk from Yoojung Sikdang. We ordered two cups of filter coffee brewed with El Salvador Malacara C Pacamara Natural beans. The tasting notes on the menu listed grapefruit, cherry and blackberry.Hyun laughed and said it felt symbolic to talk about crypto over coffee brewed from Salvadoran beans. El Salvador became the first country in the world to adopt Bitcoin as legal tender in 2021.Once we settled into our seats, the conversation returned to the trustless model. The concept is one of the core principles of decentralization, referring to a system in which transactions can be carried out securely without trusting intermediaries such as institutions. For blockchain, being trustless does not mean intermediaries cannot be trusted. It means they do not need to be trusted. Hyun said he goes beyond believing such systems will become the future of finance. In his view, they must become that future.Demand for TON-Based DeFi Will GrowMost existing DeFi lending platforms are built on Ethereum. Asked why Affluent chose TON instead, Hyun said Telegram’s strength lies in accessibility because it already serves as a communication tool for 1 billion people worldwide, giving it an edge over any other blockchain.The biggest obstacle for existing DeFi services is that ordinary users have had to learn about blockchain before they could access them, he said. In his view, the long-term viability of DeFi — and of every blockchain mainnet — will ultimately depend on how easily everyday users can access it in daily life.The network’s growth potential was another reason he chose TON. Telegram has a philosophy of not monetizing user data the way other social-media platforms do, he said, which leaves it little choice but to deepen its revenue model through blockchain platforms such as TON. He added that TON will become increasingly integrated with Telegram. As blockchain adoption spreads, demand for TON-based DeFi services will keep rising in regions where Telegram is a primary messenger app, including Eastern Europe and Southeast Asia.Asked about the appeal of the crypto scene, Hyun said its biggest strength is that, more than any other industry, it does not judge people by where they come from. When companies recruit talent, the focus is less on race or academic background and more on how much a person can contribute. Put simply, opportunity is open to everyone. He added that another attraction is the sheer number of smart people in the industry, which makes the work stimulating every day.After the interview ended, Hyun stood up first. As he slung on his backpack, he recalled hearing that a successful person is someone who enjoys going to work and enjoys heading home as well. Working in crypto has made him feel like that kind of person, he said with a smile. He then hurried out of the cafe, saying he had a meeting at the office shortly.This interview was conducted without sponsorship or financial compensation from any restaurant or brand, and with no commercial intent. The Blooming Lunch series is designed to capture informal, free-flowing interviews at eateries regularly visited by the interviewee.