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What is EVAA (EVAA)?
Quick Facts
- First decentralized lending protocol on the TON blockchain
- Integrated directly into Telegram as a Mini App
- Supports lending, borrowing, and leveraged liquid staking
- Backed by TON Ventures, Animoca Brands, and CMT Digital
- Originated from the 2023 Hack-a-TON x DoraHacks hackathon
- DAO governance model for community-driven decisions
- Audited by QuantStamp for smart contract security
Introduction
EVAA Protocol is a decentralized lending and borrowing platform built on The Open Network (TON) blockchain. It is widely recognized as the first protocol of its kind on TON, filling a critical gap in the ecosystem by allowing users to lend, borrow, and earn yield — all without relying on a traditional financial intermediary.
What makes EVAA stand out is its deep integration with Telegram, the messaging platform with over a billion users. By operating as a Telegram Mini App, EVAA brings DeFi tools directly to where users already spend time, dramatically lowering the barrier to entry.
History & Background
EVAA's origins trace back to the 2023 Hack-a-TON x DoraHacks hackathon, where co-founder Alexander Sudeykin introduced the original prototype. The idea was straightforward: bring accessible lending tools to the TON ecosystem and its massive Telegram user base.
From that early prototype, the protocol grew rapidly. By 2024, it had processed over $1.4 billion in transactions and connected with more than 300,000 wallets. EVAA also received formal support from the TON Foundation, including a joint liquidity incentive program.
How EVAA Works
At its core, EVAA operates as a liquidity protocol. Users deposit digital assets into smart contracts, which other participants can then borrow against collateral. Interest rates adjust automatically based on supply and demand, ensuring fair pricing for both sides.
If a borrower's collateral value falls below a safe threshold, an automated liquidation mechanism activates to protect lenders. This trustless design removes the need for manual oversight or centralized risk management.
EVAA also supports leveraged liquid staking, enabling users to amplify staking rewards while preserving access to their liquidity. The platform runs via TON Connect inside Telegram, so users never need to leave the app or set up external wallets.
Tokenomics
The EVAA token serves as the backbone of the protocol's economic model. It is used for governance participation, allowing holders to vote on protocol decisions through the DAO structure. The token also plays a role in incentive programs, rewarding users who supply liquidity or borrow through the platform.
EVAA's distribution model is designed to align long-term incentives between the community, investors, and the development team. The token exists on both the TON blockchain and BNB Smart Chain, broadening its accessibility.
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Circulating supply
| 6.62 million EVAA |
|---|---|
| |
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Total supply
| 50.00 million EVAA |
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Max supply
| 50.00 million EVAA |
Ecosystem & Use Cases
EVAA integrates with leading TON DeFi platforms including Tonstakers, Storm Trade, DeDust, StonFi, and Bemo, creating a deeply interconnected ecosystem. This cross-platform liquidity strengthens the overall TON DeFi landscape.
Beyond lending, EVAA has introduced the EVAA Card, which bridges yield generation and real-world payments. Users can earn yield on deposited assets and spend directly in the real world, connecting DeFi to everyday financial life.
Team, Governance & Community
The protocol is led by CEO Vlad and co-founder Alexander Sudeykin. The team has an active presence in developer education through initiatives like the TON DeFi Academy, running lectures and boot camps for blockchain builders.
Governance is handled through a DAO model, giving EVAA token holders direct influence over protocol upgrades and incentive structures. The community is active across Telegram and Twitter, reflecting the protocol's Telegram-native identity.
Advantages
- Telegram-native UX: Users access full DeFi features without leaving Telegram
- First-mover advantage: Pioneer lending protocol on TON with established TVL leadership
- Leveraged liquid staking: Unique feature that maximizes yield without sacrificing liquidity
- Strong backing: Supported by Animoca Brands, TON Ventures, and CMT Digital
- Security: QuantStamp-audited smart contracts with automated liquidation safeguards
Risks & Challenges
- TON ecosystem dependency: Protocol growth is closely tied to TON blockchain adoption
- Smart contract risk: As with all DeFi protocols, bugs or exploits remain a concern despite audits
- Liquidation risk: Borrowers face forced liquidation if collateral values drop sharply
- Market competition: Other DeFi lending protocols may expand to TON, increasing competitive pressure
- Regulatory uncertainty: DeFi lending platforms face evolving global regulatory scrutiny
Long-Term Vision
EVAA aims to become the primary DeFi superlayer on Telegram, evolving beyond lending into a broader financial infrastructure. By combining yield generation, real-world payment tools, and community governance, the protocol is positioned to serve as the economic backbone of the TON ecosystem.
With the TON Foundation's backing and Telegram's unmatched global reach, EVAA's long-term ambition is to convert everyday Telegram users into active DeFi participants — making decentralized finance as simple as sending a message.
Frequently Asked Questions
- What is EVAA Protocol?
EVAA Protocol is the first decentralized lending and borrowing platform on the TON blockchain. It allows users to lend digital assets, earn yield, and take out collateralized loans — all directly within Telegram.
- How does EVAA integrate with Telegram?
EVAA operates as a Telegram Mini App using TON Connect, letting users lend, borrow, and manage assets without switching to an external application. It also supports TON Space, Telegram's non-custodial wallet.
- What is leveraged liquid staking on EVAA?
Leveraged liquid staking lets users amplify their staking rewards by borrowing against liquid staking tokens while keeping their position active. This allows them to compound returns without fully unlocking their staked assets.
- Who are EVAA's investors and backers?
EVAA is backed by prominent investors including TON Ventures, Animoca Brands, Polymorphic Capital, WAGMI Ventures, and CMT Digital. The TON Foundation has also partnered with EVAA on incentive programs.
- What is the EVAA token used for?
The EVAA token is used for DAO governance, giving holders voting rights on protocol decisions. It also serves as an incentive mechanism, rewarding liquidity suppliers and borrowers on the platform.
- Is EVAA Protocol secure?
EVAA's smart contracts have been audited by QuantStamp, a reputable blockchain security firm. The protocol also uses automated liquidation mechanisms to protect lenders when borrower collateral falls below safe levels.
- What blockchains does EVAA operate on?
EVAA is primarily built on the TON blockchain, where its core lending protocol lives. The EVAA token is also available on BNB Smart Chain, expanding accessibility to a broader audience.
- What is the EVAA Card?
The EVAA Card is a product that connects the protocol's yield-generating features to real-world spending. Users can earn interest on deposited assets and use those returns for everyday payments.