The EVAA protocol, the largest DeFi project on the TON network, has announced its transition to a decentralized governance model by introducing its namesake token and DAO.
This is reported by Business • Media
- The total transaction volume of EVAA has exceeded $1.4 billion, and the number of unique wallets in the system has reached 300,000.
- A token EVAA and a decentralized autonomous organization have been created to transfer control to the community.
- The protocol is fully integrated into the Telegram interface through Mini Apps.
EVAA Development: From Idea to Billion-Dollar Ecosystem
EVAA began its operations in 2023 when co-founder Oleksandr Sudeykin presented a prototype of a lending application for TON at the Hack-a-TON x DoraHacks hackathon. The goal was to open access to DeFi for Telegram users. Over time, the project transformed into a full-fledged protocol that processed over $1.4 billion in transactions and attracted 300,000 wallets.
Developers emphasize that integration into Telegram has opened up the possibility for mass adoption of DeFi services. The Mini Apps format allows users to save, invest, borrow, and earn profits directly within the messenger, without the need for complex external wallets.
Among EVAA’s investors are Polymorphic Capital, Animoca Ventures, TON Ventures, and WAGMI Ventures. The protocol’s security audit was conducted by Quantstamp and Trail of Bits.
DAO, Tokenization, and Unique Opportunities for Users
A key milestone in the project’s development was the launch of the EVAA token, which serves not only as a utility tool but also as a mechanism for collective decision-making and governance of the protocol. DAO participants receive a range of benefits:
- the right to vote on key protocol parameters — risks, types of collateral, fees, and treasury distribution;
- participation in revenue sharing — fees are used for token buybacks and burns, thereby increasing their value;
- enhanced rewards for stakers and liquidity providers;
- reduced fees for token holders when taking loans and liquidations.
Thus, the EVAA token becomes a stake in the ownership of the TON DeFi financial infrastructure.
The token is now available for trading on major cryptocurrency exchanges, including Binance Alpha, MEXC, STON.fi, and Gate.io. Additionally, holders can make cross-chain transfers between TON and BNB Chain via Symbiosis Finance, where the security of transactions is guaranteed by major industry validators, including Binance Labs, Bixin VC, P2P.org, and Luga Nodes. The exchange process is automated, eliminating the need to navigate complex bridge mechanics.
The future of EVAA is not just lending. Developers plan to implement the ability to use cryptocurrencies for everyday payments through traditional payment systems and cards directly within Telegram. There are also plans to lower collateral requirements and enhance loan efficiency by utilizing Telegram’s social mechanisms and reputation systems.
“We are creating a liquidity layer for Telegram, where users can earn income, take loans, and spend — all in one place,” explained EVAA CEO Vlad Kamyshov.
The EVAA token model encourages active user participation in the ecosystem and transfers governance power into the hands of the community. The protocol already functions as the financial infrastructure of Telegram, controlled by its users, and opens up new opportunities for the development of DeFi within the messenger.