Justin Hyun, whose name became synonymous with the early grunt work of developing TON, returns. But this time, he’s not just building on Telegram, he’s building in it. Affluent, his new Shiba Inu-themed crypto investment app, aims to introduce the lucrative world of DeFi to Telegram’s 600 million users. But do you really want to bet your hard-earned crypto on an app that exists within a messaging platform? That’s the big question – or perhaps, given the nature of crypto, the non-existent dollar question.

Affluent simplifies DeFi. Really simplifies it. Imagine one-click investing, automated asset allocation, and “Strategy Vaults” run by smart contracts and — oooh — supposedly human experts. Sounds great, right? Particularly if you’re like many of us who were too scared to understand the intricacies behind yield farming and liquidity pools.

Here’s where my skepticism kicks in. DeFi, by its nature, is complex. It’s a brave new world of just-in-time smart contract capabilities, impermanent loss and rug pulls. Removing that complexity doesn’t reduce the risks, it simply obscures them. It’s akin to providing someone a Ferrari without instruction on how to operate it. Okay, they can be on the joyriding for some time, but sooner or later, they’re going to wreck.

Affluent's targeting "users of all backgrounds and knowledge levels" is a red flag. Finance shouldn't be this easy. Real investing requires serious research, deep understanding of what you’re getting into, and a huge amount of caution. This app would make crypto investment a morally bankrupt game. That’s a risky proposition when real taxpayer dollars are at stake. It gets me thinking about the early advent of stock trading apps. Those commission-free trades helped to catalyze a wave of speculative investing with millions of Americans finding themselves deeply in the red. Are we doomed to repeat history?

Affluent’s most powerful feature, and simultaneously, its biggest shortcoming is its Telegram integration. On one hand, it’s a really appealing proposition—it offers immediate connectivity to hundreds of millions of potential customers. On one hand, it links a deeply financial application to a platform best identified with means of its dynamic application to security and privacy.

Telegram’s end-to-end encryption has been a contentious point for years. Although the platform provides end-to-end encrypted secret chats on the app, the default chats aren’t — and that’s a problem. This raises grave concerns for the security of highly sensitive financial data flowing through the app. Do we want to put our crypto assets in the hands of a messaging app? Even one that sits on top of a blockchain like TON?

The centralized nature of Telegram is a double-edged sword as it creates a single point of failure. A government crackdown, or a successful hack of Telegram’s servers, could mean catastrophe for Affluent and its users. Even a change to Telegram’s moderation policies could prove disastrous. It's like building your house on someone else's land – you're always at their mercy.

Affluent focuses on mitigating risk, promoting its security audit from Trail of Bits, its use of isolated lending pools, and flash loan mitigation. These are all positive steps. Audits are snapshots in time. They don't guarantee future security. Isolated lending pools do have an effect of shielding other pools from the impact of bad debt, but that doesn’t remove the risk completely. While TON's asynchronous design may reduce the risk of flash loan attacks, it doesn't make the app immune to other types of exploits.

The “Vault Managers” – smart automated electronic smart contracts augmented by human specialists – sounds especially interesting. It promises a hybrid solution, one that combines the ability of algorithms to process data quickly at scale with the decision-making skills of trained experts. Who are these Vault Managers? What are their qualifications? What further jurisdiction do they really have over those automated tactics? Transparency is crucial here.

Here's a question that might make you feel Awe/Wonder: Can human experts truly outsmart the market in the long run, especially in the rapidly evolving world of DeFi?

Affluent markets itself as democratizing finance, democratizing access to DeFi and bringing it to the masses. It's a noble goal. Bridging the financial inclusion gap is an important, fundamental goal and crypto is uniquely positioned to help create a playing field without that tilt.

Democratization should not come at the cost of user safety. Making DeFi as simple as downloading an app and letting anyone dive in without knowing the dangers would be dangerous and cavalier. It's like handing a loaded gun to a child – you're not empowering them; you're putting them in danger.

The future of Affluent will largely hinge on if it can find a happy medium between being easily accessible and taking enough risk. It must inform its users, be open about its algorithms, and be willing to evolve with the changing security terrain. If we aren’t very careful, it might become a cautionary tale. In the crypto world, the path of least resistance is usually the one that drops off a cliff.

Ultimately, Affluent is a gamble. A potentially genius one, yes. But a gamble nonetheless. Invest responsibly and don’t invest more than you can afford to lose. And as always in crypto, past fortune is no promise of future treasure—only a probability. And at present, the odds of finding a fully safe and effortless journey out there in DeFi are still fairly slim.

Affluent positions itself as democratizing finance, bringing DeFi to the masses. It's a noble goal. Financial inclusion is essential, and crypto has the potential to level the playing field.

But democratization shouldn't come at the expense of user safety. Simplifying DeFi to the point where anyone can jump in without understanding the risks is irresponsible. It's like handing a loaded gun to a child – you're not empowering them; you're putting them in danger.

The success of Affluent will depend on whether it can strike a balance between accessibility and risk management. It needs to educate its users, be transparent about its processes, and continuously adapt to the evolving security landscape. Otherwise, it risks becoming a cautionary tale – a reminder that in the world of crypto, sometimes the easiest path leads to the steepest fall.

Ultimately, Affluent is a gamble. A potentially genius one, yes. But a gamble nonetheless. Invest with caution, and only what you can afford to lose. And remember, in crypto, there are no guarantees, only probabilities. And right now, the probability of a completely safe and easy ride in DeFi is still pretty low.