The TON blockchain has huge potential to grow in the DeFi world with the ambition to expand to Web3. The Evaa protocol realizes this vision with its innovative and unique Lending and Borrowing technology. Let’s learn about the project with Coincu through this Evaa Protocol Review article.
What is EVAA Protocol?
EVAA is a decentralized borrowing protocol built on the TON blockchain and allows its users to lend and borrow cryptocurrency assets without the intermediation of any traditional financial institutions. Similar to many other lending and borrowing projects, users are required to mortgage their assets in order to get certain loans.
EVAA protocol stands out from the crowd by its integration with the blockchain and its peculiar accessibility via the TON blockchain. Mini apps and web applications coexist on the platform, allowing users to enjoy its services right from Telegram in a pretty comfortable and user-friendly way. It also introduces the system of XP points gathering for the users, possibly connected with token airdrop events in the future by the project.
Read more: The Open Network Review: The Most Potential Layer 1 Today
How EVAA Protocol Works
EVAA protocol lets users make their cryptocurrency work for them by lending it out and earning rewards in interest and EVAA XP. Functionally, it really acts similarly to several more established DeFi projects, such as Aave and MakerDAO, in creating sustainable revenues toward the long-term growth of the platform.
The main sources of income for the EVAA model are as follows:
- 5% on lending interest
- 0.05% on lending transactions.
If EVAA’s TVL reaches a value of $110 million, then the platform will create $1.8 million in revenue annually.
Revenue estimates further indicate clear growth for the period. For example, if EVAA’s TVL reaches $10 million after two months, the platform projects revenue of $14,000 a month. At a TVL of $15 million, the revenue would increase to $21,000 in four months. If TVL does reach $27.5 million in nine months, monthly revenue could increase to $38,500.
Read more: Overview of TON Ecosystem: Targeting Web3 Users with Huge Potential
Features
Dashboard
The dashboard allows the user to monitor personal lending and borrowing positions. It contains all the required information: deposit and borrowing interest rate, available loanable amount, and some account security metrics. Relatively, loans involving $TON and $stTON now have very low interest rates due to the platform’s incentive policies.
Market
The Market interface provides a comprehensive overview of the platform’s lending and borrowing features. It underlines key metrics such as the total sum of deposits, loans, and interest rates for assets in real time.
Reward System
The Reward interface allows users to keep tabs on their EVAA XP, a point system that increases according to one’s lending and borrowing activity. Additional XP might be gained by selling and trading tokens using the Swap function of the platform or collecting early NFTs such as Mainnet and Boost Cards that can be purchased on NFT exchanges.
If a user is part of the airdrop program, they will be entitled to convert the EVAA XP at the TGE into project tokens. The users also get extra boosts 5% in XP by inviting friends to join the platform.
Swap
Swap function of EVAA protocol enables users to purchase, sell, and exchange their tokens on the platform, streamlining their participation in DeFi activities. Trading volume through the Swap is also attributed to the XP earned by a user and creates further incentive for them to use the platform.
Leaderboard
The Leaderboard feature allows you to keep an eye on your EVAA XP farming and compare yourself to other players.
Read more: Top 10 TON Ecosystem Coins by Market Cap
Highlights
EVAA enables peer-to-peer transactions safely, transparently, without intermediaries, and with more trust from customers.
On a robust platform, EVAA protects users’ assets very strongly.
EVAA is well integrated with Telegram through the Telegram Mini App to provide easy access to this platform from anywhere in the world at any time. Because it operates on the TON blockchain, which already shows large growth potential in the DeFi space, this integration gives it even further reach.
The platform allows one to lend his assets for passive income or borrow against collateral, improving liquidity within the TON ecosystem.
EVAA protocol is more secure for lenders and borrowers alike, reducing exposure to the full-fledged volatility of the market.
Stablecoin is integrated into the EVAA platform to reduce volatility and increase transaction stability in the platform.
Smart contracts on EVAA are optimized, leveraging the blockchain of TON, where transactions are fast and cheap while their fees are minimal.
Read more: DeDust Review: Top Growth Exchange on TON
EVA Token
Key Metrics
- Token Name: EVAA Token
- Ticker: EVA
- Blockchain: TON
- Contract: EQDUYNc3vi5eOdza-q9vljeniQ9cGno4W50zqr_Fixk0ZQT8
- Token Type: Utility
- Total Supply: 50M EVA
- Circulating Supply: 1.95M EVA
Token Allocation
- Treasury: 17%
- Team: 16.5%
- Shareholders: 17.5%
- Liquidity Mining: 45%
- Advisors: 4%
Token Release Schedule
Token Sale
EVAA protocol has raised funds through 4 rounds:
- Pre-Seed: Raised $410,000 from Wagmi Ventures, TONcoin Fund, Existential Capital.
- Strategic: Raised $100,000 at $0.1
- Strategic: Raised $210,000 at $0.14
- Strategic: Raised $100,000 at $0.18
Use cases
Governance Function
A token holder shall have the right to propose or vote on changes ranging from minor parameter updates to major structural changes.
Users who are not interested in voting may delegate their voting powers to somebody else.
To incentivize better participation, users are allowed to receive monetary incentives for voting and/or proposing improvements benefiting the economy of the platform.
Reward Distribution
Liquidity providers earn a portion of the transaction fee or an interest rate if they provide liquidity in native tokens or some other accepted asset.
Even though borrowers pay interest, bonuses on early repayments or promotional periods are good ways to incentivize more borrowing.
Active governance may be incentivized through the rewarding of participators in the process of voting or proposing with more governance tokens or other perks.
DAO Reserves and Control
The creation and management of the DAO reserves are one of the core parts of EVAA’s long-term strategy. Financed by a fraction of the interest paid by borrowers, known as “borrow APY,” the financial buffer acts to secure the stability of the protocol.
In fact, the community and token holders of the EVAA DAO have the full right to vote on the usage of these reserves in any desirable direction. They can be reinvested in the protocol, bridging financial shortfalls or funding initiatives proposed by the community to make the platform resilient.
Decisions regarding the usage of the reserves are made transparently and democratically, with all token holders allowed to propose or vote on reserve-related matters.
Read more: STON.fi Review: AMM DEX On The TON Blockchain
Why Does EVAA Protocol Choose TON?
Scalability and Speed for High-Volume Transactions
TON is highly scalable and fast, which means that large transaction volumes can be handled efficiently without any loss of performance. DeFi applications often involve very frequent and complex transactions; thus, TON’s ability to be fast even during extreme use is very important.
Ease of Use for Mass Adoption
TON was designed from the ground up to be extremely developer-friendly and enable them to build applications that are easily capable of onboarding a very large audience of end-users. This ease of use further lowers the barrier to entry for developers and users alike, fostering an even more inclusive DeFi ecosystem.
Immediate Access to the Giant User Base of Telegram
The integration of TON into one of the largest messaging services in the world, Telegram, is a key advantage for EVAA protocol. Such access gives EVAA the potential to expand its reach and enlarge its user base, thus providing a huge possibility for growth.
Sustainability as a Core Principle
Another reason for choosing TON by EVAA is sustainability. This blockchain puts much emphasis on eco-friendly practices, attracting DeFi projects, which, alongside technological innovations, are interested in making considerations in regard to ecological awareness.
Ecosystem Support for Growth of Developers
The TON ecosystem is a developer-friendly playground supported by liquidity incentives, hackathons, and all kinds of resources that let DeFi projects like EVAA scale up and grow in a well-supported environment.
Roadmap
Team
Investors & Partners
Investors
EVAA protocol is backed by several investors, such as Telegram Guru, Tonstarter, Wagmi Ventures, Existential Capital, and Toncoin Fund. Tonstarter is the leading launchpad platform at TON Blockchain, and Evaa also received support from the Ton Foundation through the Toncoin Fund with an undisclosed amount.
Partners
EVAA protocol partners include Ton Foundation, Tonstarter, Tonvote (orbs), Hackenproof, DEX (Stonfi, Dedust,…), liquid staking protocols on TON, Red Stone oracles and others.
Conclusion
EVAA protocol provides users with the opportunity to borrow against their crypto assets and benefit from earning passive income. In addition, the platform features also help to enhance or govern the protocol. With the development of the TON blockchain, the EVAA will continue to see an explosion in the coming time. Hopefully, our EVAA Protocol Review article has helped you gain more information about this project.
FAQs
Is the EVAA protocol safe to use?
The EVAA protocol uses encryption when users connect their wallets so both the wallet and the user’s assets are secure when they make transactions.
Does EVAA conduct airdrop?
Currently, the project has not made any specific announcement about conducting airdrops for users.
Which wallets can be used to connect to the EVAA protocol?
To connect with EVAA, users can use wallets that support TON, such as Tonkeeper and @Wallet.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Visited 14 times, 14 visit(s) today
Source: https://coincu.com/287048-evaa-protocol-review