According to Gate market data on July 8, 2026, EVAA (EVAA Protocol) was trading at $3.0812, with a 24-hour increase of 185.35%. The token recorded a 7-day gain of 217.14%, while its 30-day increase reached 726.27%. Following this market movement, EVAA’s market capitalisation reached approximately $20.39 million, with 24-hour trading volume at $10.92 million and a market ranking of around No. 800.
The sharp price movement has attracted renewed attention to decentralised finance infrastructure within the TON ecosystem. As a native lending protocol built on the TON blockchain, EVAA Protocol aims to combine established DeFi lending models with Telegram’s large user ecosystem. This article provides an overview of EVAA Protocol from four perspectives: the development of the TON ecosystem, protocol positioning, core mechanisms, and token economics.
TON Ecosystem Development: From Payment Network to DeFi Infrastructure
The Open Network (TON) was initially designed by the Telegram team as blockchain infrastructure capable of supporting large-scale user adoption. In 2026, the TON ecosystem experienced a major branding update, with the community approving an on-chain governance proposal to restore Toncoin’s original 2018 name, GRAM. The change officially took effect on June 15.
From an ecosystem perspective, TON has continued to expand its on-chain activity. According to DefiLlama data in early July 2026, the total value locked (TVL) of the TON mainnet exceeded $700 million. The three largest protocols by TVL were DeDust with approximately $360 million, STON.fi with around $293 million, and Tonstakers with approximately $264 million.
During the same period, the total supply of native stablecoins on TON exceeded $810 million, representing an 8% weekly increase. The growth of stablecoin liquidity indicates that TON’s on-chain activity is gradually moving from short-term speculative narratives towards applications supported by real asset liquidity. For lending protocols, expanding stablecoin supply provides a broader liquidity foundation for borrowing and lending markets.
EVAA Protocol Positioning: Lending Infrastructure on TON
EVAA Protocol is a decentralised lending protocol deployed on the TON blockchain and aims to serve as a core liquidity market within the TON ecosystem. Unlike solutions that rely heavily on cross-chain bridges or external assets, EVAA focuses on supporting TON-native assets and ecosystem participants.
At the mechanism level, EVAA uses liquidity pools, over-collateralised lending, and automated liquidation mechanisms, which are also commonly adopted by leading DeFi lending protocols. However, its main difference lies in its ecosystem focus and user access model. While many Ethereum-based lending protocols primarily rely on Web3 wallets and standalone applications, EVAA integrates lending services into Telegram through Telegram Mini Apps.
This integration allows users to access DeFi lending functions within the Telegram environment, reducing the complexity of interacting with decentralised applications. By connecting TON infrastructure with Telegram’s existing user ecosystem, EVAA aims to improve accessibility for users exploring decentralised finance.
E-Mode Efficiency Model
On April 29, 2026, EVAA officially launched E-Mode (Efficiency Mode), a feature designed to improve capital efficiency within the TON ecosystem. According to EVAA’s published information, under certain market conditions, E-Mode can increase strategy annualised yield rates from around 24% to approximately 41%. Stablecoin loan-to-value (LTV) ratios can reach up to 91%, while TON-related assets can support LTV ratios of up to 89%.
When users borrow and supply assets within the same asset category, the system can automatically activate E-Mode. The feature is designed to improve capital utilisation efficiency while maintaining risk parameters defined by the protocol.
User Asset Supply and Borrowing Process
EVAA Protocol operates through a liquidity pool model rather than a peer-to-peer lending structure. Assets supplied by users are deposited into shared liquidity pools, where smart contracts manage lending activities and market parameters.
Asset Supply (Deposit) Process
When users deposit supported digital assets into EVAA Protocol, the assets enter the liquidity pool and the system records the corresponding supply position. Depositors receive interest generated from borrowing activity within the protocol, while interest rates are adjusted dynamically according to market liquidity utilisation.
Currently, EVAA supports various assets, including TON native assets, the USDT stablecoin, liquid staking tokens such as stTON (bemo) and tsTON (Tonstakers), as well as ecosystem tokens including NOT, DOGS, and CATI. By supporting multiple asset categories, EVAA provides liquidity options for different participants within the TON ecosystem.
Borrowing Process
Borrowers are required to provide over-collateralised assets before borrowing funds, meaning the value of collateral must exceed the value of borrowed assets. Different assets have different collateral parameters based on factors such as volatility, liquidity, and market conditions.
According to current protocol parameters, USDT may support an LTV ratio of approximately 75%-80%, TON around 70%-75%, liquid staking tokens around 60%-70%, while higher-volatility ecosystem tokens such as DOGS and CATI may have lower LTV ratios of approximately 30%-50%. Liquidation thresholds are generally set above the maximum LTV ratio to provide a buffer against market fluctuations.
Dynamic Interest Rate Mechanism
Unlike fixed-rate lending models, EVAA uses a dynamic interest rate mechanism based on liquidity utilisation, which refers to the proportion of available funds currently borrowed from the liquidity pool. When borrowing demand increases, borrowing rates may rise, while supply rates may also adjust to attract additional liquidity.
When market liquidity is sufficient, interest rates may decrease to encourage more efficient capital utilisation. This automated adjustment mechanism allows the protocol to respond to changing market conditions while balancing the needs of both liquidity suppliers and borrowers.
Risk Management and Automated Liquidation
EVAA Protocol uses oracle systems to monitor collateral asset prices and calculate users’ position health factors. When a user’s collateral ratio falls below the safety threshold defined by the protocol, liquidation mechanisms may be triggered.
During liquidation, eligible liquidators can repay part of the borrower’s outstanding debt and receive corresponding collateral assets according to protocol rules. This mechanism is designed to reduce potential bad debt accumulation and maintain the stability of the lending market.
EVAA Token: Governance, Incentives, and Ecosystem Participation
The EVAA token ($$EVAA) is the core governance and ecosystem participation asset of EVAA Protocol. The total supply of$$EVAA is 50 million tokens, with its main functions including governance participation, ecosystem incentives, and protocol-related activities.
Token Allocation Structure
According to official information, the $EVAA token allocation is structured as follows: the team and founders account for 16.5% of the total supply, with vesting mechanisms designed to support long-term protocol development. The DAO treasury receives 20.08%, which can be used for ecosystem operations, strategic development, and governance-related activities.
A total of 22% of the supply is allocated to airdrops and liquidity incentives, supporting user participation and liquidity contribution within the ecosystem. Market-making activities and DEX/CEX liquidity account for 11.2%, helping support market liquidity and trading depth. The remaining allocation is distributed among seed investors, advisors, and other ecosystem contributors.
Token Unlock Schedule
During the Token Generation Event (TGE), approximately 1.71% of the total supply was initially released. The initial release structure was designed to manage early token circulation and reduce excessive short-term market pressure.
The remaining tokens are scheduled to unlock gradually through a linear vesting mechanism. Together with potential token management mechanisms, the phased release schedule is intended to support a more structured token supply process.
Governance Functions
EVAA token holders can participate in decentralised governance and vote on important protocol decisions. Governance proposals may include interest rate models, collateral parameters, supported asset categories, and future protocol upgrades.
Through governance participation, token holders can contribute to the development direction of the protocol and participate in decisions related to ecosystem management.
Incentives and Ecosystem Participation
EVAA uses token incentives to encourage ecosystem participation, including liquidity provision, governance involvement, and community engagement. Users may participate in EVAA-related staking activities to receive protocol incentives according to applicable rules and conditions.
The incentive structure is designed to encourage continued interaction with the protocol while supporting liquidity development within the TON DeFi ecosystem. Specific incentive programmes and parameters may change based on governance decisions and market conditions.
Protocol Revenue and Value Capture
According to Gate reports, EVAA Protocol is estimated to generate annualised revenue of approximately $3 million. Protocol revenue is directed to the DAO treasury and may be used for ecosystem development, governance initiatives, and token-related mechanisms such as potential buybacks or burns.
The protocol revenue model connects platform activity with ecosystem management. As lending activity and liquidity conditions evolve, revenue distribution and treasury strategies may continue to develop through community governance.
Conclusion
As a native decentralised lending protocol within the TON ecosystem, EVAA Protocol focuses on combining DeFi lending infrastructure with Telegram’s extensive user environment. Its core framework includes liquidity pools, over-collateralised lending, dynamic interest rates, and automated liquidation mechanisms, while the introduction of E-Mode aims to improve capital efficiency.
From a token economics perspective, the 50 million total supply, phased unlocking structure, governance functions, and incentive mechanisms form the foundation of EVAA’s ecosystem design. These elements support user participation, protocol governance, and ongoing ecosystem development.
However, like other emerging DeFi protocols, EVAA involves various risks, including smart contract risks, market volatility, liquidity changes, token unlock schedules, and potential infrastructure-related risks. Users should conduct independent research and carefully assess relevant risks before participating in decentralised finance activities.
With the continued development of the TON ecosystem and increasing stablecoin liquidity on-chain, EVAA’s role as part of TON’s DeFi infrastructure remains an area worth monitoring.
FAQ
What is EVAA Protocol?
EVAA Protocol is a decentralised lending protocol deployed on the TON blockchain that operates through a liquidity pool model. Users can supply supported digital assets to participate in lending markets or provide collateral to borrow assets through over-collateralised positions.
The protocol is integrated with Telegram Mini Apps, allowing users to access lending services directly within the Telegram environment. This integration aims to simplify the user experience and reduce the technical barriers associated with interacting with DeFi applications.
What is the difference between EVAA and Aave?
Both EVAA and Aave use liquidity pools and over-collateralised lending mechanisms. However, their ecosystem positioning and user access models are different.
Aave is one of the leading lending protocols in the Ethereum ecosystem and has expanded across multiple blockchain networks. EVAA focuses on the TON ecosystem and integrates lending services with Telegram Mini Apps, allowing users to interact with DeFi features through Telegram.
What is EVAA’s E-Mode?
E-Mode (Efficiency Mode) is a feature launched by EVAA on April 29, 2026, designed to improve capital efficiency within the protocol. According to EVAA’s published information, under certain market conditions, E-Mode may increase strategy annualised yield rates from approximately 24% to around 41%.
The feature supports higher LTV ratios for selected asset categories, with stablecoin assets reaching up to 91% and TON-related assets reaching up to 89%. Actual parameters may vary depending on protocol settings and market conditions.
What is the total supply of EVAA tokens and what are their uses?
The total supply of $EVAA is 50 million tokens. The token is primarily used for decentralised governance, allowing holders to participate in decisions related to protocol parameters, supported assets, and future upgrades.
In addition, EVAA tokens may be used in ecosystem incentive programmes, staking-related activities, and other participation mechanisms. Specific utilities may evolve alongside protocol development and governance decisions.
How can users deposit assets into EVAA Protocol?
Users can supply supported assets, including TON, USDT, and liquid staking tokens such as stTON, into EVAA Protocol’s liquidity pools. After depositing assets, the protocol records the user’s supply position, while lending market rates are adjusted according to liquidity utilisation and market demand.
The interest generated by lending activities is distributed according to protocol rules and market conditions. Users should review the latest protocol parameters, supported assets, and associated risks before participating.
What risks should users consider when using EVAA Protocol?
As with other decentralised finance applications, EVAA Protocol involves potential risks, including smart contract vulnerabilities, market volatility, liquidity risks, and liquidation risks. Changes in digital asset prices may affect collateral positions and borrowing conditions.
Users should conduct their own research, understand the protocol mechanism, and evaluate their individual risk tolerance before using any DeFi service.
