Exclusive Interview with TON of Alpha｜Telegram's First Unicorn TOP: Is the encryption reserve company the future of Web3 VC? TON Blockchain 2026 Predictions

How should the reserve fund of the token stock be used? Where is the business model of TON? What should developers pay attention to?

Following the widespread attention generated by the first episode featuring Jack Booth, Vice President of the TON Foundation IP, the TON of Alpha Second Episode invites Kirill Malev, Venture Advisor of The Open Platform (TOP), the first unicorn in the TON and Telegram ecosystem with a valuation of 1 billion, to provide an in-depth analysis of the future development of the TON ecosystem.

From the most discussed topic of Treasury Fund, to the sustainable business model of TON, Web3 venture capital trends, and asset tokenization and compliance challenges, Kirill offers the deepest observations and suggestions for TON builders from the perspective of a practitioner deeply involved in the ecosystem.

TON of Alpha ( @TONofAlpha ) is an open interview program aimed at institutions and builders, dedicated to connecting the 1 billion user ecosystem of Telegram & TON, produced jointly by TONX and KTON—both of which have been early TON miners and core builders since 2021.

Host*: Mr. Z (* @69420MrZ ) ·Guest: Kirill Malev ( @playittodeath )

Program X Space Audio:

Does TON need a strategic reserve company (Treasury Fund)?

Mr.Z: Thank you very much and welcome Kirill Malev to participate in the second episode of Ton of Alpha. Recently, Digital Asset Treasury has been gaining momentum. As a Venture Advisor, what are your thoughts on this matter? Does TON need a Treasury Fund?

Kirill: This is a very popular and interesting gameplay recently. I expect there will be some projects related to Treasury that will spark interest and attention in the market. Before collaborating or investing in such companies, it's best to ensure that they really know what they are doing to avoid pitfalls.

I believe that ecological growth indeed requires a lot of resources, but when it comes to funding, I am not too worried. The TON Foundation is currently responsible for this aspect, and there are also many early miners generously donating funds for ecological construction. What I am actually more concerned about at the moment is large-scale user adoption. I hope that one day in the future, TON can become a more widely known cryptocurrency term than Bitcoin.

Mr.Z : Is TOP interested in participating in the incubation of the Treasury Fund or related projects?

Kirill: We are interested in all projects that can create long-term value in the Telegram/TON ecosystem. Regardless of size, as long as they are sustainable and can create long-term value, we will pay attention to them. As for those projects that pursue short-term hype, we actually don't have much attention on them at this stage, because we have seen too many such cases in this ecosystem.

What will be the sustainable business model of the TON ecosystem?

Mr.Z: You mentioned sustainable business models, can you tell us what unmet needs TON currently has?

Kirill: I think there is a lot of potential to be tapped into, such as simple yield, RWA, or viral forms. The essence of RWA is actually to connect the capital markets with applications in the real world that can generate returns, and to distribute these returns to capital providers. Therefore, I believe that these types of projects will have many opportunities to leverage the strengths of both sides – on one hand, utilizing the powerful distribution capabilities brought by Telegram, and on the other hand, introducing the vast capital of the Web3 world.

Mr.Z: This reminds me of payment scenarios. TON has a very high TPS, making it very suitable for payments, and we have seen the USDT issuance on TON grow rapidly from April to now, reaching 1.4 billion dollars. Do you think this will be one of the cores of TON's future?

Kirill: Payment is definitely a strong demand scenario, its potential is very clear. But I also believe that trading infrastructure is an important part, although it may still take some time to improve. However, I believe that in the next year or two, the technology of TON will continue to explode and grow, and we will see various different business models flourishing from payment, RWA to trading infrastructure.

The Transformation of the Role of Web3 Venture Capital: Wearing Multiple Hats

Mr.Z: So how do you see the overall evolution of the Web3 venture capital industry? Is the role of VCs changing?

Kirill: I think Web3 will become more transparent, easier to enter, and will attract more talent. In the long run, it will gradually mature and stabilize like traditional finance.

Many VCs are no longer just providing capital; they are starting to act as Venture Builders. When you understand the market and the demand, why not take matters into your own hands and create products?

Therefore, when discussing the trends in the venture capital industry, it is not just about establishing Treasury companies. Nowadays, VCs often take on multiple roles, launching products and new projects themselves—not just liquidity providers, not just fund managers, and not just traditional venture capital firms, but rather doing their best to find the best investment and profit opportunities for liquidity providers and LPs.

After all, what VC essentially does is capital trading, which involves attracting funds first, then actively deploying them, and ensuring the funds continue to appreciate.

The Future of Asset Tokenization and Regulatory Challenges

Mr.Z: What do you think about the trend of Tokenization?

Kirill: Asset tokenization is definitely coming. Although there are still too many scams in Web3 right now, I believe that regulation and legislation will help this trend move faster and more stably. If a protocol can emerge in the future to help everyone prevent scams, the asset tokenization market might be even larger than the traditional stock market.

What will TON look like in 2026?

Mr.Z: As an early participant in TON, what is your perspective on the future of TON? For example, what do you think it will become by the end of 2026?

Kirill: I am most looking forward to seeing more MiniApps that combine social scenarios and address daily needs. We now have thousands of MiniApps, and the number of daily active users continues to grow. This trend will only accelerate because we are just getting started.

Suggestions for TON Developers

Mr.Z: Do you have any suggestions for the developers of TON? Whether they are already cultivating in the ecosystem or just observing.

Kirill: My advice to developers is: you need to be clear about why you chose TON, is it for the technology, the community, or the market? Who is your product aimed at? If you want to serve millions of non-crypto users, then TON/Telegram is a great choice. Of course, the most important thing is: Don't give up too early.

Also, one must honestly face what exactly they are building, what the essence of this business is, and whether there is still a demand in the market. Continuous examination and adjustment are necessary.

Quick Q&A

Mr.Z: Next is the rapid-fire Q&A session. I will ask a question, and I hope Kirill you can share your most immediate thoughts. The first question: If you could "borrow" a feature from another blockchain to enhance TON, what would you choose?

Kirill: Ensuring compliance with local regulations in every area where Telegram operates.

Mr.Z: What is your most unique perspective on the current builders of the TON ecosystem?

Kirill: Mass adoption is already happening.

Mr.Z: If there were no restrictions on funding and technology, what new venture would you pursue?

Kirill: I will create a decentralized exchange similar to Hyperliquid.

Mr.Z: What milestones do you think will make you feel that TON has succeeded in the next 12 months?

Kirill: TON ranks in the top three on CoinMarketCap.

Mr.Z: Can you leak a little Alpha to us secretly?

Kirill: There are many excellent talents working hard in the TON ecosystem, which will bring real results. In addition, my team and I are also building a truly useful project, and we cannot reveal too much for now, but please stay tuned.

Mr.Z: Today's program content is very exciting, from the Treasury Fund, the development of the TON ecosystem, to the trends in Web3 VC, Kirill provided very valuable insights. If you find this episode valuable, remember to forward, share, and follow TON of Alpha. TON of Alpha has just started, I am your host Mr. Z, see you next time!

Kirill : Thank you all for listening, goodbye!

If you enjoyed this first episode and want to stay updated on the latest developments in the TON and Telegram ecosystem, feel free to follow @TONofAlpha on X (Twitter) for the latest shows and exclusive insights.

If you want to see more behind-the-scenes footage and first-hand insights, don't forget to follow the host @69420MrZ and guest @playittodeath!