GRAM DeFi: Where Will the Money Actually Flow? Following my previous overview of the the-open-network:native ecosystem, I want to dig deeper into DeFi, where I think the real battle for liquidity will happen. the-open-network:native currently has around $48M in DeFi TVL and $740M in stablecoin supply. Liquid staking is tracked separately, with Tonstakers alone holding around $180M–190M. The infrastructure is already there. The question is whether fresh users will actually put their capital to work. Here are the protocols I'm watching. 1. @tonstakers | Liquid Staking King The dominant liquid staking player on TON. Stake the-open-network:native, receive tsTON. Rewards accumulate through an increasing exchange rate rather than additional tokens. Its biggest moat is distribution, with tsTON integrated across DEXs and lending markets like EVAA. Not necessarily the highest APY, but hard to compete with on liquidity. 2. @hipofinance | Yield Hunter Hipo offers hGRAM with a 0% staking protocol fee. Its permissionless validator marketplace lets validators bid for pooled stake, with smart contracts selecting the best offers. Hipo also publishes on-chain yield benchmarks. I like the yield optimization approach, although exit liquidity is thinner than Tonstakers. 3. Stakee (@StakeeBot) | Telegram-Friendly Staking Built around simple, accessible liquid staking with audited smart contracts. The Telegram-first experience makes staking easier for newcomers without requiring them to manage validators directly. But UX alone isn't enough. Net APY, protocol fees and withdrawal liquidity are what I'd compare before depositing. 4. @ston_fi | Liquidity Hub One of TON's most important trading protocols. Omniston routes swaps across multiple DEXs and RFQ liquidity sources, extending STON.fi beyond its own pools. The DAO has approved using up to 50% of protocol fees for treasury purchases of $STON and GEMSTON. Interesting value capture potential, although routed volume doesn't automatically translate into revenue for token holders. 5. @dedust_io | Alternative Liquidity Layer TON-native DEX with separate vault/pool architecture, stable and volatile pools, and multi-hop routing. Its Router v2 can split trades across liquidity sources to improve execution. I see DeDust as particularly relevant for long-tail jettons, where the best liquidity isn't always on STON.fi. The downside remains thinner pools and higher slippage. 6. @evaaprotocol | The Leverage Layer Probably the most interesting piece for yield farmers. Supply tsTON, borrow the-open-network:native, stake again and repeat. E-Mode allows higher borrowing efficiency for eligible correlated assets. But borrowing costs and liquidation risk can quickly turn extra yield into losses. 7. @storm_trade_ton | Degen Corner Telegram-native perpetual trading with high leverage across multiple markets. Great for speculative volume, but funding costs and liquidations make it risky. And high trading volume doesn't always mean sticky capital. Personally, I think liquid staking is where the first wave of new the-open-network:native liquidity could land if Money Wallet brings more Telegram users on-chain. Tonstakers and Hipo look well-positioned to capture that demand. But what interests me more is what happens after users receive their LSTs. Do they simply hold, or start deploying that capital into EVAA, STON.fi and DeDust? Because more wallets don't automatically mean a healthier DeFi ecosystem. If users only hold the-open-network:native, most of that capital stays idle. But if they start staking, borrowing and trading with their LSTs, liquidity can begin circulating across protocols. And that's when GRAM DeFi gets interesting to me. More wallets can bring attention. Real capital flow is what makes DeFi worth watching.