JOON HYOUNG LEE

There are observations that the so-called 'altcoin season' may fully begin in the third quarter of this year. According to Cointelegraph on the 30th (local time), the Swiss-based cryptocurrency bank Signum Bank stated in a report on this day that, "Due to surging institutional demand, Ethereum (ETH) has completely escaped the prolonged bear market," and added that, "(In the third quarter) changes in market dynamics may trigger an altcoin season." Signum Bank also noted that, "With the clarification of (cryptocurrency) regulations, investment in altcoins may increase, resulting in capital flowing toward projects with real economic use cases and sustainable token models," and added, "Such changes may already be underway." There was also a warning about overheating in meme coin investments. Signum Bank stated in the report that, "The (upward) momentum of altcoins may trigger a meme coin investment frenzy," and predicted, "Historically, when such bubbles continue, they have often ended in a sharp correction."

The DeFi (Decentralized Finance) project Falcon Finance has secured a $10 million investment from World Liberty Financial (WLFI). On the 30th (local time), Falcon Finance announced that it had raised a strategic investment of $10 million from World Liberty Financial. World Liberty Financial is a cryptocurrency project associated with the family of former U.S. President Donald Trump. Previously, in April, Falcon Finance added USD1 as a collateral asset. USD1 is a stablecoin issued by World Liberty Financial. World Liberty Financial plans to expand its stablecoin business following this investment. Zak Folkman, co-founder of World Liberty Financial, said, "This strategic investment marks a significant step forward in building a comprehensive DeFi ecosystem," adding, "We aim to establish a robust and flexible digital dollar infrastructure that satisfies both individual and institutional investors in collaboration with Falcon Finance."

The Tether (USDT) supply on the Tron (TRX) network has surpassed $80.8 billion (approximately ₩111 trillion 700 billion). According to CryptoQuant on the 30th (local time), as of the end of June this year, the total Tether supply on the Tron network hit $80.8 billion, setting a new all-time high. This is $7 billion more than the Tether supply on the Ethereum (ETH) network ($73.8 billion). In just the first half of this year, the Tether supply on the Tron network increased by $21 billion. As of the end of June, the number of wallets on the Tron network was tallied at about 28.7 million, the highest since 2023. In May alone, the Tron network processed 273 million transactions, marking the second-highest monthly transaction volume in its history.

The total unrealized gains of Bitcoin (BTC) investors have surpassed $1.4 trillion, marking an all-time high. According to Glassnode, an on-chain analytics firm, in its weekly report on the 29th (local time), "The unrealized gains of all Bitcoin market participants recently reached $1.4 trillion, hitting a record high," and "97% of the circulating supply is currently in profit." Glassnode stated, "If the price of Bitcoin continues to rise, selling pressure could emerge." Currently, most investors have purchased Bitcoin in the high $110,000s to the low $120,000s. Glassnode noted, "Looking at Bitcoin's Cost-Based Distribution, investors are concentrated between $117,000 and $122,000," highlighting that many new investors have come in near the peak. Glassnode emphasized, "The $110,000 to $115,000 range should be closely monitored." They analyzed, "There is a gap in trading volume between $110,000 and $115,000, just below the current spot price of Bitcoin, because the price quickly passed through this range without sufficient trading activity." Glassnode added, "This price range acts somewhat like a 'gravity zone,' so it will be a key area to watch carefully if Bitcoin undergoes a correction in the future."

The second quarter revenue of MARA Holdings, the largest Bitcoin (BTC) mining company in the United States, set a new all-time high. MARA Holdings announced on the 29th (local time) that its Q2 revenue reached $238 million, a 64% increase year-over-year. This figure surpasses market expectations of $223.7 million, making it the company's highest quarterly revenue ever. Net income for Q2 was $808.2 million, a sharp 505% surge from a year earlier. As of the end of last month, MARA Holdings held a total of 49,951 Bitcoins. This is a 170% increase compared to a year ago (18,488 Bitcoins). Cointelegraph reported, "(MARA Holdings) currently holds around $5.87 billion worth of Bitcoin," and added, "It has the second largest Bitcoin holdings after MicroStrategy, which owns approximately $71 billion in Bitcoin."

Indonesia will increase the tax rates applied to cryptocurrency transactions starting next month. According to Reuters on the 30th (local time), Indonesia's Ministry of Finance will raise the cryptocurrency transaction tax starting from the 1st of next month. Specifically, when using domestic cryptocurrency exchanges, the tax rate will rise by 0.11 percentage points, from the previous 0.1% to 0.21%. For overseas cryptocurrency exchanges, the rate will increase from the previous 0.2% to 1%, an increase of 0.8 percentage points. The previously applied value-added tax (VAT) on cryptocurrency transactions will be abolished. Reuters reported, "According to previous regulations, cryptocurrency buyers had to pay 0.11–0.22% VAT at the time of transaction." The mining tax on cryptocurrency will also be increased. First, the VAT rate applied to cryptocurrency mining will double, from the previous 1.1% to 2.2%. In addition, the special income tax rate of 0.1% applied to cryptocurrency mining will be abolished starting next year. Reuters stated that "personal income tax or corporate tax rates will be applied to (cryptocurrency mining) income."

An analysis has emerged suggesting that the cryptocurrency Fear & Greed Index, which reflects market sentiment, has peaked. Matrixport, a cryptocurrency analysis firm, announced on the 30th (local time) through its official X account that "it appears the Fear & Greed Index has reached its peak," and added, "the long-term moving average of Bitcoin (BTC) is also exhibiting signs of forming a peak." The Fear & Greed Index is an indicator reflecting market sentiment, with higher readings signaling overheated investor sentiment. Matrixport further remarked, "Historically, the rise of this indicator has coincided with strong bullish rallies in Bitcoin." There is also speculation that the price of Bitcoin may decline starting next month. Matrixport analyzed, "We anticipate a correction phase next month," and continued, "Even though the news flow remains positive, the momentum (for a rise) has weakened, which may imply that market sentiment is getting ahead of the fundamentals." They added, "Investors should prepare for a potential cooling period."

The open interest (OI) of XRP has dropped by nearly $2.4 billion (about ₩3.3 trillion) over the past two weeks. Cointelegraph, citing data from the on-chain analytics firm Coinglass on the 30th (local time), reported, "XRP futures open interest hit an all-time high of $11.2 billion on the 18th of this month, but has since fallen to $8.8 billion." This means open interest shrank by about $2.4 billion in the last two weeks. Cointelegraph suggested, "This downtrend has led to speculation that (XRP) investors have shifted their attention to other assets." The price of XRP has been on a steady decline since mid-month. According to CoinMarketCap, the price of XRP surpassed $3.6 on the 18th, but as of today is trading in the low $3.1 range. There are also concerns about further declines. Cointelegraph noted, "There are now fears that even ordinary volatility in the market could trigger a chain of forced liquidations," adding, "There is also speculation that XRP could fall below $2.6."

US Nasdaq-listed company BitDigital (BitDigital) is raising $10 million (approximately ₩14 billion) in new funding to purchase Ethereum (ETH). According to BeInCrypto on the 26th (local time), BitDigital reported to the US Securities and Exchange Commission (SEC) on the previous day (25th) that it would increase its common stock issuance cap from the previous 340 million shares to 1 billion shares. BitDigital stated in a filing submitted to the SEC that "the newly raised funds will be used to purchase Ethereum." BitDigital plans to newly raise $10 million by increasing its common stock issuance cap. The related shareholder vote is scheduled for September 10. BitDigital has been accelerating its efforts to secure Ethereum since the start of this year. Earlier this month, BitDigital additionally purchased Ethereum after selling $172 million (about ₩240 billion) worth of Bitcoin (BTC). Meanwhile, it is estimated that BitDigital currently holds a total of 120,306 Ethereum.

Cryptocurrency A to Z To Cryptocurrency Exchanges Estimated Deposit of $140 Million Holds 4.6% of XRP Volatility Likely to Increase If Sold The recent transfers of XRP (formerly Ripple) by Chris Larsen, Chairman of Ripple’s Board of Directors, to cryptocurrency exchanges have drawn significant attention. There is speculation that Larsen may soon proceed to sell some of his XRP holdings. According to industry sources on the 27th, Larsen has transferred $175 million (about ₩2.4 trillion) worth of XRP to several wallet addresses from mid-month to very recently. Most of the transferred XRP has reportedly been deposited on centralized exchanges such as the US-based Coinbase. It is estimated that Larsen recently deposited about $140 million (approximately ₩2 trillion) worth of XRP into cryptocurrency exchanges. Larsen co-founded Ripple, the issuer of XRP, in 2012. After serving as Ripple’s CEO from 2012 to 2016, he is currently the Chairman of the Board. Larsen is said to hold $2.81 billion (about ₩3.9 trillion) worth of XRP. Some believe that Larsen is preparing to sell XRP, as large transfers occurred right after a strong upward trend in XRP’s price. In fact, when Larsen began making these transfers in mid-month, the price of XRP exceeded $3 for the first time in about five months since early February. An industry insider said, "There is almost no reason to deposit cryptocurrency to exchanges such as Coinbase other than to sell." If Larsen does go ahead and sell, XRP price volatility is expected to increase significantly. The US crypto news outlet Cointelegraph reported, "Larsen holds about 4.6% of the total XRP market capitalization," adding, "If this quantity is released into the market quickly, it would cause strong selling pressure." However, some believe Larsen may not immediately sell his XRP, as there are expectations that the price of XRP could rise further.

The non-fungible token (NFT) project Pudgy Penguins has denied the acquisition rumor of the NFT marketplace OpenSea. Beau, the Chief Security Officer of Pudgy Penguins, stated via X on the 26th (local time), "Pudgy Penguins did not acquire OpenSea," adding, "Acquiring OpenSea in the current situation holds little meaning for Pudgy Penguins." This marks the first time Pudgy Penguins has made an official statement regarding rumors of acquiring OpenSea. The acquisition rumor about Pudgy Penguins and OpenSea recently circulated on social media. Previously, Luca Netz, CEO of Pudgy Penguins, had expressed interest in acquiring OpenSea through social media last year. Regarding this, Chief Security Officer Beau said, "(Instead of rumors about acquiring OpenSea), it's better to discuss partnerships with Lufthansa or NASCAR." Meanwhile, the price of Pudgy Penguins has surged recently. As of 5:28 p.m. on this day, Pudgy Penguins was trading at $0.04132, down 1.63% from the previous day. Compared to a month ago, this represents an increase of about 338%.

El Salvador’s Bitcoin (BTC) holdings have surpassed 6,250. U.S. crypto-focused media outlet Cointelegraph announced on its official X account on the 27th (local time), “El Salvador is still purchasing Bitcoin daily,” adding, “Current holdings stand at 6,250 coins, amounting to approximately $739 million (about ₩1 trillion).” El Salvador became the world’s first country to officially adopt Bitcoin as legal tender in 2021. The country is reported to be steadily expanding its domestic Bitcoin payment infrastructure.

<Major Economic Events Next Week> ▶28th (Mon): △Canada June Wholesale Sales (US Time 8:30, Korea Time 21:30) ▶29th (Tue): △US 2-Year Treasury Auction (US Time 12:00, Korea Time 1:00) △US 5-Year Treasury Auction (US Time 12:00, Korea Time 1:00) △US June Goods Trade Balance (US Time 8:30, Korea Time 21:30) △US Department of Labor June Job Openings and Labor Turnover Survey (JOLTS) (US Time 10:00, Korea Time 23:00) △US July CB Consumer Confidence Index (US Time 10:00, Korea Time 23:00) ▶30th (Wed): △US 7-Year Treasury Auction (US Time 12:00, Korea Time 1:00) △EU Q2 GDP (US Time 5:00, Korea Time 18:00) △US July ADP Nonfarm Employment Change (US Time 8:15, Korea Time 21:15) △US Q2 GDP (US Time 8:30, Korea Time 21:30) △Canada Rate Decision (US Time 9:45, Korea Time 22:45) △US June Pending Home Sales (US Time 10:00, Korea Time 23:00) △US Crude Oil Inventories (US Time 10:30, Korea Time 23:30) ▶31st (Thu): △US Rate Decision (US Time 14:00, Korea Time 3:00) △US FOMC Press Conference (US Time 14:30, Korea Time 3:30) △South Korea June Industrial Production (US Time 19:00, Korea Time 8:00) △South Korea June Retail Sales (US Time 19:00, Korea Time 8:00) △China July Manufacturing PMI (US Time 21:30, Korea Time 10:30) △Japan Rate Decision (US Time 23:00, Korea Time 12:00) △US June Core PCE Price Index (US Time 8:30, Korea Time 21:30) △US Initial Jobless Claims (US Time 8:30, Korea Time 21:30) ▶1st (Fri): △US Federal Reserve Balance Sheet (US Time 16:30, Korea Time 5:30) △South Korea July Trade Balance (US Time 20:00, Korea Time 9:00) △EU July Consumer Price Index (US Time 5:00, Korea Time 18:00) △US July Average Hourly Earnings (US Time 8:30, Korea Time 21:30) △US July Nonfarm Employment Index (US Time 8:30, Korea Time 21:30) △US July Unemployment Rate (US Time 8:30, Korea Time 21:30) △US July Manufacturing PMI (US Time 9:45, Korea Time 22:45) <Major Cryptocurrency Events Next Week> ▶28th (Mon): △Jupiter (JUP) 53.47 million tokens unlock △MatChain (MAT) Omni Exchange partnership ▶29th (Tue): △EtherFi (ETHFI) July Analyst Call ▶30th (Wed): △Helium (HNT) Community Call ▶31st (Thu): △Kaito (KAITO) New Service Launch △LayerZero (ZRO) Stablecoin WYST Launch △Optimism (OP) 31.34 million tokens unlock △Kaia (KAIA) Town Hall ▶1st (Fri): △NEAR Protocol (NEAR) Inflation Vote △Optimism (OP) Season 8 Governance Update △Sui (SUI) 44 million tokens unlock

An analysis suggests that if the price of SUI surpasses $4.35, short positions totaling $25 million (about ₩35 billion) could be liquidated. BeInCrypto, citing data from the on-chain analytics firm Coinglass on the 26th (local time), reported, "If SUI’s price hits $4.35, short positions amounting to about $25 million will be liquidated." BeInCrypto stated, "Short position liquidations generally serve as a positive factor for an asset’s price," adding, "(Upon liquidation), it could trigger strong buying pressure and lead to a sharp price increase." It is further analyzed that SUI is still in an upward phase. BeInCrypto said, "SUI’s Relative Strength Index (RSI) remains in a bullish zone," explaining, "This means upward momentum is still strong." They added, "Since the RSI has not yet entered the overbought area, there is still room for further price increases." The key support level is identified as $4.12. BeInCrypto explained, "To reach $4.35, it is essential to protect the $4.12 support level," and added, "Successfully defending this support could pave the way for a move past $4.35 and potentially further gains." Meanwhile, as of 4:19 p.m. on this day, SUI is trading at $4.23 on CoinMarketCap, up 5.86% from the previous day. Compared to one month ago, this is an increase of about 60%.

Woori Bank will promote the discovery of stablecoin-based business models in the second half of this year. Woori Bank announced on the 27th that President Jeong had unveiled this strategy for the second half during the '2025 Second Half Management Strategy Meeting' held on the 25th at Woori Bank's headquarters in Jung-gu, Seoul. The event was attended by President Jeong, Woori Bank executives, department heads, branch managers, and over 470 other personnel. President Jeong identified changes in the digital environment, the advent of a super-aged society, and the implementation of a 4.5-day workweek as major environmental changes for the latter half of the year. He stated, "We will discover stablecoin business models in line with digital environment changes," and added, "We will also expand our customer base for foreign exchange transactions." President Jeong further said, "We will pursue the internalization of AI (Artificial Intelligence) systems and respond to a super-aged society through an integrated asset management system after the group's inclusion of a life insurance company." He also called for the development of new work models. President Jeong requested, "Please create new sales and work models that reflect the changing customer lifestyles and work environments resulting from the introduction of the 4.5-day workweek and the arrival of a super-personalized society." Woori Bank plans to fully implement absolute evaluation for core performance indicators (KPIs) and a retired employee reemployment system during the latter half of this year. Woori Bank believes that the reemployment of retired staff will improve workforce management efficiency.

According to the Token Mindshare—a metric quantifying the influence of specific tokens within the crypto market—on the AI-based Web3 search platform Kaito, as of the 27th, the five most popular crypto-related keywords among people are Sui (SUI), Zora (ZORA), Pudgy Penguins (PENGU), Kaito (KAITO), and NEAR Protocol (NEAR). Sui has recently attracted investor attention due to heightened price volatility, breaking through the major resistance level of $4 earlier this month. According to the on-chain analytics platform Glassnode, Sui's perpetual futures open interest (OI) reached approximately $1.2 billion as of the 22nd of this month, approaching an all-time high. The U.S. Securities and Exchange Commission (SEC) also attracted attention by commencing an official review of Canary Capital's Sui spot ETF application. As of this afternoon, Sui is trading at around $4.2 on CoinMarketCap, up approximately 5.1% from the previous day. Zora is believed to have seen a surge in online mentions due to a sharp increase in its price today. As of this afternoon, Zora is trading at approximately $0.0773 on CoinMarketCap, up about 59% from the previous day. This represents a staggering 546% rise compared to a week ago. The price of Zora started its rally in the middle of this month. Pudgy Penguins has recently drawn attention as the meme coin market has shown overall strength. As of this afternoon, Pudgy Penguins is trading at around $0.042 on CoinMarketCap, down about 1% from the previous day. Compared to a week ago, this is up approximately 37.3%, and compared to a month ago, it's up about 354.1%. Previously, driven by a recent surge, Pudgy Penguins overtook BONK on the 23rd to become the top Solana (SOL)-based meme coin by market capitalization. As of this afternoon, Pudgy Penguins market cap is around $2.65 billion. Kaito recently drew attention after the cross-chain interoperability protocol Union announced the launch of the 'Mad Yaps' program ahead of its mainnet release. Mad Yaps is a joint incentive program between Union and Kaito, distributing 1% of the total Union token supply as rewards. Kaito's collaboration with the AI agent project Theoriq has also likely contributed to increased online mentions of Kaito. As of this afternoon, Kaito is trading at around $1.35 on CoinMarketCap, down approximately 2.1% from the previous day. NEAR Protocol has also likely seen an increase in online mentions due to increased price volatility. While NEAR Protocol's price had been on a steady rise since the start of this month, it saw sharp fluctuations beginning this week. As of this afternoon, NEAR Protocol is trading at around $2.92 on CoinMarketCap, up about 2.3% from the previous day. This is an increase of approximately 0.2% compared to a week ago and about 39.8% higher than a month ago.

Justin Sun, the founder of TRON (TRX), made a new deposit of Ethereum (ETH) worth $230 million (approximately ₩320 billion) into the decentralized lending protocol Aave. Wu Blockchain reported on the 27th (local time), citing data from the DeFi data platform DeBank, "Justin Sun’s address withdrew 60,000 Ethereum from Lido on this day and then deposited them into Aave." Both Lido and Aave are decentralized lending protocols built on Ethereum. Wu Blockchain said, "The total value of this transaction reaches $226 million," and added, "The address currently holds Ethereum worth $630 million combined in Lido and Aave."

Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated, "I am confident in a Bitcoin (BTC) bull market next year." According to Cointelegraph on the 27th (local time), CIO Hougan recently said in an interview, "The four-year cycle for Bitcoin is 'dead,'" sharing this view. Hougan CIO explained, "Due to clearer (crypto) regulations, the risk of a major Bitcoin price crash has decreased significantly," and added, "Given that (crypto) institutionalization is still in its early stages, Bitcoin is highly likely to see even stronger momentum in this cycle." CIO Hougan emphasized, "Bitcoin’s price will continue to be on an upward trend." He said, "Of course, there may be considerable volatility, but I think that the current upswing is more like a sustained and steady boom rather than a 'super cycle.'" Recently, some in the industry have called for discarding existing Bitcoin cycle theories. Ki Young Ju, CEO of CryptoQuant, said on X (formerly Twitter) on the 25th that "the Bitcoin cycle theory is over."

Chris Larsen, co-founder and chairman of the board of Ripple Labs, is reported to hold XRP valued at $9 billion (about ₩12.5 trillion). Analysts suggest that if Larsen makes additional transfers of XRP, selling pressure could significantly intensify. Maartunn, a contributor at CryptoQuant, stated on X (formerly Twitter) on the 26th (local time), "Chairman Larsen still holds 2.58 billion units of XRP," adding, "This amounts to $8.83 billion." Maartunn added, "The 50 million XRP recently transferred by (Chairman Larsen) is only a very small portion of his holdings," and, "If he moves to sell more of his XRP, selling pressure could surge." It has been reported that Chairman Larsen has transferred up to 50 million XRP to U.S. crypto exchanges such as Coinbase in recent weeks. At current value, that equates to $175 million (around ₩240 billion). According to an industry official, "Depositing cryptocurrencies to exchanges such as Coinbase is almost always for the purpose of selling." Meanwhile, as of 11:28 AM that day, XRP was trading at $3.19 on CoinMarketCap. This price is up 1.99% from the previous day.

Six out of ten U.S. investors have no intention of investing in cryptocurrencies such as Bitcoin (BTC). According to a survey conducted by Gallup on adults over the age of 18 in the U.S. last month, 60% of respondents answered that they had 'no intention to invest in cryptocurrency.' Another 17% said they were 'interested in investing in cryptocurrency but have no plans to purchase anytime soon.' Only 4% of respondents said they were likely to purchase cryptocurrency soon. Nine out of ten U.S. adults (87%) perceived cryptocurrency as 'risky.' Specifically, the proportion of respondents who answered that cryptocurrency is 'very risky' and 'somewhat risky' was 55% and 32%, respectively. Narrowing it down to U.S. investors who have invested more than $10,000 in stocks, bonds, etc., 64% of them responded that they see cryptocurrency as 'very risky.' Additionally, 14% of U.S. adults (about 1 in 7) were found to own cryptocurrencies such as Bitcoin. Looking at age and gender, males aged 18–49 had the highest ownership rate (25%). This was followed by men aged 50 or older (12%), women aged 50 or older (9%), and women aged 18–49 (8%). Despite the active pro-cryptocurrency policies of U.S. President Donald Trump, some analyses suggest that cryptocurrencies have yet to become a mainstream investment vehicle. Gallup stated, "The current perceptions suggest that unfamiliarity with cryptocurrencies and concerns about the possibility of realizing returns still present obstacles to cryptocurrencies becoming a routine investment vehicle."

Japanese artificial intelligence (AI) company QuantumSolutions will purchase 3,000 Bitcoins over the next year. According to industry sources on the 27th, QuantumSolutions' board of directors approved a Bitcoin financial strategy plan on the 23rd. The main focus of this plan is to acquire up to 3,000 Bitcoins within the next year. QuantumSolutions stated, "By utilizing borrowed funds, we will initially purchase up to $10 million (about ₩14 billion) worth of Bitcoin," adding, "The scale of the purchases will gradually expand." QuantumSolutions emphasized the strategic importance of holding Bitcoin reserves. A QuantumSolutions representative said, "There is a growing trend among overseas listed companies and institutional investors to hold Bitcoin as a financial reserve asset," and explained, "(Bitcoin) is being highlighted as both an inflation hedge and a store of value." The representative further added, "With the depreciation of the Japanese Yen and rising global financial uncertainties, investment in and holding of Bitcoin as an asset diversification strategy, for reducing foreign exchange risk, and as an inflation hedge, is becoming increasingly important."

There is speculation that if the Bitcoin (BTC) price breaks out of its current trading range, it could reach a new all-time high. CryptoQuant contributor ShayanMarkets stated on the 26th (local time) via CryptoQuant, "Looking at recent (Bitcoin) futures order flows, there is a surge in small position trading," adding, "This suggests that individual investors are actively participating at the current price level." ShayanMarkets added, "(However) there is no sign of large-scale sell-offs by whales or institutional investors," and noted, "The fact that 'big players' are not liquidating their positions indicates sustained confidence in the bullish trend." The possibility of Bitcoin setting a new all-time high was also mentioned. ShayanMarkets said, "Such a pattern is a typical precursor to large-scale price rallies," adding, "(Currently) the market may appear somewhat stagnant, but these phases often serve as a breather before entering the next upward stage." They continued, "The total lack of whale sell signals lends weight to the interpretation that the market is in a healthy correction phase," and, "If the current trading range breaks, new demand could flow in, possibly sending Bitcoin to new heights,” they added.

Justin Hyun, Co-CEO of Affluent Founded DeFi service after working at BlockFi and TON 'Trustless model' must become the future of finance TON boasts a '1 billion user' advantage Demand for TON-based DeFi will continue to grow "Meeting good people and having good conversations." That’s the main aim of Blooming Lunch. We meet influential figures in the crypto scene (blockchain and virtual asset ecosystem) and share their stories about work and life. When describing Justin Hyun, Co-CEO of Affluent, you have to mention the TON Foundation. TON is a Telegram-based Layer 1 blockchain, which was selected as Telegram’s official blockchain partner in 2023. From 2022 until last year, Hyun served as Head of Institutional Growth at the TON Foundation for nearly three years. After leaving the TON Foundation, he co-founded the TON-based decentralized finance (DeFi) project Affluent. Affluent’s main goal is to expand DeFi services to the Telegram ecosystem, which boasts a monthly active user (MAU) base of 1 billion. We met Hyun at Yujeong Restaurant in Gangnam-gu, Seoul, a spot often visited by BTS during their trainee days and now recognized as a must-visit stop on so-called "BTS tours." The interior was filled with posters and goods left by BTS fans from around the globe. Wearing shorts and a t-shirt, Hyun joined us and we ordered the restaurant’s signature Yujeong Ssambap for two. He said, "I come here often since it’s near my office. Korean food is very well balanced nutritionally so I definitely feel healthier living in Korea." Deloitte and BlockFi, then on to TON Hyun is a Korean-Canadian. His family immigrated to Canada when he was eight. After finishing high school in Canada, he majored in accounting at a U.S. university and later worked for five years as an accountant at Deloitte, one of the Big Four accounting firms. He set foot in the crypto industry in 2021 as finance strategist for BlockFi, a U.S. crypto lending company. Hyun recalled, "During the early days of the COVID-19 pandemic, I spent some time in Canada. I had a childhood friend there working in blockchain, which naturally raised my interest." During our conversation, the signature grilled black pork stir-fry arrived on a sizzling plate. The spicy-sweet meat paired nicely with the fresh leafy wraps. The side dishes, mostly seasoned vegetables, were simple and clean-tasting. Inside the restaurant, a number of foreign guests were also enjoying the same dish. While assembling a wrap, Hyun continued, "BlockFi was a centralized finance (CeFi) company. Though I wanted to take on the blockchain industry, much of the actual work wasn’t much different from conventional finance (TradFi), which made me feel skeptical." He added, "Through an introduction, I happened to meet TON developers. In hindsight, it was a bold decision, but at the time I just had the feeling 'let’s give it a try here.'" A thirst for DeFi led to founding Affluent Hyun formally joined the TON Foundation in 2022, back before its official launch in Switzerland in 2023, when the organization’s structure hadn’t even been fully formed. "Early on, I was responsible for incubating TON-based projects," he explained. "By incubating several, I saw the potential of TON-based DeFi." His growing interest in DeFi projects eventually led him to leave the TON Foundation last year and team up with B-Harvest, a domestic blockchain company, to co-found the TON-based DeFi project Affluent. "Two years ago, I visited Korea for a blockchain event and got to know B-Harvest," said Hyun. "We found common ground on the need for a TON-based DeFi project and decided to join forces." According to Hyun, Affluent is a third-generation DeFi lending platform. DeFi lending platforms have evolved from first-generation services like Aave, which offer simple asset lending, to second-generation models like Morpho, which introduced asset management concepts to lending. "Affluent collaborates with asset management companies to help maximize returns on borrowed assets. Its main feature is adopting a 'trustless' model to enhance transparency in asset management and to wholly eliminate any possibility of embezzlement," he said. After our meal, we headed to Popular Coffee Roasters, a specialty café near Hapjeong Station on Line 7, about a 10-minute walk from Yujeong Restaurant. We ordered two filter coffees brewed with "El Salvador Malacara C Pacamara Natural" beans. Tasting notes on the menu included grapefruit, cherry, and blackberry. Hyun smiled and said, "There’s some symbolism in discussing crypto over coffee brewed from El Salvador beans." El Salvador was the first country in the world to adopt Bitcoin (BTC) as legal tender in 2021. Settling into seats at the café, we continued our talk about the 'trustless model.' This is a core of decentralization, meaning that transactions can be made securely even without trusting institutions or intermediaries. Hyun said, "Trustless in blockchain doesn’t mean that intermediaries can’t be trusted—it means you don’t have to trust them. I don’t just see the trustless model as the future of finance—I believe it must become the future of finance." Demand for TON-based DeFi is set to grow We asked why Affluent chose TON as its blockchain amid so many DeFi lending platforms being Ethereum-based. Hyun responded, "Telegram, used by a billion people worldwide, has a huge accessibility advantage that outweighs any other blockchain." He continued, "The biggest obstacle for existing DeFi services is that ordinary users have to learn about blockchain to participate. Not just DeFi, the sustainability of any blockchain mainnet depends on how readily everyday users can access it in their daily lives." Network growth potential was another reason he chose TON. "Unlike other social media, Telegram’s philosophy is not to monetize by using user data, so it has no choice but to build more sophisticated revenue models through blockchains like TON," he explained. "TON will become increasingly integrated with Telegram, and as blockchain technology spreads, demand for TON-based DeFi will inevitably grow in regions like Eastern Europe and Southeast Asia, where Telegram is the main messenger." Asked what draws him to the crypto scene, Hyun replied, "The best thing about crypto these days is no one cares about your background more than any other industry. When bringing on talent, people intensely focus on your potential contributions, not your race or academic pedigree." He added, "Put simply, it means opportunity is open to anyone. There are so many brilliant people that I’m constantly inspired by my work." After the interview, Hyun stood up first. Slinging on his backpack, he shared, "I once heard that a successful person is someone who feels happy heading to work and again when heading home. I feel I’ve become that person working in the crypto scene," he smiled. Soon after, he hurried out for a meeting at the office. This interview was not supported or financially compensated by any restaurant or brand, and was conducted with no commercial intent. The Blooming Lunch column aims to capture authentic, informal interviews with guests at their favorite local restaurants.

This year, the cryptocurrency market has seen a net inflow of $60 billion (approximately ₩82.2 trillion). According to CoinDesk on the 24th (local time), global investment bank (IB) JP Morgan announced this in a report released the previous day (23rd). CoinDesk stated, "($60 billion) is a figure that has surged about 50% compared to the data JP Morgan released at the end of May." The sharp increase in net capital inflow into the cryptocurrency market is attributed to regulatory clarification efforts in the United States. The U.S. House of Representatives recently passed major cryptocurrency bills such as the Genius Act (Stablecoin Act) and the Clarity Act (Digital Asset Market Structure Act) during 'Crypto Week.' In its report, JP Morgan explained, "The surge in capital inflow into cryptocurrencies in recent months is likely due to favorable U.S. regulations for crypto."

An analysis suggests that the supply of stablecoins in the U.S. could increase by as much as $75 billion due to the enactment of the Genius Act, a legislative bill on stablecoins. According to CoinDesk on the 24th (local time), the global investment bank (IB) Bank of America (BofA) recently stated in a report, "The Genius Act will be a turning point for U.S. stablecoin regulation," and "stablecoin supply could increase in the short term by at least $25 billion to as much as $75 billion." The current market capitalization of stablecoins is about $250 billion. Major banks are also expected to accelerate their entry into the stablecoin market. Bank of America said, "It appears that banks are prepared to issue their own stablecoins," adding, "(Bank) management teams prefer a consortium model." Brian Moynihan, CEO of Bank of America, also recently stated, "We are preparing to enter the stablecoin market."

Semler Scientific, a US-based Nasdaq-listed medical device manufacturer, has additionally purchased Bitcoin (BTC) worth $21 million (approximately ₩2.9 billion). On the 24th (local time), Bitcoin for Corporations, via its official X account, announced: “Semler Scientific has additionally acquired 175 Bitcoins for approximately $20.8 million,” adding, “the average purchase price was $119,230 per Bitcoin.” Bitcoin for Corporations is a Bitcoin treasury strategy support organization jointly founded by Strategy and the US cryptocurrency media outlet Bitcoin Magazine. Bitcoin for Corporations noted, “Semler Scientific’s current Bitcoin yield is 31.3%.” As of this date, the number of Bitcoins held by Semler Scientific reached 5,021. Semler Scientific recently announced its goal to accumulate 105,000 Bitcoins by 2027.