The largest DeFi protocol on the TON network, called EVAA, puts control in the hands of the community. This initiative will be implemented through a token of the same name and a decentralized autonomous organization (DAO) structure.
According to the developers, for Telegram’s billion-strong audience, the possibility of co-ownership and participation in the management of their own financial infrastructure is becoming a reality.
From hackathon to protocol for a billion
EVAA’s story began at the Hack-a-TON x DoraHacks hackathon in 2023, where project co-founder Alexander Sudeikin presented one of the first TON-based lending applications. His goal was to open up the possibilities of DeFi to Telegram users.
The prototype created then has turned into a fully functional protocol that has processed more than $1.4 billion in transactions, the developers said. In addition, the project attracted 300,000 wallets and proved that DeFi inside Telegram is capable of mass distribution, the EVAA team believes.
Telegram as a platform for DeFi
According to the developers, unlike most DeFi protocols that require complex interfaces and external wallets, EVAA was built differently from the very beginning. The protocol operates entirely in a Mini Apps format, allowing users to deposit assets, borrow against collateral and generate revenue — without leaving the messenger.
Customers interact with DeFi through the familiar Telegram interface. EVAA has conquered the TON market faster than similar protocols in Ethereum or Solana networks, emphasized its representatives.
The project’s investors include Polymorphic Capital, Animoca Ventures, TON Ventures and WAGMI Ventures, while security audits were conducted by Quantstamp and Trail of Bits.
Ownership through EVAA
A key element of the project’s transition to DAO was the EVAA token. This is not just a utility token, but a coordination tool that gives holders the right to manage the development of the protocol and participate in its success, the developers said.
Four “pillars of governance” for the community:
- voting rights: token holders make decisions on risk parameters, collateral types, commission structure and treasury allocation.
- revenue sharing: protocol commissions are allocated to token buybacks and burns, reducing supply and increasing token value.
- increased revenues: token stakers and liquidity providers receive increased rewards.
- reduced fees: token holders pay less for borrowing and liquidations.
In this way, EVAA actually acts as ownership shares of the TON DeFi infrastructure, the protocol representatives emphasized.
Available to everyone
EVAA is traded on major platforms — Binance Alpha, MEXC, STON.fi and Gate — providing easy access to the TON DeFi ecosystem.
The token can also be moved seamlessly between TON and BNB Chain via Symbiosis Finance, where cross-chain transaction security is provided by Binance Labs, Bixin VC, P2P.org and Luga Nodes validators. Users do not need to understand the complex mechanics of breeches — the exchange is automatic, the project said.
Beyond lending — a glimpse into the future
The protocol team emphasized that users can borrow and use revenue-generating strategies via @EvaaAppBot or app.evaa.finance. The developers’ immediate plans are to add more features:
- using cryptocurrency for everyday purchases through traditional payment networks and cards directly in Telegram.
- through Telegram’s social mechanisms and reputation systems, EVAA intends to reduce collateral requirements and increase the efficiency of borrowing.
“We are creating a liquidity layer for Telegram where you can earn income, borrow and spend — all in one place,” explained EVAA CEO Vlad Kamyshov.
The future of DAO
EVAA’s token model supports this concept by encouraging user participation in all products and transferring power to the community, the developers said. The protocol has already processed more than $1.4 billion in transactions and now functions as Telegram’s user-owned financial infrastructure, they said.