Sentora Vault is the first cross-chain vault product in the TON Ecosystem, enabling Telegram Wallet users to access Ethereum-native stablecoin yield without leaving Telegram.

By abstracting away bridging, gas fees, and DeFi complexity, Sentora Vault allows users to earn rewards on RLUSD and PYUSD using USDT as the sole deposit and withdrawal asset, delivering sustainable high yield through a fully compliant and risk-managed structure.

1. Overview

Sentora Vault is a stablecoin yield vault built on Affluent, designed specifically for Telegram Wallet users.

It enables users to earn high-quality, institution-grade rewards denominated in RLUSD and PYUSD, both fully fiat-backed stablecoins, while depositing and withdrawing exclusively in USDT.

All cross-chain execution, asset minting, and yield generation occur trustlessly in the background, removing technical friction and lowering the barrier to cross-chain DeFi participation.

2. Core Value

Frictionless User Experience

• No manual bridging, no Ethereum gas fees, and no complex DeFi interactions

• Users interact exclusively with USDT inside Telegram Wallet

• The experience is as simple as: Deposit USDT → Earn RLUSD / PYUSD rewards

Optimized & Stable Returns

• Rewards are generated through Ethereum-native strategies

• Yield is denominated in RLUSD and PYUSD, providing exposure to regulated, fiat-backed stablecoins

Security & Governance First

• Smart contracts audited by a tier-1 auditor (Trail of Bits)

• Governed by a multisig

This structure ensures shared control, operational transparency, and robust risk oversight.

3. Vault Structure & Operation

Deposit & Withdrawal Mechanics

• Deposits and withdrawals are supported exclusively via USDT

• Direct minting or burning of RLUSD or PYUSD by users is not permitted

• All actions are processed through queued execution to ensure security, compliance, and controlled liquidity management

Cross-Chain Execution

• Deposited USDT is bridged out by the Vault Manager

• USDT is used to mint: Euler RLUSD Vault Tokens, Euler/Morpho PYUSD Vault Tokens on Ethereum (minted vault tokens are then bridged back to TON to capture TVL)

4. Vault Specifications

Depositable/Withdrawable Asset:

• USDT only

• Queued deposit and withdrawal required (no instant execution)

  • Deposit: processed 1 to 2 times a week

  • Withdraw: processed 1 time a week

Whitelisted Assets:

• USDT

• EulerVault (RLUSD)

• EulerVault (PYUSD)

• MorphoVault (PYUSD)

Leverage & Exposure:

• 100% exposure cap

• Non-leveraged, principal-preserving structure

Financial Terms:

• Management Fee: 0.50% per annum

• Queued Withdrawal Fee: 0.10%

• Oracle Pricing: USDT, RLUSD, and PYUSD are hard-pegged at $1 (this protects users against temporary secondary-market depegs and oracle volatility)

5. Queued Execution Framework

Deposit Queue

• Users submit USDT into a deposit queue

• Deposits are batch-processed 1 to 2 times per week

• Vault tokens are minted and distributed once execution is completed

Withdrawal Queue

• Withdrawals are supported only via the queue

• Processed 1 time per week on a 7-day cycle, ensuring orderly liquidity management

6. Operational Flow & Responsibilities

User Flow

• Deposit:

  • Submit USDT into the deposit queue

  • Receive vault tokens after batch execution

• Withdraw:

  • Submit a withdrawal request to the weekly queue

  • USDT is returned once the cycle is completed

Vault Manager Responsibilities

• Compliance & Risk Controls:

  • Screens all queued deposits against Elliptic sanctions databases via Guardian before execution

• Strategy Execution:

  • Executes USDT → RLUSD / PYUSD minting via Curve.fi

  • Handles direct minting and burning via Euler & Morpho

• Administration:

  • Claims rewards using Ethereum-linked operational accounts

  • Manages weekly withdrawal queues and cross-chain settlement

Earn (Telegram Wallet) | Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Affluent Protocol V3 marks a structural evolution of the protocol.

From a yield product into a cross-chain financial infrastructure designed for scale, resilience, and institutional-grade risk management. Building on our December roadmap, V3 introduces cross-chain execution accounts, real-world asset–aware collateral controls, and enhanced vault-level safeguards that collectively expand asset coverage while protecting lender capital.

These upgrades are not incremental features, but core operational primitives that enable Affluent to safely connect Telegram-native users to global liquidity, Ethereum-based yield opportunities, and on-chain representations of traditional assets, all within the familiar experience of Telegram Wallet.

Cross-Chain Account

• Access to a wide range of yield opportunities: Securely transfer assets between the TON chain and external chains via Cross-Chain technology, enabling access to a broader array of DeFi yield opportunities.

• Execution via dedicated proxy accounts: Cross-Chain Accounts deployed on external chains act as agents following commands from the TON Vault, ensuring secure and consistent operations.

• Strict whitelist management: The Vault strictly adheres to predefined asset and protocol whitelists, preventing unauthorized holdings of abnormal assets at the source

• Price deviation tolerance-based protection: If asset value deviates beyond set thresholds due to hacks, bugs, or abnormal slippage, transactions are immediately reverted to protect assets from abnormal losses.

• Integrity Verification System: Thoroughly validates messages transmitted via messaging layers like LayerZero to prevent forgery or replay attacks, ensuring constant cross-chain state synchronization.

RWA Market Collateralization

• Risk Diffusion Prevention: Temporarily suspends risk-increasing transactions like loans or collateral withdrawals when market prices are unreliable, protecting the system.

• Lender Capital Protection: Acts as a core safeguard protecting lenders’ capital when value erosion occurs, particularly in RWA (Real-World Asset) markets with low liquidity or difficult fair value assessment.

• Proactive Market Response: Prevents panic selling or irrational liquidations in abnormal price environments by freezing transactions until market uncertainty resolves.

Enhanced Vault Features

• Deposit Cap (Limit Setting): Limits the maximum deposit and loan quantities for specific tokens, preventing excessive market exposure and enhancing the protocol’s risk management capabilities.

• Withdrawal Fee: Acts as a friction mechanism to prevent sudden large-scale fund outflows (bank runs), maintaining strategy stability. It also offsets transaction costs and market impact, protecting the Net Asset Value (NAV) and long-term returns for investors remaining in the Vault.

Earn (Telegram Wallet) | Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

1. Open TON Wallet (How to Use the TON Wallet)

2. Tap Earn (bottom-right in the menu)

3. Select any Affluent product you see, for example:

   • USDT Earn

   • Gold Earn (XAUt)

   • More vaults coming soon

You will now see the vault’s details and the deposit button.

2. How to Use Affluent Vaults?

Deposit:

1. Choose the vault you want to use

2. Tap Deposit

3. Type in the amount you want to add

4. Confirm the transaction inside the TON Wallet

Your funds are now safely stored in Affluent’s Vault and start earning yield seamlessly.

Checking Balance:

1. Tap Earning Assets in the TON Wallet “Earning” Section

2. You will see:

   • Your deposited assets

   • Current balance (generated yields are included)

Withdraw:

1. Select the vault you deposited into (USDT, Gold)

2. Tap Withdraw

3. Enter the amount

4. Withdrawal types:

   1. Instant Withdrawal: Enter the desired amount & confirm the transaction, and receive assets instantly

   2. Regular Withdrawal: If the desired withdrawal amount is higher than the Vault’s reserve amount, your withdrawal will be settled within 24 hours

Earn (Telegram Wallet) | Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Native Gold Strategy, No Hassle

With this integration, users can now access our Gold Multiply Vault , a low-volatility, gold-backed multiple-yield strategy, directly inside Telegram Wallet’s “Gold Earn” tab.
There’s no need for bridging, extra DApps, or complicated steps. Simply open your Telegram Wallet, navigate to Gold Earn, and you’re ready to deposit.

Why Gold ? Trusted, Transparent, High-Quality Yield

At Affluent, we believe yield strategies should meet three core criteria: owner control, transparency, and institutional-grade security.

Read our previous publishing on “Turning Gold into Yield with Affluent”.

• Owner control: Funds remain non-custodial and on-chain; you maintain full ownership of your assets throughout.

• Transparency: The strategy logic is visible on-chain, performance is verifiable, and the underlying gold exposure is documented.

• Institutional-grade security: Smart contracts are audited, risk controls are embedded, and the strategy is designed for durability, not just yield-chasing.

By launching this inside Telegram Wallet’s Gold Earn, we’re offering a user-friendly experience without compromising on the robustness of our architecture.

What This Means for Users

For eligible Telegram Wallet users interested in gold-backed yields, this integration delivers:

• Direct access to a sophisticated gold-multiply strategy inside the Telegram app.

• No extra apps, no bridging, no manual swaps just deposit and earn yield.

• Full flexibility: deposits and withdrawals as per the Vault terms.

• The same risk-management framework that powers all Affluent Vaults: audited contracts, transparent accounting, and continuous monitoring.

Partnership & Shared Vision

We’re proud to partner with Telegram Wallet’s team, who share our vision of making DeFi seamless, transparent, and privileging users over intermediaries. This integration amplifies our mission: to embed DeFi-grade infrastructure into everyday digital experiences.

Together, we’re building a future in which earning doesn’t require sacrificing control, transparency, or ease of use.

What’s Next?

This Gold Earn launch is second biggest milestone for us. In the coming weeks and months, watch for:

• Expanded vault strategies (multi-assets across multi-chains).

• Exclusive marketing campaigns that rewards the contributors

• Additional UI/UX refinements inside Telegram to make yield-earning as frictionless as messaging.

Stay tuned via our official channels for updates and walkthroughs on how to maximise “Earn” via Affluent’s Vaults inside Telegram Wallet.

We’re excited for you to join us on this journey, to earn responsibly, transparently and with full ownership. Head into Telegram Wallet now and explore Affluent’s Gold Multiply in the Gold Earn tab!

Earn (Telegram Wallet) | Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

We are pleased to announce that Affluent Vaults are now natively integrated within the Wallet in Telegram. This collaboration reflects a shared commitment to advancing secure, transparent, and trustless financial infrastructure directly inside the world’s most widely used messaging environment.

Trustless Asset Management, Now Native in Telegram

Affluent is built around a core principle: users should maintain full control over their assets while benefiting from automated yield strategies. Our vault architecture operates in a trustless asset management framework, where funds remain on-chain and non-custodial, secured through transparent smart contract logic rather than centralized intermediaries.
This ensures that users maintain ownership at every stage, no permissions surrendered, no withdrawal restrictions, no opaque management layers.

Institutional-Grade Security Backed by Robust Risk Management

Our integration into Wallet in Telegram brings the same institutional security standards we apply across the Affluent protocol:

• Professionally managed under strict smart contract parameters, ensuring no unauthorized exposure

• Fully transparent with on-chain accounting for real-time insight into vault performance and yield generation

• Stable yield accessible anytime through flexible deposits and withdrawals, powered by low-volatility strategies such as lending and Ethena

• Externally audited and continuously monitored smart contacts with comprehensive security oversight.

The result is a risk-managed yield environment designed for both long-term sustainability and user protection.

USDT Holders Now Can Earn Yield Directly in Telegram Wallet

Through this integration, USDT holders can now earn up to 4.1% APY (as of 3rd November, ‘25) directly in Wallet in Telegram. Without bridging, swapping, or manual strategy execution.
But the value extends beyond convenience:
It is about enabling users to earn responsibly, using strategies that are explained, verifiable, and supported by built-in safeguards.

This aligns with our principle that simple experiences should never compromise on security or transparency.
*APY is variable and may fluctuate over time based on market conditions.

Shared Commitment to Reliability and User Protection

We value the aligned vision with the Wallet in Telegram team, whose emphasis on safe and intuitive financial tooling has reshaped how users interact with digital assets inside Telegram.
Together, we are expanding an ecosystem where earning does not require trust in centralized operators, only trust in open, verifiable systems.

Building a Secure Foundation for DeFi in Telegram

This integration is a foundational step.
As we expand the range of Affluent Vaults and introduce new hedged, multi-asset strategies, our priority remains unchanged:

• Security first

• Risk-aware yield generation

• User ownership and autonomy

The future of finance inside Telegram will not be built on speculation, it will be built on transparent, secure, and reliable on-chain infrastructure.

We are proud to contribute to that future.

Earn (Telegram Wallet) | Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Average APY is annualized based on yields accrued during August 2025.

The Lending Vaults, available for TON and USDT, allocate liquidity across multiple markets, factoring in collateral risks and market demand. These vaults are designed for low-risk investors, such as whales or institutions, seeking stable returns.

The Strategy Vaults primarily employ a looping strategy, which involves borrowing assets against collateral to capture the spread between borrowing and lending rates. These vaults appeal to investors willing to take on higher risks for potentially greater rewards.

New Strategy Vault

In August 2025, Affluent launched the Gold Multiply Vault following the introduction of Tokenized Gold (XAUt0) on TON. Gold has long been regarded as a safe-haven asset and an effective hedge against inflation, making it a recommended addition to any investor’s portfolio, especially in volatile times. XAUt0, issued by Tether, the leading stablecoin issuer, offers a more efficient and accessible way to invest in gold. Affluent’s Gold Multiply Vault builds on this by combining gold exposure with a yield-generating looping strategy, enabling investors to benefit from both asset appreciation and enhanced returns.

Deep Dive into Ethena Multiply Vault

The Ethena Multiply Vault is a leveraged strategy centered on USDe, a synthetic dollar stabilized through delta-neutral hedging. Its staked variants include sUSDe, which distributes profits to holders, and tsUSDe, a TON-native staked version of USDe with slight variations. Launched in July 2025, the Ethena Multiply Vault quickly became Affluent’s fastest-growing vault, attracting $500K in stablecoin deposits within its first month.

Currently, tsUSDe holders benefit from additional incentives provided by the TON Foundation. For holdings up to 10,000 tsUSDe, the Foundation directly deposits TON equivalent to a 10% APY boost into users’ wallets. This incentive applies not only to tsUSDe held directly but also to amounts supplied to Affluent’s market or held in the Ethena Multiply Vault. As a result, users can enjoy a leveraged, boosted APY by participating in this vault.

Despite its rapid growth, the Ethena Multiply Vault experienced a brief period of price stagnation in the second week of August 2025, with notable dips and recoveries surrounding this period. This volatility prompted several user inquiries regarding yields. Below, we provide a detailed explanation to address these concerns.

Performance Analysis

1. USDe price fluctuations

To avoid the low liquidity and high volatility of tsUSDe’s DEX price, which could trigger unnecessary liquidations, the vault calculates its price using a more stable method. The price is derived by multiplying the USDe price, sourced from deep-liquidity DEX like Curve and Uniswap, by the tsUSDe/USDe exchange ratio obtained from Ethena’s smart contract. While this approach enhances price reliability for tsUSDe, it does not fully shield the vault from USDe’s inherent price volatility.

As shown in the charts, USDe is not perfectly pegged to $1 and experience slight fluctuations. On August 8, it experienced a notable drop of about 7 basis points, roughly equivalent to the daily yield of the Ethena Multiply Vault (30% ÷ 365 ≈ 0.082%). Although it quickly recovered, another dip of approximately 5 basis points occurred on August 14. Such sudden drops directly impact the vault price.

2. Negative Yield-Borrow Rate Spread

TON Foundation offers a 10% APY TON incentive to tsUSDe holders, but this reward is paid directly to users’ wallets and does not accrue to the vault itself. As a result, the vault cannot benefit from this boosted yield. From August 7 to 14, tsUSDe yields dropped below 5%, while USDT borrowing rates on the Ethena Market climbed to 8%, resulting in a negative yield-borrow rate spread.

During this period, the vault operated with approximately 130% leverage (borrowing USDT equivalent to 30% of the TVL). The vault’s APY can be calculated as follows:

This APY reflects the vault’s yield without the TON Foundation’s incentive boost. When users evaluate the vault’s value based solely on the number of tsUSDe tokens, periods of negative spread can lead to a decline in perceived value, which was unexpected for many investors.

Final Thoughts

The Ethena Multiply Vault is designed to amplify returns by leveraging TON Foundation’s APY boosts. While internal losses may occur, the leveraged farming incentives typically outweigh these, benefiting users. On the Earn page, the vault’s displayed yield includes the portion boosted by these incentives.

However, the unexpected decline in vault value caught some users by surprise. In hindsight, Affluent recognizes the need for clearer, proactive communication regarding these dynamics and acknowledges this oversight.

Trustless Design: Security and Transparency

During periods of perceived underperformance, such as the one in August 2025, it’s natural for investors to feel concerned about potential losses. However, the vault’s trustless design ensures that no one, not even the manager, can act arbitrarily or interfere with your assets. Operations are governed by strict smart contract rules, which enforce predefined parameters like asset allocations, investment caps, and slippage tolerances. This decentralized structure means you don’t need to place trust in any individual or entity; the system itself protects depositors’ funds through transparent, code-enforced mechanisms.

Risks of Leveraged Strategies

While the trustless design ensures security, leveraged vaults like the Ethena Multiply Vault carry market-driven risks. Rising borrowing rates, as observed in August 2025, potential USDe depegging, liquidity constraints, and smart contract vulnerabilities can impact performance. These risks highlight the trade-off of pursuing higher returns with increased exposure to volatility. Investors should carefully evaluate their risk tolerance and consider diversification.

Moving Forward

Affluent acknowledges that the unexpected value decline in August 2025 caught users off guard and recognizes the need for clearer communication. Going forward, we are committed to improving transparency through better updates on market dynamics and vault performance. Thank you for your trust and feedback, we’re focused on making the Ethena Multiply Vault a more reliable and rewarding option for all users.

Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Gold has always been the ultimate store of value, a role that remains highly relevant for modern investors. This fundamental stability forms the bedrock of XAUt0. Tokenization of gold brings stability into the digital age. Each XAUt0 token is 1:1 backed by a uniquely identifiable gold bullion bar meeting LBMA “London Good Delivery” standards and held in a Swiss vault.

Unlike traditional gold, XAUt0 is tradable 24/7, making it highly relevant for digital-native investors and seamlessly usable in modern DeFi markets.

Why XAUt0? Key Benefits

XAUt0 combines gold’s timeless stability with blockchain-native advantages:

• Accessibility: Gold exposure, now available anytime and anywhere, far beyond the limitations of traditional markets.

• Programmability: As an omnichain fungible token, XAUt0 integrates directly with DeFi protocols for use as collateral, lending, or yield strategies across chains.

• Transparency: Tether provides quarterly reserve reports, with independent audits (BDO Italia S.p.A.) verifying strict 1:1 backing. Gold reserves are legally segregated assets of token holders, not Tether liabilities.

In short, XAUt0 transforms gold from a static asset into a dynamic instrument for DeFi, combining wealth preservation with new yield opportunities.

Pricing and Risk Management

XAUt0 is integrated into both Basic and Advanced Markets as a collateral and borrowable asset. As an OFT token natively deployable on TON, its smart contract is governed by Tether’s 3-of-6 multisig - same structure already accepted for USDT.

Pricing relies on the Redstone XAU/USD oracle, which reflects institutional gold benchmarks. This setup smooths out temporary volatility from continuous crypto trading, particularly during weekends when the London Bullion Market is closed. Historically, deviations have ranged between ±3% and up to 4.5%, typically resolving within one to two days.

Upside deviations simply lower collateral efficiency and do not create systemic risk. Downside deviations could pose under-collateralization risk, but conservative parameters provide a robust buffer well beyond historical gold volatility.

Affluent has set a risk factor of 15% for XAUt0, reflecting price volatility and liquidity conditions across DEXs and CEXs. Accordingly, target LTV ratios are capped: up to 66% for USDT and 57% for TON in Basic Markets, and 75% and 67% respectively in Advanced Markets. Even accounting for weekend price gaps, the buffer remains sufficient.

The Next Step: Gold Multiply Vault

Gold has always been a reliable store of value, but it has never generated yield. The Gold Multiply Vault changes that. By maintaining exposure to physical gold while deploying strategies like lending and tsTON looping, investors can now turn gold into a yield-bearing asset.

This makes gold not only a stable hedge, but also a productive instrument within DeFi, allowing users to hold gold and earn yield simultaneously, without sacrificing its fundamental security.

Affluent.

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A month-long campaign designed to reward our early supporters, expand awareness across the globe, and strengthen our community of dedicated users.

Whether you're a power depositor or a social contributor, this is your chance to grow with Affluent and earn meaningful rewards along the way.

🗓 Campaign Overview

• Duration: 21 July to 19 August, 2025 (30 days)

• Cap: Up to $1,000 per user/wallet

• Reward Currency: Affluent Points ($1 = 10 Affluent Points a day)

• Eligible Vaults: USDT Multiply Vault & USDT Lending Vault ➡️ https://bit.ly/3TBW5uw

🎁 Reward Mechanics

• Cap: $1,000 max deposit per user/wallet (regardless of the Vaults)

• Earn points: For every $1 deposited daily, you earn 10 Affluent Points (10,000 total daily redeemable points from the deposit)

• Points calculation: Points are calculated in 24 hours on the deposited amount and reflected in the “Points” section (keep “Vault Tokens” in your wallet to receive the points)

• Wanna become an Affluencer?: Hint → Join from the Day 1, and deposit $1,000 into the Vault and hold it during the campaign period

🔁 Campaign Boost

We’ll adapt the campaign in real-time based on our community engagement:

• Joined the campaign a bit late?

  • No worries, we have planned a surprise bonus reward throughout the campaign

🧑‍🚀 Why Become an Affluencer?

Becoming an Affluencer isn’t just about rewards. It's about joining the core of the Affluent community. Here's what it means:

• Season 2 Perks: Affluencers will receive an exclusive extra reward in Season 2

• Community Access: OG = Affluencer. Eligible for exclusive offline events, co-hosted with our strategic partners

• Road to TGE: While we can’t share exact TGE/Tokenomics details yet, Affluencers will be well-positioned for future benefits

🌐 Not Just for Depositors

This isn’t just a deposit-only campaign. Affluent Points can also be earned by:

• Completing given quests on Affluent “Points” Section (available from 21 July)

• Participating in social campaigns

• Engaging with our content and sharing it with the world

• Make sure you complete all the quests & follow Affluent’s social accounts to get the latest news

This enables all users to participate in the campaign and contribute. With lower or no capital, you can still join and thrive in the Affluent community.

💡 The Bigger Vision

Affluent Points is not just another airdrop. It’s a structured, reward-generating system built on real product usage. Users can expect:

• Real yield (Vault APY + Points)

• Sustainable reward logic based on DeFi strategy performance

• Chance of early entry into a growing ecosystem on TON

🔜 Get Ready

Affluent Points Season 1 is just the beginning. Whether you’re here to earn, support, or build with us, this is your moment to get in as an early contributor.

📍Start Date: July 21, 2025
🏆Goal: Become an Affluencer. Shape the future of DeFi on TON.

Let’s multiply together.

Affluent.

Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Operated by Experts

SingularV, a professional management team, provides disciplined oversight, strategic decision-making, and proactive risk management.

Built on Trustless Architecture

Every vault operation is governed strictly by predefined smart contract rules. All policy changes are subject to enforced timelocks, giving a designated guardian time to veto potentially harmful adjustments. Oracle-based price validation further secures every transaction.

Amplified Earnings—Simplified

• Achieve up to 4× leverage effortlessly.

• Benefit from the exclusive Ethena APY Boost

• Users can enjoy exceptional returns far beyond traditional yields for the first 10,000 tsUSDe deposited.

Proactive Risk Oversight

• SingularV, a dedicated team of financial professionals, continuously manages market risks, mitigating volatility and borrowing cost fluctuations.

• Strategic adjustments ensure stability and consistent yield optimization.

Fully Tokenized, Always Liquid

• Vault shares are tokenized, remaining securely in your wallet.

• Enter or exit the vault anytime; no lock-ups, full transparency.

Trustless by Design

• Affluent’s infrastructure ensures operations strictly adhere to predefined, owner-approved strategies, eliminating unauthorized actions by Vault Managers or owners.

• Real-time oracle verification secures transaction execution and safeguards asset integrity.

How It Operates

Ethena Multiply Vault employs a sophisticated yet intuitive leveraged strategy, amplifying yield through leveraging your deposited tsUSDe to borrow additional USDT (or USDe), continuously reinvesting into more tsUSDe.

• Deposit USDT/USDe/tsUSDe into Ethena Multiply Vault.

• Then, Vault Manager supplies tsUSDe into the whitelisted liquidity pool.

• Automated Looping: Vault Manager borrows USDT/USDe against tsUSDe. Then swaps tsUSDe with borrowed USDT/USDe. Repeat this process until it reaches increased leverage, and unwind it to decrease leverage.

• Active Risk Management: Vault Manager actively monitors and manages leverage ratios, liquidation risks, and market conditions.

• Oracle-Verified Execution: All borrow and swap transactions are validated against real-time oracle prices.

Get Started Today

Deposit USDT/USDe/tsUSDe easily and securely via Telegram. Begin amplifying your yields immediately. No complexity, total trustlessness.

Affluent.

Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Operated by Experts

SingularV, a professional management team, provides disciplined oversight, strategic decision-making, and proactive risk management.

Built on Trustless Architecture

Every vault operation is governed strictly by predefined smart contract rules. Asset exposure caps limit concentration risk, while all policy changes are subject to enforced timelocks, giving a designated guardian time to veto potentially harmful adjustments. Oracle-based price validation further secures every transaction.

Who Should Use USDT Multiply Vault?

• Passive Investors: USDT holders seeking amplified, passive yields without active trading or complex management.

• Risk-Aware Users: Those comfortable with USDT price exposure who desire enhanced, professionally managed returns.

• Transparency Advocates: Investors valuing clear, verifiable operations and non-custodial control.

Amplified Earnings—Simplified

• Achieve up to 4× leverage effortlessly.

• Deposit, sit back, and watch your USDT multiply.

Proactive Risk Oversight

• SingularV, a dedicated team of financial professionals, continuously manages market risks, mitigating volatility and borrowing cost fluctuations.

• Strategic adjustments ensure stability and consistent yield optimization.

Fully Tokenized, Always Liquid

• Vault shares are tokenized, remaining securely in your wallet.

• Enter or exit the vault anytime; no lock-ups, full transparency.

Trustless by Design

• Affluent’s infrastructure ensures operations strictly adhere to predefined, owner-approved strategies, eliminating unauthorized actions by Vault Managers or owners.

• Real-time oracle verification secures transaction execution and safeguards asset integrity.

How It Operates

USDT Multiply Vault employs a sophisticated yet intuitive leveraged strategy, amplifying yield through existing USDT Lending Vault & TON/tsTON looping:

• Deposit USDT into USDT Multiply Vault

• Then Vault Manager supplies swapped assets to USDT Lending Vault

• Automated Looping: Vault Manager borrows TON against USDT Lending Vault, swaps it back into tsTON, and redeposits. Repeat this process until it reaches the maximum leverage.

• Active Risk Management: Manager actively monitors and manages leverage ratios, liquidation risks, and market conditions.

• Oracle-Verified Execution: All borrow and swap transactions are validated against real-time oracle prices.

Get Started Today

Deposit USDT easily and securely via Telegram. Begin amplifying your USDT yields immediately. No complexity, total trustlessness.

Built by Affluent.

Website | App | X | Telegram (Announcement) | Telegram (Community) | Docs | Blog | Linkedin |

Operated by Experts

SingularV, a professional management team, provides disciplined oversight, strategic decision-making, and proactive risk management.

Built on Trustless Architecture

Every vault operation is governed strictly by predefined smart contract rules. Asset exposure caps limit concentration risk, while all policy changes are subject to enforced timelocks, giving a designated guardian time to veto potentially harmful adjustments. Oracle-based price validation further secures every transaction.

Collaborate with Tonstakers

TON Multiply Vault integrates closely with Tonstaker, the largest Liquid Staking Protocol in the TON ecosystem. Tonstaker provides secure, highly liquid staked TON (tsTON), reinforcing the stability, trustworthiness, and performance of the vault.

Who Should Use TON Multiply Vault?

• Passive Investors: TON holders seeking amplified, passive yields without active trading or complex management.

• Risk-Aware Users: Those comfortable with TON price exposure who desire enhanced, professionally managed returns.

• Transparency Advocates: Investors valuing clear, verifiable operations and non-custodial control.

Amplified Earnings—Simplified

• Achieve up to 4× leverage effortlessly.

• Deposit, sit back, and watch your TON multiply.

Proactive Risk Oversight

• SingularV, a dedicated team of financial professionals, continuously manages market risks, mitigating volatility and borrowing cost fluctuations.

• Strategic adjustments ensure stability and consistent yield optimization.

Fully Tokenized, Always Liquid

• Vault shares are tokenized, remaining securely in your wallet.

• Enter or exit the vault anytime; no lock-ups, full transparency.

Trustless by Design

• Affluent’s infrastructure ensures operations strictly adhere to predefined, owner-approved strategies, eliminating unauthorized actions by Vault Managers or owners.

• Real-time oracle verification secures transaction execution and safeguards asset integrity.

How It Operates

TON Multiply Vault employs a sophisticated yet intuitive leveraged strategy, amplifying yield through looping with tsTON and TON:

• Deposit TON: Users can deposit either TON or tsTON

• Automated Looping: Vault Manager borrows TON against tsTON collateral, swaps it back into tsTON, and redeposits. Repeat this process until it reaches its target leverage.

• Active Risk Management: Manager actively monitors and manages leverage ratios, liquidation risks, and market conditions.

• Oracle-Verified Execution: All borrow and swap transactions are validated against real-time oracle prices.

Get Started Today

Deposit TON easily and securely via Telegram. Begin amplifying your TON yields immediately—no complexity, total trustlessness.

Built by Affluent.

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Affluent is co-founded by ex-TON Foundation Director Justin Hyun, and Hyung Lee, former TradFi options trader and co-founder of DeFi R&D firm B-Harvest. Their aim is to transform Telegram into a financial super app, using crypto to provide everyday savings to retail users and sticky liquidity for institutions. Hyun and Lee will use their unique combination of TradFi and DeFi experience to create a new paradigm for blockchain based finance that makes DeFi yield as simple as depositing your assets with a single click via Telegram and earning interest.

At the heart of Affluent’s offering is its Strategy Vault and Vault Manager system. This first-of-its-kind framework automates asset allocation and yield strategies. By depositing assets into a vault, users let Affluent manage their assets via a combination of automated smart contracts and expert management. User deposits are automatically spread across different lending markets for optimised returns. This abstraction of market complexity creates a more accessible experience for both new and experienced users, while enabling composability for developers and partners looking to build on Affluent’s infrastructure.

The protocol balances automation with human judgment, retail use cases with institutional rigor, and complex infrastructure with a simple user experience. Users interact with a clean and simple interface, while expert-managed vaults work in the background to optimize for long-term performance and safety.

Affluent is set to become the central liquidity hub for the burgeoning Web3 ecosystem in Telegram, with upcoming hallmark assets in TON’s ecosystem set to be integrated. Affluent will be amongst the first protocols to accept TON-wrapped bitcoin (tgBTC) at launch. The protocol will also be a focal point for the impending influx of TON-based tokenised real world assets into Telegram, including Telegram bonds and gold (Tether’s XAUT0).

The Affluent Points (AP) system will be launching alongside the full rollout of the Affluent product offering. Users will accrue these points by engaging with the Affluent protocol. These points will be one of the factors considered when allocating Affluent’s most engaged users an airdrop during a future token generation event.

Justin Hyun, Co-CEO of Affluent said that “DeFi has gone too far in the name of innovation. Why should people need to understand the complexities of crypto when all they really want is to compound their savings? Our goal is to transform complex DeFi services into a simple and intuitive experience where users of all backgrounds and knowledge levels can easily invest and grow their wealth.”

Hyung Lee, Co-CEO of Affluent said that “We want to become a one-stop money market protocol for retail users and institutional players alike to gain access to world-leading yield. By engineering solutions from traditional finance and developing them into a fully modular blockchain-based infrastructure, we are building the next generation of DeFi protocols - one that has all the advantages of Web3, but with the security and risk-management of TradFi.”

About Affluent*

Affluent is a platform that brings professional, trustless yield strategies to everyday users through intuitive, Telegram-based experiences. By abstracting the complexity of DeFi, Affluent empowers users to access sustainable, risk-adjusted returns without requiring deep technical knowledge. Through expert-managed strategy vaults and seamless Telegram interfaces, Affluent delivers a trustless asset management experience designed for mass adoption. Innovation should be available to all, not just early adopters. With Affluent, anyone can manage their assets with confidence and ease.

*Affluent was formerly known as Factorial Finance during its initial alpha phase.

Built by Affluent.

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In its earliest form, DeFi promised a world without middlemen, where smart contracts would autonomously manage value, and users retained full control. But with time, many protocols fell into familiar traps: chasing unsustainable yields, relying on short-term farming incentives, and collapsing under market volatility. The result? A landscape where complexity reigns and trust remains a silent prerequisite.

Affluent is breaking from that mold. With its newly introduced Strategy Vault, Affluent builds the infrastructure for a future where yield is not only optimized but trustlessly secured. By combining the rigor of traditional asset management frameworks with the transparency and programmability of DeFi, Affluent sets a new precedent: sustainable finance, embedded in code, not trust.

Limitations of Existing Yield Protocols

Current DeFi vaults typically involve simple comparisons of returns across single or multiple lending protocols. While these vaults can deliver attractive yields during market peaks, returns quickly diminish in periods of lower demand, often leading protocols to resort to unsustainable farming incentives. Such a model lacks long-term economic sustainability and ultimately fails to consistently attract or retain users.

To address this volatility and economic inefficiency, Affluent introduces a Strategy Vault designed to stabilize yields by integrating Real-World Assets (RWAs), such as Treasury bills, to absorb idle liquidity during low-demand periods. This guarantees users a minimum lending rate while exposing vault operations to new risk dimensions. Unlike competitors using custodial solutions (e.g., Ethena), Affluent achieves this in a fully non-custodial manner, upholding the core principles of DeFi.

Affluent’s Strategy Vault

Affluent want to achieve the following two objectives with Strategy Vault:

• Deliver a fully comprehensive Trustless Asset Management to users

• Maximize user convenience and accessibility

Achieving Trustless Infrastructure

Traditionally, financial asset management necessitates substantial trust between investors and fund managers. Investors must trust managers to prioritize investor interests, manage risks diligently, and report transparently. Despite stringent legal frameworks, traditional financial systems still experience inefficiencies and incidents.

Affluent eliminates the reliance on trust by embedding transparent and enforced governance directly into the protocol’s smart contracts:

• Manager Oversight: Manager actions are strictly governed by owner-defined investment policies coded directly into smart contracts. Managers are limited to interactions with authorized pools and specific whitelisted assets, structurally preventing unauthorized asset withdrawals or misuse of funds.

• Owner Oversight: Changes to investment strategies or policies proposed by the owner are subject to a mandatory time-lock delay. During this period, a designated guardian can review and revoke the changes if they pose risks or deviate from original commitments, ensuring stability and continuity.

• Operational Safety: All asset transactions and interactions with external protocols other than Affluent is tightly regulated. Only pre-approved asset pairs are swapped and executed exclusively via the RFQ (Request-for-Quote) mechanism, allowing market makers to settle the transaction within preset price boundaries, significantly reducing operational risk.

Users can confidently deploy liquidity knowing all transactions and strategy changes are transparent and pre-announced, enabling them to exit before changes occur. Advanced risk frameworks ensure leveraged strategies remain capital-efficient and secure.

UX Abstraction for Enhanced Accessibility

DeFi's growth faces obstacles such as structural risks, high volatility due to shallow liquidity, overly complex investment processes, and reliance on unsustainable incentives. Affluent’s Strategy Vault addresses these challenges by combining human expert oversight with simplified, automated investment solutions, leveraging deeper liquidity pools from Real-World Assets (RWAs), BTC, and Gold. Inspired by stablecoin market success, Affluent emphasizes stable, sustainable yields, convenient tokenized access, and broad financial inclusion.

Affluent’s Strategy Vault lowers barriers for users and provides one-click access to a wide range of investments:

• Lending Vault: Automates risk-adjusted yield optimization by systematically allocating user assets across the most beneficial lending pools, ensuring optimal returns relative to risk.

• Real-World Asset Integration: Expands investment scope to include stable, yield-generating real-world assets like Treasury bills and corporate credits, delivering predictable and consistent returns even in fluctuating market conditions.

• Leveraged Yield Strategies: Enables advanced strategies such as looping of Liquid Staking Tokens (LST) for amplified returns, leveraging structured borrowing capabilities to boost yields safely.

• Fund-of-Funds: Aggregates multiple strategies and asset classes into a unified investment product, managing comprehensive risk and maximizing returns.

Vault Managers meticulously evaluate and manage each strategy, continuously optimizing risk-adjusted returns within a pre-defined range of operations.

Affluent’s Strategy Vault provides straightforward, secure access to diverse investment opportunities, eliminating the complexity associated with DeFi:

• Robust accessibility via deeply liquid markets suitable for extensive user bases.

• Inflation-resistant investments (Gold, BTC) combined with reliable yield opportunities.

• Simplified and accessible USD savings are particularly beneficial for users in emerging economies.

• Transparent and secure non-custodial management, significantly reducing reliance on traditional financial institutions.

Final Words

Affluent’s Strategy Vault embodies the democratization of finance by merging expert human oversight and innovative technology in a trustless infrastructure.

It overcomes traditional financial constraints, delivering superior, secure, and inclusive financial services. By systematically enhancing DeFi accessibility through trustless asset management, diverse product offerings, and user-friendly distribution channels, Affluent empowers users to navigate financial markets confidently, addressing real-world economic challenges transparently and sustainably.

Built by Affluent.

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Affluent was formerly known as Factorial Finance during its initial alpha phase. Now rewriting the rules of asset management and decentralized finance, with Telegram’s billion-user ecosystem as its launchpad, Affluent is merging the best of Web3 finance with one of the world’s most powerful distribution platforms.

But this isn’t just another DeFi protocol. Affluent is setting a new standard. From institutional-grade Bitcoin-backed yield strategies to real-world assets like T-bills, Private Credit, and Gold, it’s building a decentralized financial infrastructure that rivals the legacy systems, and it’s doing it all without intermediaries and trust assumptions.

The BTCFi Breakthrough: Upcoming Bitcoin Yield Inside Telegram

As BTCFi gains momentum the likes of Coinbase, Morpho, and Cantor Fitzgerald have begun experimenting with BTC-backed products. But the real game-changer comes from Affluent and its partnership with Solv.

Solv, one of the most respected BTCFi asset managers, is integrating directly into the TON ecosystem through Affluent. With BTC-collateralized borrowing already in the pipeline, Telegram users will soon unlock:

• Institutional-grade BTC yield products

• xSolvBTC — a native, yield-bearing Bitcoin asset

• Access DeFi yield and maximize earning potential with tgBTC

The kicker? With smart incentive & rewards alignment, and Solv bringing its own liquidity, infrastructure, and token ecosystem, making this expansion not only powerful but sustainable.

Strategy Vaults: Hedge Fund Firepower, Zero Trust Required

At the core of Affluent’s architecture is its Strategy Vault, a modular, permissionless system that brings institutional-level strategies to retail users without sacrificing decentralization.

Every vault operates under smart contract logic with predefined parameters. Vault managers are bound to whitelisted assets and strategies, with any changes of policies by the owner subject to time-lock and veto protections via guardian oversight. No human discretion, no opaque calls, just verifiable logic.

Among its flagship products:

• TON Multiply Vault: Looping LSTs to amplify staking yields with leverage up to 400%. Virtually no liquidation risk.

• USDT Multiply Vault (Coming Soon): Stablecoin-denominated, delta-neutral yield engine that automatically hedges market exposure. Ideal for users seeking risk-adjusted returns in USDT.

This isn’t yield farming, this is DeFi infrastructure on autopilot, fortified by real-world professionals, and governed by transparent smart contracts.

Human Intelligence Meets Automated Precision

Affluent blends the best of both worlds. Professional managers bring adaptive strategies that evolve with the market, while automation ensures flawless execution without emotional bias. Proof-of-Reserve systems, transparent on-chain actions, and disciplined risk management create an environment where trust isn’t asked for, it’s architected.

And while other protocols rely on unsustainable incentives to stay afloat during low demand periods, Affluent looks elsewhere: real-world yield.

Affluent Points

Affluent is launching a points program to incentivize users for various activities across the first rolling out of Strategy Vaults.

RWAs and Payment Rails: Your Vault Is Your Wallet

The next frontier in DeFi is clear, making productive assets spendable.

Affluent is onboarding Real-World Assets (RWAs) like U.S. Treasuries and Tokenized Telegram Bond into its vault system. These assets don’t just earn, they work. Via upcoming integration within Telegram and RFQ-based payment infrastructure, users can earn yield from BTC, Gold, and T-bills while using those same assets to make payments globally.

From everyday transactions to cross-chain asset routing, Telegram is transforming into a crypto-native super app, and Affluent is the protocol powering its financial core.

A DeFi Renaissance: From Obscure Tools to Mainstream Simplicity

Gone are the days of clunky wallets and obscure protocols. Affluent is bringing intuitive, user-first design to a sector long plagued by complexity.

• Simplicity: One wallet. One tap. One Telegram app.

• Scale: Distribution to hundreds of millions via Telegram’s emerging market dominance

• Composability: A seamless ecosystem that combines tgBTC, xSolvBTC, LSTs strategies, and Vault-of-Vaults architecture into one fluid platform
  

What Comes Next: A Tidal Wave of Innovation

The transformation from Factorial to Affluent is more than branding, it’s the dawn of a new financial phase.

Coming soon:

• BTCFi-native lending vaults and BTC-denominated LP markets

• Gold and T-bill integration for inflation-resistant portfolios

• A global “DeFi Simplified” campaign to educate and onboard the next generation of Telegram-native users

This is the moment where Telegram becomes the main playground for DeFi, and Affluent is the decentralized finance engine driving it forward.

Final Thoughts: If DeFi Ever Needed a Hero, It’s Now

The crypto world has long dreamed of trustless, composable, user-first finance. Affluent delivers on that dream, not in whitepapers, but in code, partnerships, and real yield.

This isn’t just a new product. This is the blueprint for the future of finance.

Built by Affluent.

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• Владельцы SLP получают торговые комиссии, но также могут нести убытки, когда трейдеры получают прибыль.

• В рынках, основанных на TON, ликвидация определяется соотношением SLP к TON, а не волатильностью цены TON.

• Большее количество сделок означает большую доходность, но и увеличивает риск. Factorial устанавливает лимиты, однако пользователи должны разумно управлять своим риском.

С момента запуска SLP Looping Pools, Factorial был обеспечен SLP на сумму более 3 млн долларов — как в рамках SLP-USDT, так и SLP-TON — всего за 10 дней. С ростом интереса к использованию SLP в заемных операциях возрастает необходимость более глубокого понимания сопряженных с этим рисков. Многие пользователи сейчас обращают внимание не только на доходность, но и на то, что может пойти не так, а также на аспекты, которые следует учитывать при использовании SLP в качестве залога.

Данная статья призвана ответить на эти вопросы. В ней представлено подробное описание рисков, связанных с SLP, а также рекомендации, которые помогут пользователям принимать более обоснованные и ответственные решения.

Если вы не знакомы со стратегией лупинга с использованием SLP, мы рекомендуем начать с нашего предыдущего блога.

[LINK]

Для пошагового руководства по выполнению SLP Looping на Factorial обратитесь к официальной документации.

[LINK: doc]

Основы SLP: краткий обзор
На Storm Trade, токены SLP (Storm Liquidity Provider) представляют собой доли в пулах ликвидности, которые выступают в качестве контрагентов для трейдеров, работающих с бессрочными контрактами (perpetuals). Трейдеры открывают позиции с использованием кредитного плеча, используя ликвидность SLP, что означает, что их прибыль и убытки напрямую влияют на стоимость SLP. Когда трейдеры терпят убытки, владельцы SLP получают прибыль; когда трейдеры получают прибыль, владельцы SLP несут убытки. Кроме того, торговые комиссии распределяются между владельцами SLP, создавая структуру, приносящую доход.

Типы SLP:
• USDT-SLP: обеспечивается депозитами USDT и предназначен для трейдеров, предпочитающих маржинальную торговлю на основе стейблкоинов. Доходы начисляются в USDT, что обеспечивает относительную стабильность благодаря привязке к доллару США.
• TON-SLP: принимает TON в качестве залога и ликвидности, предназначен для трейдеров, предпочитающих маржинальную торговлю на базе TON. Поскольку комиссии также начисляются в TON, держатели TON могут выбрать этот пул для увеличения своих запасов TON. Структура аналогична LST (токены ликвидного стейкинга), однако доходность, как правило, более волатильна.

Понимание рисков, стоящих за доходностью
Владельцы SLP подвержены ряду ключевых рисков:

• Риск изменения цены актива: Стоимость внесённых активов (например, TON или NOT) подвержена рыночной волатильности. Снижение цен на эти активы напрямую уменьшает стоимость SLP.

• Риск прибыли и убытков трейдеров (PnL): Стоимость SLP напрямую зависит от результатов торговли трейдеров. Когда трейдеры получают прибыль, стоимость SLP снижается. И наоборот, в случае когда трейдеры несут убытки, доходность SLP увеличивается.

• Риски ликвидности: Высокий спрос на вывод средств или неблагоприятные рыночные условия могут затруднить своевременный выкуп SLP.

• Риск смарт-контракта: Потенциальные уязвимости или эксплойты в смарт-контрактах, управляющих хранилищем (Vault), могут привести к потере средств.

Тщательное понимание этих рисков является важным для пользователей, которые планируют предоставлять ликвидность через SLP на Storm Trade.

SLP в качестве залога: как Factorial оценивает риски
Factorial запустил два изолированных рынка, позволяющих использовать SLP токены с кредитным плечом: один рынок позволяет занимать USDT под залог USDT-SLP, а другой — занимать TON под залог TON-SLP.

Для эффективного использования SLP в качестве залога необходимо всесторонне оценить его риск-профиль. Ниже мы рассматриваем, как ранее описанные риски, связанные с SLP токенами, влияют на нашу платформу.

Риск изменения цены актива

Риск изменения цены актива возникает из-за колебаний стоимости базовых активов — USDT или TON. TON-SLP номинирован в TON, что приводит к большей волатильности в долларах США, но обеспечивает относительную стабильность с точки зрения TON.

Factorial минимизирует этот риск, разделяя рынки по базовому активу. Залоговые и заимствованные активы сопоставляются в соотношении 1:1 (например, USDT-SLP/USDT, TON-SLP/TON), что означает, что волатильность цен одинаково влияет на обе стороны — значительно снижая риск ликвидации вследствие колебаний цен активов.

Риск прибыли и убытков трейдеров (PnL)

SLP имеет тенденцию к стабильному росту за счёт начисления торговых комиссий от своей роли контрагента для маржинальных трейдеров. Однако в краткосрочной перспективе могут наблюдаться падения, когда прибыль трейдеров оказывается достаточно высока за небольшой промежуток времени. Это обычно происходит, когда рыночные настроения резко смещаются в одну сторону (например, во время резкого роста), когда трейдеры верно прогнозируют движение цен.

Исторические данные от Storm Trade демонстрируют явные периоды повышенной прибыльности трейдеров в условиях сильных рыночных трендов, что напрямую влияет на эффективность SLP.

Исходя из политики управления рисками Storm Trade, мы оцениваем максимальные потенциальные убытки от PnL трейдеров примерно в 15%. Эта оценка основана на максимальной торговой способности трейдеров относительно ликвидности SLP и пиковой дневной волатильности таких токенов, как BTC и TON.

15% (максимальные потенциальные убытки) = 30% (максимальная открытая позиция) × 50% (ежедневная волатильность торгового токена)

Несмотря на то, что наша оценка намеренно консервативна, вероятность реализации таких экстремальных убытков на практике достаточно низка. Storm Trade внедряет несколько защитных механизмов — например, комиссии за финансирование, предотвращающие дисбаланс позиций, и пределы прибыли и убытков (PnL cap) для ограничения максимальной доходности трейдеров. Кроме того, запас ликвидности, который формируется за счет части доходов платформы, помогает компенсировать прибыль трейдеров и дополнительно снижает риски для держателей SLP. Для получения более подробной информации об этом механизме, пожалуйста, ознакомьтесь со статьей от Storm Trade. Тем не менее, мы применяем эту методологию оценки в рамках наихудшего сценария, чтобы понимать предельные рамки потенциального риска и быть к ним готовыми.

Если Storm Trade изменит какие-либо из этих параметров — будь то смягчение ограничений, корректировка лимитов или введение новых политик управления рисками — мы пересмотрим риск использования SLP в качестве залога соответствующим образом. Мы активно взаимодействуем с командой Storm Trade и следим за обновлениями протокола. Если такие изменения или более широкие сдвиги в рыночных условиях приведут нас к выводу о существенном изменении риск-профиля актива, мы незамедлительно обновим наши параметры риска, чтобы отразить новую обстановку.

Риски ликвидности

Этот риск относится к отсутствию достаточной ликвидности во время события ликвидации или внезапного вывода средств пользователями. Если пользователям будет сложно быстро снизить позицию SLP, реализация эффективного снижения ликвидности может оказаться затруднительной, что увеличит риск образования долгов для кредиторов.

Storm Trade снижает этот риск с помощью строгого контроля ликвидности: лимитов открытого интереса, PnL caps и автоматических механизмов ограничения приостановки торговли, когда движения цен становятся чрезмерно волатильными (circuit breakers), которые помогают сохранять резервы. Владельцы SLP также могут в любой момент вывести средства, сохраняя гибкость.

Как увеличить доходность SLP в Factorial
При использовании займа под SLP пользователи увидят различные индикаторы риска, такие как следующие.

Кредитное плечо (Leverage) и коэффициент риска (Risk Ratio) помогают оценить состояние позиции. Эти показатели зависят от конкретного пула и подчиняются максимальным лимитам. Если стоимость залогового актива — например, SLP-TON — опустится ниже определённого порога или накопятся проценты, позиция может превысить лимит пула и стать ликвидируемой.

Этот порог отображается как цена ликвидации (Liquidation Price), которая отражает соотношение обмена SLP. В приведённом выше примере, поскольку и залоговый, и заимствованный актив номинированы в TON, стоимость TON в долларах США не влияет на позицию. Важным является только соотношение SLP к TON.

Соотношение снижается, когда трейдеры на Storm Trade постоянно получают прибыль, как правило, в условиях сильных рыночных трендов. Инвесторам Factorial следует поддерживать разумные уровни кредитного плеча, чтобы избежать риска ликвидации. Несмотря на то, что высокий объём торгов приносит больше комиссий, он также увеличивает потенциальные потери пула.

• SLP holders earn trading fees, but they may also absorb losses when traders profit.

• In TON-based markets, liquidation is driven by SLP-to-TON ratio, not by TON’s price volatility.

• More trades mean more yield, but also more risk. Factorial sets conservative limits, but users should still manage exposure wisely.

Since launching the SLP Looping Pools, Factorial has seen over $3 million worth of SLP — across both SLP-USDT and SLP-TON — supplied in just 10 days. As interest in leveraging SLP grows, so does the need to better understand the risks involved. Many users are now looking beyond returns, seeking clarity on what could go wrong and what to consider when using SLP as collateral.

This article aims to address those questions. It provides a detailed breakdown of the risks associated with SLP and offers guidance to help users make more informed, responsible decisions.

If you’re unfamiliar with the looping strategy using SLP, we recommend starting with our previous blog post.

For a step-by-step walkthrough of how to execute SLP Looping on Factorial, refer to the official documentation.

SLP Fundamentals : A Concise Overview

On Storm Trade, SLP (Storm Liquidity Provider) tokens represent shares of liquidity pools that act as counterparties to perpetual traders. Traders open leveraged positions using SLP liquidity, meaning that traders’ profits and losses directly impact the value of SLP. When traders lose, SLP holders profit; when traders win, SLP holders absorb the loss. Additionally, trading fees are distributed to SLP holders, creating a yield-bearing structure.

Types of SLPs:

• USDT-SLP: Backed by USDT deposits, it caters to traders who prefer stablecoin-based margin trading. Yields accumulate in USDT, offering relative stability due to its peg to the U.S. dollar.

• TON-SLP: Accepts TON as collateral and liquidity, catering to traders who prefer native TON-based margin trading. Since fees are also earned in TON, TON-maxi holders may choose this vault to grow their TON stack. The structure is similar to LSTs, but the yield tends to be more volatile.

Understanding the Risks Behind the Yield

SLP holders are exposed to several key risks:

• Asset Price Risk: The value of deposited assets (e.g., TON or NOT) is subject to market volatility. A decline in these asset prices directly reduces the value of SLP.

• Trader Profit and Loss (PnL): SLP value is directly affected by trader performance. When traders earn profits, it reduces SLP value; conversely, trader losses increase SLP returns.

• Liquidity Risks: High withdrawal demand or poor market conditions may impact the ability to redeem SLP promptly.

• Smart Contract Risk: Potential vulnerabilities or exploits in the smart contracts managing the Vault could lead to loss of funds.

Understanding these risks thoroughly is essential for users aiming to provide liquidity via SLP on Storm Trade.

SLP as Collateral: How Factorial Evaluates the Risk

Factorial has launched two isolated markets enabling leverage of SLP tokens: one market allows borrowing USDT against USDT-SLP, and the other permits borrowing TON against TON-SLP.

To collateralize SLP effectively, we must thoroughly assess its risk profile. Below, we examine how previously outlined risks associated with SLP tokens impact on our platform.

Asset Price Risk

Asset price risk arises from fluctuations in the underlying assets — USDT or TON. TON-SLP is denominated in TON, resulting in higher USD-value volatility but relative stability in terms of TON.

Factorial minimizes this risk by separating markets based on the underlying asset. Collateral and borrowed assets are matched 1:1 (e.g., USDT-SLP/USDT, TON-SLP/TON), meaning price volatility impacts both sides equally — greatly reducing liquidation risk from asset price movements.

Trader PnL Risk

SLP tends to appreciate steadily as it accrues trading fees from its role as a counterparty to margin traders. However, short-term declines may occur when trader profits become unusually concentrated over a short period. This typically happens when market sentiment aligns strongly in one direction — such as during a sharp rally — and traders happen to be correct.

Historical data from Storm indicates clear periods of heightened trader profitability during strong market trends, directly impacting SLP performance.

Based on the risk management policies of Storm Trades, we conservatively assume the maximum potential loss from trader PnL to be around 15%. This estimate is based on the maximum trading capacity of traders relative to SLP liquidity, and the peak daily volatility of traded tokens like BTC and TON.

15% (Max Potential Loss) = 30% (Max Open Position) × 50% (Daily Volatility of the trading token)

While our estimate is intentionally conservative, the likelihood of such extreme losses materializing is relatively low in practice. Storm Trade implements several guardrails — such as funding fees to discourage imbalanced positioning and PnL cap to limit maximum trader gains, and a liquidity buffer that sets aside platform revenue to help offset trader profits. Liquidity buffer can further mitigate downside risk for SLP holders. For more details on this mechanism, refer to their article. Still, we apply this worst-case scenario framework to ensure we understand the outer bounds of potential risk and are prepared accordingly.

Should Storm Trade modify any of these parameters — whether loosening caps, adjusting limits, or introducing new risk policies — we will reassess the collateral risk of SLP accordingly. We maintain close communication with the team and actively monitor protocol updates. If such changes, or broader shifts in market conditions, lead us to conclude that the risk profile of the asset has materially changed, we will promptly update our risk parameters to reflect the new environment.

Liquidity Risk

This refers to the risk of not having enough liquidity during a liquidation event or sudden user withdrawals. If liquidators struggle to unwind SLP position quickly, effective liquidation could become challenging, increasing the risk of bad debts for lenders.

Storm mitigates this through strong liquidity controls : open interest limits, PnL caps, and circuit breakers that help preserve reserves. SLP holders can also withdraw funds at any time, maintaining flexibility.

How to Boost SLP Yield in Factorial

When initiating a loan against SLP, users will see various risk indicators like the following.

Leverage and Risk Ratio help assess the health of a position. These metrics are pool-specific and subject to maximum limits. If the value of the collateral asset — like SLP-TON — falls below a threshold or interest accumulates, the position may cross the pool’s limit and become liquitable.

This threshold is displayed as the liquidation price, which reflects the SLP exchange ratio. In the example shown above, since both the collateral and borrowed asset are TON-denominated, USD value of TON doesn’t impact the position. Only the SLP-to-TON ratio matters.

The ratio declines when traders on Storm Trade are consistently profitable, typically during strong market trends. Investors in Factorial should maintain prudent leverage levels to avoid liquidation risk. While higher trading volumes bring in more fees, they also increase the pool’s potential losses.

• Новые рынки: Высокое кредитное плечо, высокие ставки. Для пользователей, стремящихся к увеличению доходности и готовых к повышенным рискам.

• Looping-стратегии: Повторное заимствование и реинвестирование для максимизации прибыли за счет сложного процента.

• Расширенные стимулы TON: Стимулы в TON продолжаются и теперь включают заемщиков, использующих USDT-SLP в качестве залога.

Эффективность изолированных пулов

Изолированный пул (Isolated Pool) разделяет ликвидность для каждой пары активов, в отличие от традиционных мультиассетных кредитных пулов, где риски распределяются между всеми активами. Такое решение оптимизирует управление рисками для каждой пары и предотвращает распространение рисков от несвязанных инцидентов.

Оптимизация рисков

Каждый рынок в Factorial настроен с индивидуальными параметрами: максимальное соотношение риск/кредитное плечо, уровень ликвидации и процентные ставки, адаптированные под уникальные профили риска активов. Например, кредиторы USDT под залог TON могут выбирать пулы с разной толерантностью к волатильности TON. Изолированные пулы эффективно учитывают эти различия.

Удобство добавления активов

Структура изолированных пулов позволяет легко добавлять новые активы без влияния на существующие рынки, расширяя выбор для пользователей и эффективно управляя рисками. Для сравнения, добавление нового залогового актива в единый мультиассетный пул потребовало бы согласия всех участников, что усложняет процесс.

Новые рынки

Advanced Pool

Advanced pool предоставляет пользователям большее плечо, чем существующий Basic pool, который поддерживает TON, USDT и LST (tsTON и stTON) в качестве залогов и активов для заимствования. Пользователи получают выгоду от повышенной эффективности капитала, но за это приходится платить более высоким риском ликвидации. Advanced pool ориентирован на инвесторов с агрессивным риск-профилем и требует тщательного мониторинга из-за повышенной чувствительности к рыночной волатильности.

Storm Trade Pool

Теперь Factorial поддерживает токены SLP (Storm Liquidity Provider) представляющие ликвидность в Storm Trade. Эти изолированные пулы позволяют использовать SLP токены (USDT-SLP и TON-SLP) с кредитным плечом для увеличения доходности без добавления рисков для существующих рынков.

Поскольку эти новые пулы не делят ликвидность с уже существующими, кредиторы должны вручную переместить свою ликвидность для участия. Для упрощения процесса Factorial использует протокол Vault. Ликвидность, внесённая в Vault, динамически перераспределяется между рынками на основе текущего спроса. Это минимизирует незадействованную ликвидность, обеспечивая кредиторам более высокую доходность и снижая издержки для заемщиков. Подробнее о Vault можно прочитать в следующей статье.

Стратегии с кредитным плечом (Leveraging Strategies)

Лупинг (Looping) — стратегия, направленная на максимизацию доходности за счёт многократного использования активов с кредитным плечом. Пользователь вносит доходный актив (например, LST или LP токены) в качестве залога, занимает стейблкоин или TON, конвертирует его обратно в исходный актив и снова использует его как залог, повторяя цикл несколько раз для усиления позиции и максимизации прибыли.

LST Looping

Стратегия лупинга LST (Liquid Staking Token) обеспечивает высокую доходность стейкинга при сохранении экспозиции к TON. Например, позиция с плечом в tsTON/TON повышает доходность от стейкинга без прямого увеличения риска изменения стоимости TON, поскольку долг номинирован в TON.

Доходность от TON LST (Liquid Staking Tokens) обычно реализуется через рост стоимости токена. При исторической доходности стейкинга около 4% левериджные позиции остаются управляемыми, существенно снижая риск ликвидации при отсутствии экстраординарных событий, таких как слэшинг.

Слэшинг (Slashing) — механизм наказания в блокчейн-сетях за нарушение правил (например, двойное подписание транзакций).

SLP Looping

Токены Storm LP (SLP) предоставляют ликвидность на Storm Trade, выступая контрагентами для трейдеров perpetual-фьючерсов. Storm Trade принимает активы, такие как USDT, TON и NOT, позволяя пользователям торговать различными перпетуальными контрактами. Поставщики ликвидности получают 70% от генерируемых торговых комиссий.

Таким образом, стоимость SLP зависит от:

• Цен базовых токенов (USDT, TON, NOT)

• Генерируемых торговых комиссий

• Прибыли и убытков трейдеров (PnL)

Исторически SLP токены демонстрируют высокую риск-скорректированную доходность, в основном благодаря эффективному трейдингу и управлению рисками.

Factorial интегрирует Storm Trade, запуская новые рынки, принимающие USDT-SLP и TON-SLP в качестве залога. В частности, будут рынки, в которых USDT-SLP можно использовать для займа USDT, а TON-SLP — для займа TON, что позволяет оптимизировать управление рисками.

Теперь пользователи могут использовать SLP для получения доходности, аналогично стратегиям с LST looping. Кроме того, программа стимулирования TON от Factorial теперь распространяется на USDT-SLP, используемые в качестве залога, что снижает стоимость займов. Пользователи, участвующие в USDT- или TON-Vaults через SLP, получают выгоду как от комиссий протокола, так и дополнительные бонусы в виде очков вознаграждений (RP) от Storm Trade.

Более высокая доходность неизбежно сопряжена с повышенными рисками. Хотя SLP обычно и обеспечивает лучшие показатели доходности, он также несёт больший риск ликвидации из-за зависимости от PnL трейдеров. Factorial учитывает дополнительный DeFi-фактор риска, сверх базовых рисков активов, и устанавливает лимиты по кредитному плечу на уровне 3x.

• New Markets Unlocked: Higher leverage, higher stakes. For users who like their yields boosted and their risk tolerance tested.

• Looping Strategies: Repeated borrowing and reinvesting to maximize returns through compounding yields.

• TON Incentives Expanded: TON incentives continue and now include borrowers utilizing USDT-SLP collateral.

Efficacy of Isolated Pool

An isolated pool maintains seperate liquidity pools for each asset pair, unlike traditional multi-asset lending pools where multiple assets share liquidity and associated risks. This isolation optimizes risk management for asset pairs and prevents risk contagion from unrelated asset incidents.

Risk optimization

Each market on Factorial is configured with distinct parameters such as maximum risk/leverage ratio, liquidation threshold, and interest rates tailored to the unique risk profiles of individual assets. For instance, investors lending USDT against TON may have varying risk tolerance towards TON’s volatility. Isolated pools accommodate these diverse risk preferences effectively.

Easy asset onboarding

The isolated pool structure enables effortless onboarding of new assets without impacting existing markets, providing users with a broader range of choices while effectively managing risks. In contracts, integrating new collateral in a single multi-asset pool would require broader consensus from existing users, complicating the onboarding process.

Introduction of New Markets

Advanced Pool

Advanced pool offers users greater leverage than the existing Basic pool, which supports TON, USDT, and LST(tsTON and stTON) as collateral and borrowing assets. Users benefit from enhanced capital efficiency though at the cost of higher liquidation risks. Designed for investors with aggressive risk profiles, the Advanced pool demands careful monitoring due to increased sensitivity to market volatility.

Storm Trade Pool

Factorial now supports Storm Liquidity Provider (SLP) tokens-representing liquidity provided to Storm Trade-in isolated pools. These pools enable leveraging SLP tokens (USDT-SLP and TON-SLP) to enhance yield returns without introducing additional risks to existing markets.

Since these new pools do not share liquidity with existing pools, lenders wishing to participate must manually move their liquidity. To streamline this process, Factorial employs a Vault layer. Liquidity deposited into Vaults is dynamically allocated across markets based on real-time demand. This approach minimizes idle liquidity, benefiting lenders with higher returns while providing borrowers with stable and lower borrowing costs. For more detailed information on Vaults, please refer to the following article.

Leveraging Strategies

Looping is a strategy designed to maximize yields by repeatedly leveraging asset. Users supply a yield-generating asset (e.g., liquid staking tokens, LP tokens) as collateral, borrow a stablecoin or TON against it, then swap it back into the original yield-generating asset. This newly acquired yield-generating asset is again supplied as collateral, repeating the cycle multiple times to amplify the leveraged position and maximize returns.

LST Looping

LST (Liquid Staking Token) looping strategy captures high staking yields while maintaining TON exposure. For instance, a leveraged tsTON/TON position enhances staking returns without amplifying direct TON price risk, as debt is denominated in TON.

Yield from TON liquid staking tokens is typically realized via token price appreciation. Given historical staking yields around 4%, leveraged positions remain manageable if borrowing costs stay below this rate, significantly mitigating liquidation risk barring extraordinary circumstances like slashing events.

SLP Looping

Storm LP tokens (SLP) provide liquidity to Storm Trade, acting as counterparties to perpetual traders. Storm Trade accepts assets such as USDT, TON, and NOT, enabling users to trade various perpetual futures. Liquidity providers (LPs) receive 70% of the generated trading fees.

Therefore, SLP values depend on:

• Underlying token prices (USDT, TON, NOT)

• Trading fees generated from the market

• Traders’ profits and losses (PnL)

Historically, SLP tokens exhibit strong risk-adjusted performance, largely due to effective trading and risk management.

Factorial integrates Storm Trade, launching new markets accepting USDT-SLP and TON-SLP as collateral. Specifically, there will be markets mapping USDT-SLP collateral to USDT loans, and TON-SLP collateral to TON loans, enabling optimized risk management.

Users can now leverage yield through SLP, similar to LST looping strategies. Additionally, Factorial’s TON incentive program now extends to USDT-SLP collateral, reducing borrowing costs. Users participating in USDT or TON vaults via SLP benefit from both protocol fees and additional Storm Trade reward points.

Higher returns inevitably come with higher risks. Although SLP typically offers superior yields, it also carries increased liquidation risk due to trader PnL exposure. Factorial applies an additional DeFi risk factor beyond underlying asset risks and sets conservative leverage limits (approximately 3x).

• Награды в токенах TON от Factorial уже доступны — занимая USDT Вы автоматически становитесь участником.

• Погоня за TVL ради TVL? Подход для создания финансовой пирамиды, а не DeFi протокола.

• Новые функции в ближайшем будущем — дополнительное обеспечение займов, Factorial Pro и Power Account.

Ложное представление о TVL
Распространенное заблуждение в DeFi — считать, что более высокий TVL (Total Value Locked, общая заблокированная стоимость) автоматически означает большую полезность. Хотя TVL часто используется как показатель успеха, его реальное значение зависит от проекта — многие не осознают, что сам по себе TVL не определяет истинную эффективность.

Например, в AMM DEX Uniswap v3 концентрированная ликвидность обеспечивает лучшие условия для трейдинга, чем Uniswap v2, при значительно меньшем объеме средств. В кредитовании TVL отражает доступную ликвидность, но без заемщиков эти активы не приносят дохода. В обоих случаях TVL остается лишь показателем, если он не конвертируется в реальное использование.

Несмотря на это, многие проекты бездумно раздают награды, привлекая ликвидность без обеспечения реального вовлечения пользователей. Это приводит к инфляции TVL, когда привлеченные инвестиции от таких пользователей временно раздувают цифры, которые исчезнут с прекращением раздачи наград. Каков итог? Иллюзия роста, резкие оттоки ликвидности и несостоятельные ожидания доходности, что усложняет построение устойчивой пользовательской базы.

Вспомните лето 2024 года, когда экосистема TON была наводнена вознаграждениями. Как только награды прекратились, ликвидность тоже исчезла. Этот нестабильный цикл фарминга — именно то, чего Factorial стремится избежать.

Возникает ключевой вопрос: как создать программу вознаграждений, которая привлечет реальных, вовлеченных пользователей, а не временную ликвидность? Чтобы ответить на него, сначала нужно проанализировать поведение кредиторов и заемщиков — кто действительно способствует долгосрочной устойчивости протокола и заслуживает вознаграждения.

Поиск постоянной аудитории
Оба типа участников — кредиторы и заемщики — играют важную роль в лендинговых протоколах, но их поведение и подход к принятию решений значительно отличаются.

Кредиторы (lenders) ориентированы на стабильный доход. Они не привязаны к конкретной платформе и чутко реагируют на изменения доходности. Даже при наличии привлекательных стимулов они готовы перейти на другую платформу, если там появятся более выгодные условия. В результате их ликвидность легко перетекает между разными протоколами и сетями в зависимости от рыночной ситуации.

Заемщики (borrowers), напротив, чаще являются спекулятивными инвесторами, стремящимися к высокой доходности, а не к немедленной прибыли. Они удерживают свои позиции дольше, пока не закроют, что делает их взаимодействие с платформой более продолжительным. Хотя стоимость заимствования играет роль, пользователи, которым важны удобство и функциональность, могут оставаться на платформе даже при несколько более высоких затратах.

Понимание этих различий — ключ к созданию эффективной программы стимулов. Вместо того чтобы просто привлекать ликвидность от кредиторов, важно сосредоточиться на формировании базы активных заемщиков, которые вносят реальный и долгосрочный вклад как в протокол, так и в экосистему TON в целом.

Программа вознаграждений Factorial
Factorial вводит две схемы вознаграждения для стимулирования заимствования USDT: TON Rewards от Factorial (наша официальная программа фарминга TON) и систему фарминга на основе очков.

Как это работает:

Ежедневные снапшоты: Вознаграждения рассчитываются на основе снимков данных (снапшотов), делающихся на регулярной основе.

Структура вознаграждений:

• TON Rewards от Factorial: Зарабатывайте вознаграждения в TON за заимствование USDT под залог активов, связанных с TON.

• Фарминг на основе очков: Собирайте очки за участие. Эта программа запускается после грантов TON.

Изначально программа будет сосредоточена на заимствовании USDT с залогом, связанным с TON, за исключением стейблкоинов. Объем заимствования является основным фактором при распределении вознаграждений, однако, по мере расширения списка допустимых вариантов обеспечения займа, распределение наград будет корректироваться соответствующим образом. Добавление новых рынков и изменения в распределении вознаграждений будут стратегически пересматриваться на основе текущей на этот момент рыночной динамики и политических решений.

Ожидаемый результат

Инвесторы смогут использовать заемные USDT от Factorial для получения дохода или инвестирования в другие активы. Ожидается, что эти средства будут задействованы в различных активностях внутри экосистемы TON.

Factorial тесно сотрудничает с децентрализованными биржами (DEX), протоколами доходности и другими DeFi-партнерами для повышения ликвидности и расширения возможностей экосистемы. Через эту программу вознаграждений Factorial стремится укрепить DeFi-сектор TON, повысив эффективность капитала и способствуя более глубоким интеграциям. Кроме того, с появлением новых активов, таких как USDe и BTC, Factorial обеспечит их бесшовную интеграцию для обеспечения стабильного потока капитала.

Вместо краткосрочных всплесков ликвидности продуманная система стимулов и передовая архитектура Factorial ориентированы на устойчивый рост DeFi и долгосрочную стабильность. Эта программа будет способствовать поощрению реального, ценностно-ориентированного участия в экосистеме TON.

Что дальше?
Factorial постоянно развивается, открывая новые возможности и улучшая пользовательский опыт. В ближайшее время планируются ключевые обновления, направленные на расширение рыночных предложений и оптимизацию стратегий доходности.

Обновление Factorial v2 будет включать:

• Поддержку продвинутых стратегий доходности, включая флэш-займы и автоматизированные циклы.

• Инструменты, специально разработанные для опытных пользователей, использующих сложные DeFi-стратегии.

• Функцию делегирования, позволяющую передавать оптимизацию портфеля экспертам.

Кроме того, появление новых рынков USDe и BTC создаст дополнительные возможности для получения доходности и поспособствует развитию DeFi в экосистеме TON. Эти обновления повысят гибкость и эффективность платформы, предоставляя преимущества как простым, так и продвинутым пользователям.

• TON Rewards powered by Factorial are live — if you’re borrowing USDT, you’re in

• Chasing TVL for the sake of TVL? That’s how you build a DeFi Ponzi, not a protocol

• More features are coming — More collaterals, Factorial Pro, and Power Account

False Belief in TVL

A common misconception in DeFi is that a higher TVL (Total Value Locked) automatically means greater utility. While TVL is often used as a success metric, its actual significance depends on the project — many fail to recognize that TVL alone does not determine real effectiveness.

For example, in AMM DEXs, Uniswap v3 concentrated liquidity provide better trading conditions than Uniswap v2 with far less liquidity. In lending, TVL represents available liquidity, but without borrowers, those assets generate no revenue. In both cases, TVL alone is a vanity metric unless it translate into real usage.

Despite this, many projects blindly distribute incentives, attracting liquidity without ensuring real engagement. This fuels TVL inflation, where mercenary capital temporarily pumps numbers, only to vanish when rewards stop. The result? False growth, liquidity shocks, and unsustainable yield expectations, making it harder for protocols to build a stable user base.

Think back to summer 2024, when a flood of incentives hit the TON ecosystem. The moment rewards stopped, so did the liquidity. This unsustainable farming cycle is exactly what Factorial aims to avoid.

This raises a key question: how can we design an incentive program that attracts real, engaged users rather than temporary liquidity? To answer this, we first examine the distinct behaviors of lenders and borrowers — who truly contributes to a protocol’s long-term sustainability, and where should incentives be focused

Finding a Sustainable User Base

While both lenders and borrowers contribute to the lending protocols, their behaviors and decision-making processes differ in meaningful ways.

Lenders tend to prioritize steady income. Rather than being loyal to a particular platform, they are highly sensitive to immediate yield opportunities. Even when receiving attractive incentives, they remain open to switching if better options arise. As a result, they are not tied to certain protocol or network and will readily move liquidity when condition shift.

Borrowers, on the other hand, are more speculative investors, seeking high upside opportunities rather than immediate returns. Since they maintain their positions until they close them, their engagement with a borrowing platform naturally lasts for a longer period. While borrowing costs matter, user who prioritize user experience may continue using a platform they find more convenient — even if costs are slightly higher.

Understanding these dynamics is key to designing an effective incentive program. Rather than simply attracting liquidity from lenders, the goal should be to build a strong base of active borrowers who contribute to both the protocol and the broader TON ecosystem in a meaningful and sustainable way.

Factorial’s Incentive Program

Factorial’s incentive program introduces two reward schemes to incentivize USDT borrowing: TON Rewards powered by Factorial (our official TON farming program) and a point-based farming system.

How It Works:

Daily Snapshots: Rewards are calculated from snapshots taken at regular daily intervals.

Reward Structure:

• TON Rewards powered by Factorial: Earn TON incentives for borrowing USDT against TON-related assets.

• Point-Based Farming: Collect points for participating. This program rolling out after TON grants.

The program will initially focus on USDT borrowing with TON-related collateral, excluding stablecoins. Borrowing volume is the primary factor in reward allocation, but as eligible collateral expands, incentive distribution will adjust accordingly. The addition of new markets and changes in reward allocation will be strategically revised based on market dynamics and policy decisions.

Expected Impact

Investors can use borrowed USDT from Factorial to explore yield-generating opportunities or invest in other assets. These funds are expected to play an active role in various activities within the TON ecosystem.

Factorial is actively collaborating with DEXs, yield protocols, and other DeFi partners to enhance liquidity and utility across the ecosystem. Through this reward program, Factorial aims to strengthen the TON DeFi landscape by increasing capital efficiency and fostering deeper integrations. Additionally, as new assets like USDe and BTC enter the ecosystem, Factorial will facilitate seamless integrations to ensure smooth capital flow.

Rather than driving short-lived liquidity surges, Factorial’s structured incentives and advanced architecture are designed to promote sustainable DeFi growth and long-term stability. This program will build to encourage real, value-driven participation within the TON ecosystem.

What’s Next

Factorial is continuously evolving to unlock more opportunities and enhance the user experience. Key upgrades are on the way to expand market offerings and facilitate yield strategies.

Factorial v2 upgrade will include:

• Support for advanced yield strategies, including flash loans and one-click looping.

• Tools specifically designed for power users engaging in complex DeFi strategies.

• Delegation features, allowing users to assign portfolio optimization to experts

New market offerings, including USDe and BTC, are expected to introduce additional yield opportunities, contributing to the broader expansion of the TON DeFi ecosystem. These upgrades aim to enhance flexibility and efficiency, providing potential benefits for both retail and advanced users.