EVAA
An Aave-style lending protocol on TON. Supports deposits and borrows in TON, USDT, and LSTs with variable interest rates and a standard overcollateralized credit model.
Aliases: evaa protocol
EVAA is a money market on TON implementing the classic overcollateralized lending model familiar from Aave and Compound on Ethereum. It is one of the leading credit protocols in the TON ecosystem.
How it works
EVAA is a collection of pools, one per supported asset:
- TON pool — depositors supply TON, borrowers draw from it.
- USDT-jetton pool — the most heavily used dollar market.
- LST pools — tsTON and peers, typically usable as collateral for TON or USDT loans.
Each user has a single position at the protocol level: aggregate collateral value, aggregate debt, one health factor. If the health factor drops below 1, the position is liquidated — partially or fully, depending on size.
Interest rates
Rates are variable, set by a utilization-rate curve:
- At low utilization (plenty of idle liquidity), both deposit and borrow rates are low.
- As utilization approaches 100%, rates spike sharply via a kink mechanism, pushing some borrowers out and pulling in fresh depositors.
Specific APR/APY values move dynamically with market conditions — this article intentionally omits numbers; check live values in the protocol’s UI.
LST support
One of EVAA’s strengths is native handling of liquid staking tokens. tsTON, stTON, and hTON are accepted as collateral and keep accruing staking yield while they back a loan, giving users compound returns (staking yield plus loan position).
A common looping flow:
- Buy TON, stake into Tonstakers, receive tsTON.
- Deposit tsTON into EVAA as collateral.
- Borrow TON at conservative LTV.
- Buy more tsTON and repeat.
Net effect: capital working at the equivalent of 2-3x staking leverage. Risk grows proportionally.
Security and audits
EVAA contracts have been externally audited. That reduces — but does not eliminate — smart-contract risk. Any lending platform is critical infrastructure: a bug in interest accounting, oracle logic, or the liquidation engine can wipe out user collateral.
Check the official sources and audit reports before committing serious capital.
Risks
- Liquidation. Rapid TON price moves or LST depeg can push a position into liquidation. Keep LTV well below the limit.
- Oracle risk. The protocol relies on external oracles for prices. Oracle manipulation or failure leads to incorrect liquidations.
- Liquidity risk. If all depositors try to withdraw at once while most of the pool is lent out, withdrawals queue until borrowers repay or new deposits arrive.
- Asset correlation. TON and its LSTs are highly correlated with TON itself; a TON-specific shock hits both sides of the credit book at the same time.
EVAA is a standard building block of TON DeFi — used for leveraged staking, for dollar liquidity backed by TON, and for passive stablecoin yield. Not financial advice — evaluate rates and risks yourself.