Flagship lending protocol EVAA by TON reaches new heights with $31 million in recorded funds
In a significant milestone for the DeFi (Decentralised Finance) sector on the TON network, EVAA has established itself as the sixth-largest DeFi project, achieving a record-high Total Value Locked (TVL) of $31.1 million. This impressive growth can be attributed to EVAA's unique role as the network's first decentralised lending and borrowing platform, offering steady, stable returns with low risk.
A Safe Haven for Investors
Amidst the volatile DeFi environment where many projects have suffered significant losses, EVAA's focus on lending and borrowing of tokens like TON, USDC, and WBTC through efficient smart contracts has made it an appealing choice for investors seeking safe and scalable lending options. The platform allows users to earn compound interest or safely collateralize assets in isolated pools to reduce risk.
Steady Gains and Strategic Incentives
Unlike high-risk, high-leverage DeFi projects that may expose users to volatile losses, EVAA provides steady yields that appeal to more risk-conscious investors aiming for consistent returns. A 100,000 TON incentive program launched jointly by the TON Foundation and EVAA Protocol has likely boosted user engagement and liquidity on the platform, further enhancing TVL growth and user trust.
Integration with Yield Boost Campaigns
EVAA's participation in ecosystem-wide yield boost campaigns, such as Ethena’s tsUSDe boost offering up to 20% APY, has also attracted yield-seeking users to lock funds on the platform.
Official Development Support
EVAA benefits from development partnerships, such as with EvaCodes as a verified TON development partner. This partnership ensures reliability and ongoing innovation to maintain competitiveness on the network.
A Stable Choice Amid Growing TON DeFi Options
While other DeFi projects on TON might have registered significant losses due to higher risk profiles, EVAA's distinct value proposition as a stable, lending-focused protocol amid growing TON DeFi options explains its record TVL rise and high ranking in the ecosystem.
Recent Developments
On August 5, EVAA experienced record USDT outflows totaling $4.6 million, while TON inflows surpassed $5 million. On the same day, only EVAA and Cygnus experienced an increase in TVL, gaining 2% and 0.1%, respectively. Despite the recent outflows, EVAA remains the sixth-largest DeFi project on the TON network.
TON holds a 24% share of the TVL on the TON network, with USDT accounting for over 75% of the TVL. Despite a weekly loss, TON's TVL is at its lowest level in only about six weeks.
As of August 5, EVAA claims to have over 9,500 users on its platform, which is compatible with Telegram. Despite the weekly loss, TON's TVL is at its lowest level in only about six weeks.
In conclusion, EVAA's focus on lending and borrowing, steady gains, strategic incentives, integration with yield boost campaigns, and official development support have contributed to its success and rise as a top DeFi project on the TON network.
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