What Is EVAA Protocol (EVAA)? A Lending Protocol on TON

EVAA Protocol is a lending protocol on the TON blockchain, reached through a Telegram app, where you lend crypto for interest or post collateral to borrow against it. Let a loan grow too large against that collateral and the position gets liquidated. EVAA is also the name of its token, which trades on TON and BNB Chain.

EVAA's price nearly tripled over five late-October days, while deposits in its Main Pool slipped about 3%. So the coin ran and the lending pool behind it didn't grow. Treat those as two separate facts, and don't assume one caused the other. EVAA's Telegram, GitHub and Medium pages named no cause for the jump.

EVAA Protocol (EVAA) at a Glance

What Is EVAA Protocol?

EVAA is "a lending protocol built on the TON blockchain," in the words of the security firm Trail of Bits. Its August 2025 audit report says users "can deposit and withdraw collateral, become liquidity providers, and borrow and repay overcollateralized loans."

Overcollateralized means you post more than you borrow, so the lender has a cushion if prices drop. Crypto lendingruns on that idea, with code doing the job of a bank's loan desk. You get to it through a Mini App, a small app that runs inside Telegram, or through a web app.

Two names sit behind it. EVAA's May 2026 terms of use name the TON Lending Foundation as protocol maintainer and apply Panama law, while the audit's client was Something Labs LTD.

The EVAA crypto token is separate from your deposits. STON.fi, a decentralized exchange on TON, describes it as the protocol's governance and utility token. TON's own coin has been called GRAM since June 2026, and the chain keeps the TON name.

Why Is EVAA Trending?

The coin's price nearly tripled in five days, and in early November 2026 it ranked among CoinMarketCap's ten most-searched coins. It closed the last of those days at about $1.42, up about 180% from where the run started.

The wider market didn't come along. Over the same five days the median perpetual on Phemex, a futures contract with no expiry date, fell about 3%. Only 28 of the 137 listed throughout closed higher.

Trading jumped too. CoinMarketCap's volume figure reached about $67 million on day two, nearly 27 times the $2.5 million median of the 30 days before the run. That's turnover on one tracker. Depth, how much a pool can absorb before the price moves, is the number you'll want before you buy.

Why Did EVAA Go Up in Late October?

Neither EVAA's Telegram channel nor its GitHub or Medium pages named a cause. Its Telegram posts from 22 October on were about maintenance and support, then pool promotions and a Halloween greeting. GitHub last saw code pushed in August 2026, and the Medium page last posted in September 2024.

How Does EVAA Work?

You deposit into a pool and earn interest paid by borrowers, or you post collateral and borrow against it.

A made-up example shows the mechanic. Say you post $500 of tsTON, a staked form of TON, and borrow $200 of USDT. If tsTON falls far enough, the loan crosses a set limit and your position gets liquidated, meaning the collateral goes to clear the debt. It's the same liquidation in crypto trading that closes leveraged positions, and here it protects the people whose money you borrowed.

What Happened to the Main Pool's Deposits?

EVAA runs four pools on TON. The Main Pool's eight assets were worth about $10.8 million when the run started and about $10.5 million when it ended. Both use one set of fixed prices, so only coin counts could change them.

USDT deposits fell about 11% and GRAM deposits about 12%. Deposits of tsTON went the other way, up about 4%, and made up about 57% of the pool by value.

Utilization, the share of deposits lent out, shows what each asset is doing. About 87% of the USDT and 69% of the GRAM were on loan when the run ended, against under 0.1% of the tsTON. That looks like tsTON parked mainly as collateral, with USDT and GRAM doing the lending.

What to watch: the pool's USDT and GRAM deposits, because those balances fund the loans whose interest pays the lenders.

Is EVAA Protocol Safe?

It has a public audit with its serious findings fixed, but you're still trusting an admin account with wide powers. Of the nine findings Trail of Bits logged, one rated high and three medium, while five were informational. The report says the team "has resolved all but two informational issues," and its fix review ended in July 2025, so anything deployed since then falls outside it.

The bigger question is who controls the contracts. In the report's words, "the administrative account can unilaterally modify system parameters and force contract upgrades without user consent."

It adds that privileged accounts "cannot directly access user funds," and it still calls those powers "a meaningful centralization risk."

The report left one issue open that should matter to any borrower. The admin could change the liquidation threshold, the limit that triggers a liquidation, on positions already open. The auditors warned that users might not learn of a change in time to act.

The team told them an off-chain agreement limits the admin to raising thresholds, with advance notice of any cut, and that's a promise the contract doesn't enforce.

EVAA Tokenomics

EVAA's supply lives on two chains, and that's where the token gets harder to read.

TON started with a 25 million mint on 29 September 2025, and burns took that down to about 19 million. Add BNB Chain's 30 million and you get about 49 million, close to the 50 million maximum CoinMarketCap lists.

That tracker's circulating figure of about 17.9 million is self-reported, while its own unlock panel shows about 29.7 million unlocked. So when you see a market cap for EVAA, ask which count it uses.

Who can mint more? On TON it's a multisig, a wallet that needs two of its three signers to act. The contract still reported itself as mintable at the close, and its history showed one mint, the first 25 million.

In April 2026 the multisig sent a transaction handing the admin role to the zero address, the usual way to give up a power, and it aborted. So the power stayed alive and went unused after launch.

BNB Chain looks tighter. Test mints from the wallet that deployed the contract and from a large holder both failed, and its code has no pause or blacklist function.

Concentration is the weak point. The three largest TON wallets held about two-thirds of the TON supply, or about a quarter of the combined 49 million. Two of those three are multisigs, whose signers can send coins when they agree, so don't read those balances as locked. Several of the top 12 are contracts and one large wallet is probably custody, so that list isn't twelve people.

The unlock panel on CoinMarketCap is marked self-reported. It showed about 59% unlocked in early November 2026, with treasury and liquidity-reward lines next on 27 November.

How to Buy EVAA Safely

You buy EVAA on a decentralized exchange, and on TON that starts with checking the contract.

1. Set up a TON wallet and keep some GRAM in it, because swaps need it for network fees.

2. Note the two contracts, which are EQBKMfjX_a_dsOLm-juxyVZytFP7_KKnzGv6J01kGc72gVBp on TON and 0xaa036928c9c0Df07d525B55ea8EE690Bb5a628C1 on BNB Chain.

3. Open STON.fi's EVAA page and match the TON address before you touch the swap.

4. In the Swap tab, pay with something like USDT and choose EVAA as what you receive.

5. Enter a small amount and read the quote before you confirm in your wallet.

6. Check that the coins arrived and that their contract matches step 2.

Keep the order small. GeckoTerminal showed 36 TON pools holding about $79,000 combined in early November 2026. That's one tracker's count, and a large order moves the price against you.

EVAA's terms point to evaa.finance and the @EvaaAppBot app, and they name neither the Telegram handle @evaa_protocol nor the domain evaa.xyz. The habits that help you spot a crypto rug pull work here too, starting with who controls the contract and how deep the pool is.

Phemex's EVAA/USDT perpetual and spot pairs are both delisted, under notices dated July and September 2026.

If you still hold EVAA on Phemex, the spot delisting notice says later withdrawals go through the support team. What Phemex does offer is futures on its listed coins, a separate decision from buying EVAA. Futures use leverage, and a leveraged position is closed automatically if losses reach its margin.

What Are the Risks of EVAA?

Supply in few hands. A small group of wallets holds most of the coins on each chain, and TON's pools are thin, so one large sale there can move the price a long way.

Lenders can get stuck. With most USDT deposits out on loan, little of that line is idle. If many lenders want out at once, they wait for borrowers to repay or get liquidated.

More supply ahead. About 41% of the 50 million maximum was still marked locked on CoinMarketCap's self-reported panel, and you're relying on the project's own numbers for the timing.

A price that gaps. Four of the five days in that run moved more than 20%, and thin pools make that worse when you're the one selling.

Is EVAA a Good Investment?

We won't give you a yes or no. Our view is that the lending product is what you can check and the token is what you have to trust.

EVAA closed late October about 89% under its closing high of $12.67 from October 2025, and its low close was about $0.30 in June 2026. One earlier spike, in July 2026, reached a close of about $2.77 and was gone within a week.

A market cap to TVL ratio compares a token's value with the money locked in its product. Using all 49 million coins on chain, the close implied a value of about $70 million, roughly 6.7 times the deposits in the Main Pool alone. On CoinMarketCap's self-reported count it was about 2.4 times.

For the token to hold its price on fundamentals, deposits and borrowing have to grow, and the large wallets have to sell slowly or not at all. Main Pool deposits didn't grow over those five days, and the wallets are out of your hands.

Frequently Asked Questions

What is EVAA's token unlock schedule?

CoinMarketCap's self-reported panel lists about 535,000 EVAA as the next unlock on 27 November 2026, roughly 1% of the 50 million maximum. About 20.3 million were marked locked in early November 2026.

What can you deposit on EVAA Protocol?

The Main Pool held eight assets in late October 2026, led by tsTON and USDT. EVAA also runs a stablecoin pool and a pool for smaller TON tokens such as NOT and DOGS.

Is EVAA on TON the same token as EVAA on BNB Chain?

Both contracts carry the EVAA name and both appear on CoinMarketCap's EVAA listing, but they're separate contracts with separate supplies. Check which chain you're on before you send coins, because coins sent on the wrong network can be lost.

Bottom Line

EVAA is two things under one name. The lending protocol has an audit you can read and balances you can check on chain.

The token asks for more trust, because a live mint power and a few big wallets decide how much of it reaches the market. When a chart like this one brings you here, start with the pool and the holder list, because the price won't tell you who's selling.

Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency trading involves substantial risk. Always do your own research before making investment decisions.