🖊 Interview with Steve Yun, the founder of TVM Ventures, a $100-million fund for TON financial products
As we
shared earlier, we’ve asked Steve several questions about his recently launched TVM Ventures. This turned into a short but informative interview which we are happy to share with you.
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TDT: Where does the money come from?
S.Y.: My personal money + one of the Toncoin miners.
TDT: What is the difference between TVM Ventures and TON Ventures?
S.Y.: TVM focuses on expanding TON as a global financial network rather than games. Telegram is an instant messaging, where p2p interactions are happening as a mass scale. This is the best place to use blockchain, which allows p2p payment and interactions. I can't speak for TON Ventures.
TDT: Have you stepped down from the presidency to launch this fund?
S.Y.: These are two separate events. I stepped down for the new management to take over in order to bring efficiency by empowering the right people to lead TON Foundation. I launched this fund to support courageous founders more hands on, selectively and comprehensively.
TDT: Is this your personal initiative, or do you feel that TON needs such a fund and no one else is launching it?
S.Y.: Both. TVM Ventures is for-profit, but not for profit maximizing. It will take more time for TON ecosystem to become the best place to accept investments. There are many reasons, but one of them is that we have to create more disruptive products. Only a select few have the disruptive skills and courage to outcompete. This is the type of projects I will be backing. With this said, after spending 7.5 years in TON ecosystem, I take TON personal and am ready to bet on the future that TON will evolve to go beyond this stage. I guess this is exactly how Ethereum also developed beyond its early days led by Consensys.
At the same time, I also have absolute firm belief in the power of community. I believe there are genius founders in TON. I bet these founders from the community will win over time. So in some ways, I also want to witness that my belief in community from the very beginning was indeed right. A blockchain ecosystem with such vibrant competition will make TON, not only Toncoin as Telegram-associated asset, the world's leading blockchain.
I believe investors betting on the winner is always expected to make profits, but the focus is on winning, not making money or trying to benefit while not taking any risk.
TDT: Your press release mentions «PayFi», that's a little-known concept in the TON ecosystem. What's its main idea?
S.Y.: The main concept of PayFi is to unlock idle money existing in the world and to use that in DeFi to generate more yield. It's interesting that TVM also stands for Time Value of Money, which means that a dollar today is worth more than a dollar tomorrow. This is the main principle in PayFi.
TDT: The press release mentions «TVM-based workchains». What do you expect in this regard?
S.Y.: I do believe there will be more workchains in the future. I am against sidechains, because Ethereum L2 ecosystem has shown its limitations already.
The first workchain I expect to emerge is one with faster finality. It is achieved by, most likely, reasonably compromising the security by reducing the number of validators who needs to validate each block of this particular workchain. The second workchain I see is perhaps a synchronous chain specialized for DeFi although this will need to be scalable enough to handle the bottleneck issue.
The second workchain I see is perhaps a synchronous chain specialized for DeFi although this will need to be scalable enough to handle the bottleneck issue. I don't have enough conviction to push this one through yet, but I hear some voices in the community about the need for such workchain.
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We hope this helps clarify things. If you have any further questions for Steve, please leave them in the comments. If we receive many interesting questions, we might try to perform a second round of Q&A.
@thedailyton