Table of Contents
Origins and DevelopmentCore FunctionalitySecurity and BackingThe $EVAA Token and DAO GovernanceRecent Developments and ExpansionsFuture OutlookHow to Get StartedFrequently Asked Questions
EVAA is the inaugural decentralized lending protocol on The Open Network (TON) blockchain, enabling users to lend and borrow digital assets directly within Telegram. Launched in 2024, it has handled over $1.4 billion in transactions and connected with more than 300,000 wallets.
The protocol operates as a liquidity layer, allowing participants to deposit cryptocurrencies, earn yields through smart contracts, and access loans without intermediaries. Integrated seamlessly into Telegram’s Mini Apps, EVAA draws on the messaging platform’s vast user base to make decentralized finance accessible. Backed by investors such as Animoca Ventures and TON Ventures, it emphasizes security with audits from Quantstamp and Trail of Bits.
Origins and Development
EVAA’s story began at the 2023 Hack-a-TON x DoraHacks event, where co-founder Alexander Sudeykin introduced a prototype for lending on TON. The idea focused on bringing DeFi tools to Telegram users, who number over a billion worldwide. From that initial concept, the protocol evolved rapidly. By 2024, it had processed substantial transaction volumes and attracted a growing community.
Developers built EVAA to address common barriers in DeFi, such as complex interfaces and the need for external wallets. Instead, it uses TON Connect and Mini Apps for straightforward interactions. This approach helped EVAA capture a significant share of TON’s DeFi market, where total value locked has climbed to over $654 million since early 2024. The project’s growth reflects careful planning, with over $2.5 million raised in a private token sale to fund expansion.
Core Functionality
EVAA functions as a money market where users supply assets to earn interest and borrow against collateral. Supported cryptocurrencies include TON, USDT, tsTON, DOGS, NOT, USDe, and various LP tokens or wrapped assets from other chains.
Lenders deposit funds into pools, and smart contracts automatically distribute yields based on utilization rates. Borrowers, meanwhile, can access loans by providing overcollateralization, typically at ratios that ensure stability— for instance, borrowing up to 75% of deposited value in some cases.
The platform also introduces payment features through the EVAA Card, which lets users spend against their deposits without liquidating holdings. This bridges DeFi with everyday transactions, allowing yields to accrue even during spending.
Users interact via the @EvaaAppBot on Telegram or the web app at app.evaa.finance. For example, to lend USDT, one connects a TON wallet, selects the asset, and confirms the deposit; interest accrues in real-time. Borrowing follows a similar process: choose collateral, specify the loan amount, and monitor health factors to avoid liquidation.
EVAA supports cross-chain swaps between TON and BNB without bridges, simplifying asset movement. These mechanics provide practical tools for managing liquidity, whether for short-term loans or long-term staking.
Security and Backing
Security remains a priority for EVAA, with multiple audits underscoring its commitment. Quantstamp and Trail of Bits have reviewed the smart contracts, identifying and resolving potential vulnerabilities before deployment. These firms are known for their rigorous examinations, dissecting code to ensure mechanisms like borrowing and collateralization work as intended. Audits are treated as an ongoing process, not a one-time event, which helps build trust in the protocol.
Investor support further bolsters EVAA’s foundation. Firms like Polymorphic Capital, WAGMI Ventures, and CMT Digital have invested, signaling confidence in its model. The protocol integrates with TON Space for non-custodial wallet management, keeping user funds under personal control. With over 400,000 subscribers and peak deposits exceeding $118 million, EVAA demonstrates resilience in a competitive space.
The $EVAA Token and DAO Governance
The $EVAA token serves as the cornerstone for community involvement. Holders can participate in governance, voting on decisions such as risk parameters, new collateral types, and fee adjustments. This shifts control from developers to users, fostering a decentralized autonomous organization (DAO) structure.
Beyond voting, the token enables revenue sharing through a buyback-and-burn mechanism, where protocol fees reduce supply and potentially increase value. Stakers receive enhanced yields, and active users benefit from discounted borrowing fees.
Trading on platforms like Binance Alpha, MEXC, STON.fi, Gate.io, and recently Kraken, $EVAA is accessible across exchanges. It bridges between TON and BNB via Symbiosis Finance, with validators like Binance Labs ensuring secure operations. For those interested, staking offers up to 54% APY, providing a way to earn during market dips. The token’s design encourages long-term participation, aligning incentives with protocol growth.
Recent Developments and Expansions
EVAA continues to adapt. In December 2025, it announced expansion to the BNB chain, noting shifts in TON ecosystem activity. This move includes deploying its DAO on BNB, allowing broader community engagement across chains. Earlier, in November, the team revealed plans for a cross-chain bridge connecting TON, TRON, and Ethereum. This feature promises fast transfers—often in 1-2 minutes—with low slippage and optimized routes, all within the EVAA interface.
A new official Telegram channel at t.me/evaatg keeps users updated on these changes. Such steps reflect EVAA’s strategy to scale beyond TON while maintaining its Telegram-native roots.
Future Outlook
Looking ahead, EVAA aims to innovate further. Upcoming features include undercollateralized loans leveraging Telegram’s social graph for reputation-based lending, reducing capital requirements. Card payments will expand, linking DeFi yields to real-world use. CEO Vlad Kamyshov describes this as building a comprehensive liquidity layer where earning, borrowing, and spending occur in one place.
These plans position EVAA to serve Telegram’s user base more effectively, potentially driving wider adoption of TON DeFi.
How to Get Started
To engage with EVAA, start by accessing @EvaaAppBot on Telegram or visiting app.evaa.finance. Connect a compatible wallet like TON Space.
Deposit assets to begin earning yields, or explore borrowing options with appropriate collateral. For governance, acquire $EVAA tokens on supported exchanges and join discussions via the DAO. Staking pools offer immediate opportunities to participate.
Always review current rates and risks, as DeFi involves market volatility. With these tools, users can integrate EVAA into their financial strategies on TON.
Sources:
- EVAA Protocol on X: Announcements and updates.
- TON Blog: “EVAA: How TON’s First Billion-Dollar DeFi Protocol is Becoming a Community-Owned DAO”.
- Telegram Core: Documentation on bots and web apps.
- DoraHacks: Hackathon platform information.
