EVAA Protocol: lending on TON, 2026 review

EVAA Protocol is the largest decentralised lending platform in the TON ecosystem. As of May 2026, around $16M is locked in EVAA (DeFiLlama), and the protocol is effectively the only meaningful venue for classic lending and borrowing on TON. This piece covers how EVAA is built, which assets are supported, what the rates and use cases are.

What EVAA is and why it exists

EVAA is a pooled lending protocol. The model is familiar to anyone who has used Aave or Compound:

Liquidity providers deposit assets (TON, USDT, staking LSTs) into a shared pool and receive variable supply APY.
Borrowers take those assets against other-asset collateral and pay variable borrow APY.
All rates are dynamic — driven by utilisation (borrow/supply ratio): the heavier the borrowing, the more borrowers pay and the more suppliers earn.

Why a regular user might care:

Passive yield on TON or USDT without lock-ups or DEX risks (impermanent loss).
Borrow without selling. Hold tsTON, need USDT to buy something — borrow against tsTON without losing staking yield.
Leverage strategies. Loop LST collateral and TON borrow to lever up staking yield.

Assets and rates

As of May 2026 EVAA supports (a non-exhaustive list, growing):

TON — native coin.
USDT (jetton) — main stablecoin.
stTON (bemo) — LST.
tsTON (Tonstakers) — LST.
NOT — Notcoin token.
DOGS, CATI — selected mini-app tokens.

Approximate rates (not fixed, treat as orders of magnitude):

Asset	Supply APY	Borrow APY
USDT	4–8%	6–12%
TON	1–3%	4–7%
stTON / tsTON	0.5–2%	4–6%

Big staking-LST supply earns little because the LST itself already grows in value via staking rewards. Low base supply APY plus LST appreciation = combined yield 5–7%.

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Key idea

EVAA does not pay supply APY on top of LST staking yield. You get that yield automatically through the tsTON/TON rate growth. Supply APY is the extra on top.

Collateral parameters: LTV and liquidation

The key risk parameters in EVAA are two numbers per collateral asset.

Loan-to-Value (LTV) — what fraction of collateral value you can borrow. Usually 75–80% for USDT, 70–75% for TON, 60–70% for LSTs, 30–50% for volatile jettons (DOGS, CATI).
Liquidation Threshold — 5–10 percentage points above LTV. Cross it and any user can liquidate your position.

Example. You pledged 100 TON at $5 = $500. LTV 70%, you borrowed 350 USDT. TON drops to $4 — collateral now $400. Health factor = ($400 × 75%) / $350 = 0.857. Below 1, so you are in the liquidation zone. A liquidator repays part of the debt, takes collateral at a 5–10% discount, you walk out with less.

Practical advice: keep health factor above 1.5 for volatile assets and above 2 for aggressive strategies. That gives room when the market moves sharply.

Oracles: how EVAA learns prices

A lending protocol depends critically on price accuracy — historically oracle manipulation is the main attack vector. EVAA uses three independent sources:

Stork — TON-native price oracle.
RedStone — multi-chain oracle, well-known in EVM land.
Pyth — pull-based oracle aggregating market-maker data.

The price for LTV computation is the median of the three. If one source drops or deviates strongly, it is excluded. Not insurance against everything, but reduces the risk of an instant liquidation cascade from a single provider glitch.

Use cases

1. Passive USDT supply. Drop USDT into EVAA, earn 4–8% APY depending on utilisation. Bank-deposit analogue, no bank, no KYC, withdraw any time.

2. Borrow TON against USDT. Want to participate in a seasonal farming run but do not want to convert USDT to TON and lock in the price. Supply USDT, borrow TON. When farming ends — sell TON, repay debt, keep the spread.

3. Leverage staking via LST. Pledge tsTON, borrow TON at 70% LTV, restake on Tonstakers — get more tsTON. Pledge again, borrow again. After 2–3 cycles you have ~2x leverage on base staking yield.

Important: each cycle pays borrow APY (4–7% for TON) and earns stake APY (4–5%). Net delta can be negative if borrow exceeds supply. The strategy makes sense only in low-utilisation TON moments (when borrow APY collapses).

4. Stable farming. Supply USDT, borrow USDT (different rate but no point in borrowing the same asset for self). The real strategy is supply plus using LP tokens or other protocols that accept the EVAA receipt as collateral.

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Leverage means liquidation

Any borrowed-funds strategy increases risk. A 20% TON shock in an hour liquidates half the leverage positions in EVAA. Compute health factor, keep a buffer, do not max out LTV.

Steps: supply and borrow on EVAA

Install Tonkeeper / MyTonWallet, transfer assets.
Open app.evaa.finance, Connect Wallet via TON Connect.
The home page lists assets with supply and borrow APY.
Supply. Click an asset, enter amount, confirm transaction. You get a supply note (jetton receipt for pool participation).
Borrow. After supplying, the home page shows a Borrow Limit slider — that is how much you can borrow against the collateral. Pick an asset, amount, confirm.
Health factor monitoring — on the dashboard. Do not let it drop below 1.3 unnecessarily.

Entry and exit — no locks, any time.

Security

Audits. EVAA had independent security audits (reports on the site). Main contracts in production since 2023 without exploits.
Open code. Most EVAA contracts are on GitHub.
Multi-oracle. Described above — reduces price manipulation risk.
Limited mode. Some assets have supply/borrow caps for risk control. If you want to borrow big — check the cap.

What EVAA does not cover:

Jurisdiction regulatory risk (like all DeFi).
Smart contract bugs in newly integrated assets. When a new jetton is added, risk is temporarily higher.
Liquidation cascade in shock scenarios. On strong volatility liquidators may not keep up.