Hey @antonttc gm sir.
Marco here, TAC co-founder and growth lead.
Thanks for taking the time to engage with the proposal, it’s always great to see multiple points of view.
I’m not representing Fanzee, as i’m on the side of the EVM environment that will host and run the morpho onchain contracts, but i can talk a bit about overall strategies and give some context.
The TON ecosystem is super attractive for the amount of net new users in the space. The tap game meta onboarded tens of millions of new users that went onchain, setup TON wallets and get some assets on them but then they had no utility as there is not a big ecosystem of TVM developers yet. these users are a net new, they does not have a metamask, they are not aware of morpho or curve or uniswap. And as you noticed, this is a pretty retail market (high number, low $value), inherently different from the userbase we know on ethereum.
TAC tries to fix this by allowing EVM dapps like morpho to quickly deploy on TON without having to rewrite the business logic stack in TVM. Using TAC, Morpho can quickly and cheaply go live and check the product market fit in this new userbase, it just need a TON frontend to target TON users and assets - and this is the context of the Fanzee proposal. And this is very important as battletested successful dapps coming from the ethereum ecosystem have much lower cost of capital, they are more secure, with proven track record, and this translate in easier capital formation compared to a new dapp that is live on TON with a new contract language, new architecture and difficulties for LPs to compute risks.
On top of this, as growth lead for TAC, i’m not expecting 950M telegram users to directly use morpho on the miniapp. Our strategy here is to leverage Telegram narrow distribution channels, that are mostly consumer app TMAs. I used to be on the consensys bizdev team and i can testify that when metamask became a distribution channel for swaps it started generating value across the entire stack: not just consensys printing revenues taking a cut on the swaps, but aggregators getting orderflows, dexes executing the swaps and liquidity providers tapping in the fees.
here we’re trying to get on the same approach: we believe consumer apps on telegram, used by hundreds of millions of users (games, content, gambling, payments) can become distributors of defi primitives generating value across the entire stack. Just one example out of the multiples we’re currently working on: a minigame with M of MAUs, can provide premium gameplays to users that deposit 10USDT into a vault (usually these users pay for a premium version of the minigame). this vault will generate aggregated yields that will go back to the game developers or even to a subset of these users in many different forms (think about pooltogether similar approach). and the yield is going to come from strategies that will also narrow down to morpho markets. Basically users coming to play a game and they are also investing in a high yield strategy on the back, without even knowing what defi is. We’re already working on such use cases with different miniapps that have 10s M MAUs (it’s like half dozen of metamask-size distrubtion channels). There is strong appetite because this is a new business model for consumer app developers in the telegram ecosystem (that barely know what defi is).
Now you would object that this does not need a TMA for morpho at all, morpho can simply deploy the contracts and get access to this distribution channels. That’s not my opinion honestly. I see an ecommerce running on samsung.com, despite the majority of phone sales happens on distribution channels like amazon and target. For the same reason, i do think it’s important for morpho, if it’s not super expensive - like in this case, to have a proprietary miniapp that telegram users (not all 950M of them) can simply use directly without having to play a game. Over the time this will let morpho to grow consistently the user base and tap in new markets that are yet to be explored from the wider crypto community.
TAC here is focusing on one thing only: building a more sophisticated DeFi infrastructure for TON userbase, and we’re incentivizing liquidity onboarding with TAC tokens, that will supercharge the other incentives coming from the wider TON ecosystem. For this reason we are targeting the most battletested DeFi primitives and abstraction layers that can simplify the capital formation. In this context, Morpho will be a very relevant piece of the puzzle, definitely on the upper part of the list. I can’t disclose too much info publicly here, but as TAC co founder and growth lead, i can safely ensure that incentives will come and these will benefit Morpho (and a few other partners we’re working with) both on Ethereum Mainnet and TON.
On Curve finance, yes it’s still testnet as you spotted properly, and that’s because TAC is itself still on testnet. Our goal is to go live on mainnet second week of may, and we’re trying to make sure that tier 1 partners will be live day 1 with a TON frontend (that for morpho is linked to this fanzee proposal) and with liquidity already bootstrapped (that is coming from our incentives), so they can get some competitive advantage in the positioning and TON users will be able to start to familiarize with Morpho, lending, borrowing and yield opportunities.
Hope this long text wall shade some lights on this proposal and i hope you can agree that this is not just about building a rando miniapp, but there is an entire strategy on the back that is pretty clear and that makes sense.
i wish you a wonderful day.
Marco