09 Feb 2025

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TON Foundation’s Steve Yun Announces $100 Million VC Fund 

TON Foundation’s Steve Yun Announces $100 Million VC Fund 

Steve Yun, a board member of the TON Foundation started TVM Ventures, a new venture capital firm with a $100 million fund dedicated to backing projects in the TON (The Open Network) ecosystem.

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In an open letter to the TON community, Steve Yun said that by launching TVM Ventures, he aims to “support exceptional yet underserved founders in the community.” 

According to Yun, any ecosystem has new challenges, and finding solutions will help benefit the ecosystem's growth. 

TVM Ventures' founder mentioned the current bull cycle, anticipating development changes after it ends. 

After the end of current bull cycle, we will have two years to build, create, and completely rethink our approach to tackling the challenges we face today

By these words, he’s signalling opportunities for strategic building and focus on long-term vision when market hype calms down. 

Historically, crypto bull cycles are followed by 1-2 years of market correction or stagnation. Yun sees this as an opportunity for developers and entrepreneurs to rethink their strategies, experiment, and refine their projects before the next bull run.

The VC will focus on DeFi, PayFi and TVM-based infrastructure projects with the mission to “put DeFi in every pocket.” 

TON Network’s Growth 

The TON blockchain – a project originally started by Telegram’s creators, is gaining traction, especially with Telegram integrating it more into its platform. 

Tied to Telegram, TON creates a user-friendly infrastructure that enables users to access a range of services, including money transfers, gaming, marketplaces, and data storage. 

Launched in 2019, TON currently has over $209 million TVL (Total Value Locked) based on data from DefiLlama. Among the most popular dapps on the platform are Tonstakers, STON.fi, EEVA Protocol and others. 

Toncoin (TON), the network’s native coin is among the top 20 largest cryptocurrencies with a market cap of over $9.6 billion. TON is used to pay for transaction fees, smart contract execution, and decentralized applications (dApps) running on the network. It also plays a key role in staking, where validators lock up TON to secure the blockchain and earn rewards. 

Steve Yun has played a key role in the TON ecosystem. Previously, he served as the president of the TON Foundation but stepped down in January 2025. In his new initiative Yun continues his efforts of advancing blockchain technology and its use in real-world applications.

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