EVAA, a lending protocol on the TON network, saw its total value locked (TVL) figure reach a new record high of $31.1 million on August 5. The protocol, which launched in March of this year, has gradually expanded its liquidity and become the sixth-largest DeFi project on TON.

EVAA Remains the Major Winner on TON

EVAA and Cygnus are the only two projects on TON to experience a TVL increase on August 5, gaining 2% and 0.1%, respectively. The rest of the projects have registered significant losses.

TON has been greatly affected by the general bearish trend, with Bitcoin declining 27% over the last week. The TVL on TON has tumbled over the week by 35% to $486 million, recording the largest weekly loss among the top 15 chains as tracked by DefiLlama. Despite the massive loss, TON’s TVL is at its lowest level in only about six weeks. At the end of April, we reported that TON had touched a new record at $170 million. The blockchain’s DeFi presence has nearly tripled since then.

EVAA is positioning itself as the first lending protocol on TON, enabling users to borrow and lend crypto assets like USDT and TON.

USDT currently accounts for over 75% of the TVL, and TON holds a 24% share. However, USDT has actually lost market share to the blockchain’s native coin. On August 5, EVAA experienced record USDT outflows totaling $4.6 million. Meanwhile, this has been the second-largest day for TON inflows, which surpassed $5 million.

Despite recent outflows, USDT remains the most popular token on EVAA, also thanks to its generous APY of 7.67%.

EVAA claims to have over 9,500 users on its platform, which is compatible with Telegram.

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The post EVAA, TON’s Flagship Lending Protocol, Hits Record $31M appeared first on NFTgators .