Exclusive Interview with TON of Alpha | Telegram's First Unicorn TOP: Are Crypto Reserve Companies the Future of Web3 VC? TON Blockchain 2026 Forecast

TON Treasury Fund Debate: Kirill Malev discusses the potential of Treasury Funds in TON's ecosystem, emphasizing the need for sustainable projects over short-term hype. He highlights TON Foundation's role in funding and the importance of large-scale user adoption.
TON's Sustainable Business Model: Key opportunities include yield scenarios, asset tokenization (RWA), and viral applications. Kirill sees potential in leveraging Telegram's distribution and Web3 capital, with payments (like USDT on TON) as a core future component.
Web3 VC Trends: Venture capital is evolving into venture building, with VCs taking active roles in product development. Kirill notes the shift toward transparency and multi-role strategies to maximize returns for investors.
Asset Tokenization & Compliance: Tokenization is inevitable, but regulatory frameworks are needed to combat scams. Kirill predicts a future where tokenized assets could surpass traditional markets if trust mechanisms improve.
TON's 2026 Vision: Kirill anticipates growth in MiniApps integrating social and everyday use cases, with TON potentially ranking among the top three cryptocurrencies by market cap.
Advice for Developers: Focus on long-term value, clarity in target audiences (especially non-crypto users), and adaptability. Kirill stresses perseverance and honesty in evaluating market demand.
Quick Insights: Kirill advocates for compliance, reveals mass adoption is underway, and hints at an upcoming project. His ideal venture? A Hyperliquid-like decentralized exchange.

How should the coin-share reserve fund be used? What is TON's business model? What should developers focus on?

Following the first episode that attracted widespread attention by inviting Jack Booth, Vice President of IP of the TON Foundation , the second episode of TON of Alpha invited Kirill Malev , Venture Advisor of The Open Platform (TOP) , the first unicorn with a valuation of 1 billion US dollars in the TON and Telegram ecosystem , to provide an in-depth analysis of the future development of the TON ecosystem.

From the hotly debated topic of the Treasury Fund to TON's sustainable business model , Web3 venture capital trends , asset tokenization , and compliance challenges , Kirill provides TON builders with the most in-depth observations and suggestions from the perspective of a practitioner deeply involved in the ecosystem.

TON of Alpha ( @TONofAlpha ) is an open interview program for institutions and builders, dedicated to connecting Telegram & TON's 1 billion user ecosystem. It is jointly produced by TONX and KTON - both of which are early TON miners and core builders since 2021.

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

X Space program audio file: https://x.com/i/spaces/1ypKdZkwYDnJW

Does TON need a Treasury Fund?

Mr. Z : Thank you very much and welcome Kirill Malev to the second episode of Ton of Alpha. There's been a lot of buzz about Digital Asset Treasury lately . As a venture advisor, what are your thoughts on this? Does TON need a Treasury Fund ?

Kirill : This is a very popular and exciting strategy lately. I anticipate that several Treasury-related projects will emerge, generating excitement and attention in the market. Before partnering with or investing in such companies, it's best to ensure they truly understand what they're doing to avoid potential pitfalls.

I believe ecosystem growth does require significant resources, but I'm not overly concerned about funding. The TON Foundation is currently overseeing this effort, and many early miners have generously donated funds to support ecosystem development. Currently, I'm more concerned about large-scale user adoption. I hope that one day, TON will become a more widely known cryptocurrency than Bitcoin .

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

Kirill : We're interested in any project that can create long-term value within the Telegram/TON ecosystem . Regardless of scale, as long as they're sustainable and can create value over the long term , we'll be interested. As for projects pursuing short-term hype, we're not really paying much attention to them at this stage, as we've seen numerous examples of this within the ecosystem.

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

Mr.Z : You mentioned a sustainable business model. Can you tell us what unmet needs TON has now?

Kirill : I think there's a lot of potential, such as simple yield scenarios , the tokenization of physical assets (RWA) , and viral forms . The essence of RWA is connecting the capital market with real-world revenue-generating applications and distributing these returns to capital providers . Therefore, I believe these projects have many opportunities to leverage the best of both worlds—on the one hand, leveraging the powerful distribution capabilities of Telegram, and on the other, tapping into the vast capital of the Web3 world.

Mr. Z : This reminds me of the payment scenario . TON has a high TPS, making it ideal for payments. We've also seen USDT issuance on TON rapidly grow to $1.4 billion between April and now . Do you think this will be a core component of TON's future?

Kirill : Payments are definitely a high-demand scenario , and its potential is clear. I also believe that transaction infrastructure is crucial, though it may take some time to develop. However, I believe that TON's technology will continue to explode over the next year or two, and we'll see a wide variety of business models flourish across payment, RWA, and transaction infrastructure.

The Changing Role of Web3 Venture Capital: Wearing Many Hats

Mr. Z : So what are your thoughts on the evolution of the Web3 venture capital industry as a whole? Is the role of VCs changing?

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

Many VCs are no longer simply investing, but are now acting as venture builders. If you understand the market and the needs, why not build the product yourself?

Therefore, if we talk about the trends in the venture capital industry, it is not just about setting up treasury companies. Today's VCs often take on multiple roles and launch products and new projects themselves - not just liquidity providers, not just fund managers, and not just traditional venture capital companies, but they try their best to find the best investment and profit opportunities for liquidity providers and LPs .

After all, what VC does in essence is capital transactions. It must first attract funds, then actively deploy them, and allow the funds to continue to increase in value.

The future of asset tokenization and regulatory challenges

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

Kirill : Asset tokenization is definitely coming. While Web3 still suffers from numerous scams, I believe regulation and oversight will help this trend accelerate and stabilize. If a protocol emerges in the future to help prevent scams, the asset tokenization market might even be larger than the traditional stock market.

What will TON look like in 2026?

Mr. Z : As an early participant in TON, what do you think about its future? For example, what will it look like by the end of 2026?

Kirill : I'm most excited to see more MiniApps emerge that integrate social scenarios and address everyday needs . We already have thousands of MiniApps, and the number of daily active users continues to grow. This trend will only accelerate, as we're just getting started.

Advice for TON developers

Mr. Z : Do you have any advice for TON developers, whether they are already working in the ecosystem or just watching?

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

Furthermore, you must be honest about what you are building, the essence of your business, and whether the market demand still exists. You must constantly review and adjust.

Quick Questions and Answers

Mr. Z : Next is the quick question and answer session. I'm going to ask a question, and I hope Kirill can just speak your mind. First question: If you could borrow a feature from another blockchain to enhance TON, what would it be?

Kirill : Ensure compliance with local regulations in every region where Telegram is located .

Mr.Z : What is your most unique perspective on existing TON ecosystem builders?

Kirill : Mass adoption is already happening.

Mr.Z : If there were no financial or technical limitations, what new venture would you create?

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

Mr.Z : 12 months from now, what milestones do you think will make you feel that TON is a success?

Kirill : TON ranks among the top three on CoinMarketCap.

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

Kirill : There are many talented people working in the TON ecosystem, and this will bring real results. Additionally, my team and I are also working on a truly useful project . I can't reveal too much about it yet, but please stay tuned.

Mr. Z : Today's show was fantastic. Kirill provided valuable insights on topics ranging from the Treasury Fund, the development of the TON ecosystem, Web3 VC trends, and developer advice. If you found this episode valuable, please share it, and follow TON of Alpha. TON of Alpha is just getting started. I'm your host, Mr. Z. See you next time!

Kirill : Thank you everyone for listening, goodbye!

If you enjoyed this first episode and want to stay up to date on the latest developments in the TON and Telegram ecosystem, follow @TONofAlpha on Twitter for the latest shows and exclusive insights.

For more behind-the-scenes footage and firsthand insights, don’t forget to follow host @69420MrZ and guest @playittodeath !