Decentralized Finance (DeFi) is evolving beyond its technical barriers and niche appeal, majorly driven by new protocols prioritizing accessibility, simplicity, and seamless user experience. EVAA is one example, the first lending protocol natively built on the TON blockchain, and fully integrated into the Telegram social messaging app.
Today, we talk to its CEO, Vlad Kamyshov, on how he sees DeFi growing beyond its barriers and reaching the next million users. According to Vlad, this feat is achievable by embedding DeFi into platforms that people use regularly.
In the interview, Vlad shares insights about EVAA’s unique approach, centralization risks, and the trends that are now driving DeFi.
What is EVAA Protocol?
Q: Vlad, what is the EVAA lending protocol? What problem is EVAA trying to solve in regards to lending on-chain? What makes it special?
A: EVAA is the first decentralized lending protocol on the TON blockchain—think of it as the Aave of TON. It allows users to lend and borrow crypto assets in a non-custodial way. But more importantly, it’s designed to be truly accessible. We’ve integrated EVAA directly into Telegram as a Mini App and Telegram Wallet Earn section, which means anyone with Telegram can start earning yield or borrowing assets with just a few taps.
The real problem we’re solving is that DeFi is still far too complex for most users. Most protocols today are either too complex or require users to jump through hoops with external wallets and clunky interfaces. EVAA simplifies this by combining everything—lending, borrowing, staking, and even hedging—into one streamlined experience inside Telegram. Users can set up a TON Space wallet in seconds, avoid browser extensions altogether, and manage their assets in a familiar interface they already use daily.
Ultimately, our mission is to bring financial freedom to Telegram’s massive user base by making DeFi feel as intuitive as any mobile e-banking app. That means combining deep Telegram integration, inexpensive transactions on the TON blockchain, and gamified rewards like XP and NFT multipliers to onboard and retain users. We’re not just building for crypto-native users—we’re making DeFi work for everyone.
DeFi market trends and why TON is poised for success
Q: What trends are actually driving the DeFi market? How do you see the DeFi space evolving in the next two years?
A: There are four major trends that I believe are shaping the next wave of DeFi:
First, there’s simplification. As a space, we’re finally learning that users don’t care how the backend works—they want something that feels like their banking or fintech app. So, simplifying UX and UI, especially through mobile-first solutions like Telegram Mini Apps, will drive the next wave of adoption.
Second is liquid staking and restaking. Users want to put their capital to work in multiple ways. This trend is pushing capital efficiency to the next level, and we’re already building strategies around it—like leveraged liquid staking with stTON and tsTON through EVAA and Tonstakers. As I see it, restaking and liquid staking will dominate DeFi, driving higher participation as users demand multi-use capital without lockups.
Third, interoperability. Cross-chain liquidity and protocol composability are critical. We’re looking at how EVAA can eventually tap into assets from other chains like Ethereum via token bridges or vaults. Our upcoming multichain yield aggregator is a step in that direction. By 2027, I believe we’ll see a truly interoperable DeFi market, with protocols like EVAA unifying liquidity across blockchains.
And finally, regulation. Over the next two years, I expect DeFi to mature alongside clearer global regulatory frameworks. This will help attract institutional capital while encouraging a more transparent, safer, and structured market. All without compromising on decentralization.
Q: What’s going on with TON now? What trends are you seeing in the ecosystem?
A: TON is evolving fast—from tap-to-earn experiments to real infrastructure that supports sustainable yield, payment rails, and deep Telegram integration. We’re seeing the first wave of financial primitives being built—DEXs, lending, liquid staking, perpetual—all with native Telegram UX. With the introduction of digital goods and Telegram Stars, the foundation is being laid for an embedded financial layer within Telegram itself.
Q: With the crypto ecosystem constantly evolving, why do you think TON is poised for success?
A: TON has something no other chain does—seamless access to Telegram’s 1 billion monthly active users who open the app 21 times a day and spend 41 minutes inside on average. That’s a massive distribution advantage. Most of this audience has yet to be onboarded into crypto, as you can’t reach even 5% with tap-to-earn hype alone.
So I believe that TON has the opportunity to launch new narratives for years to come, attracting a dozen million new crypto users every year. But beyond that, the dev ecosystem is maturing quickly. We’re seeing professional-grade protocols launch with clean UX, solid smart contracts, and a focus on security. In a few years, I believe TON will be one of the go-to networks for onboarding retail users into DeFi.
Q: Do you see a risk of centralization in TON, given its close ties to Telegram?
A: Early on, every successful ecosystem has depended on a few key players. Tether helped Tron, FTX helped Solana. That’s not inherently bad—it’s part of how momentum builds. Real decentralization comes later, as more participants and use cases emerge organically. TON is on that path. The community is growing, and over time, I believe it will decentralize through broader developer and user engagement.
EVAA protocol’s solution to DeFi adoption
Q: How does EVAA use Telegram to bring DeFi to millions?
A: We use Telegram as more than just a frontend—we treat it as the distribution layer for financial services. With EVAA’s Mini App and integration with TON Space, a self-custodial wallet inside Telegram, we’ve eliminated the need for external apps or wallet switching. Users can earn yield on USDT, lend or borrow assets, and even execute complex DeFi strategies like leveraged staking, all from inside the messaging app they trust.
And the scale here is massive. TON Space has already surpassed 100 million wallets by November 2024, and this growth doesn’t seem to halt anytime soon. Even a modest activation rate could bring in hundreds or thousands of new DeFi users. That’s the power of meeting users where they already are.
We also built an SDK that allows influencers, developers, or even Telegram channel admins to embed DeFi strategies directly into posts. This turns Telegram into a gateway for financial onboarding.
Q: Can TON really compete with Ethereum or Solana?
A: Absolutely—but in its own way. Ethereum is where institutions go; Solana is where high-performance DeFi happens. TON is about distribution and UI. It’s about tapping into Telegram’s massive user base and giving them a smooth, mobile-first crypto experience. It’s a different kind of moat.
Q: How does the launch of tgBTC change TON? How does it affect EVAA?
A: tgBTC is a game-changer. For years, BTC has been the most valuable crypto asset, yet it’s been largely underutilized because of Bitcoin’s limited functionality. Most BTC just sat idle in wallets. Now, that’s changing.
With tgBTC, Bitcoin holders can finally bring their assets into TON’s DeFi ecosystem, unlocking huge potential. For EVAA, it means users will soon be able to use Bitcoin as collateral to borrow main ecosystem assets without selling their BTC. It also opens the door to earning yield on BTC—something that’s becoming more attractive as Bitcoin’s growth trajectory slows in each cycle.
We’re seeing a broader shift in the market. Instead of waiting for the next 10x, holders are starting to think about how to make their assets productive. Platforms like EVAA provide those tools—borrow, lend, loop strategies—all now possible with BTC.
On top of that, as Bitcoin ETFs pour billions of new capital into the space and traditional players enter the ecosystem, the chains that offer real use cases for BTC will be best positioned to capture that liquidity. I believe TON, with solutions like tgBTC and EVAA, has a strong shot at becoming Bitcoin’s second home.
Q: What impact might Ethena and new stablecoins have on TON?
A: Ethena introduces a real source of yield in stablecoins. That’s big. Once Ethena integrates into TON or bridges over, it will push up borrowing rates because people will be willing to pay more to access that yield. For protocols like EVAA, it means we can offer even more attractive strategies for both borrowers and lenders, while still keeping risk under control.
Q: What makes EVAA a leader among DeFi protocols on TON?
A: We’re the first lending protocol on TON—and more importantly, we’ve built everything natively for this ecosystem. Our TVL has grown consistently, surpassing $25 million as of April 15, and we’ve handled over $1 billion in transaction volume to date. We’ve been audited by Quantstamp and are currently undergoing a second audit by Trail of Bits—two of the most prominent blockchain security firms globally.
EVAA transforms everyday users into active DeFi participants. We offer them access to passive income, on-chain transparency, and full control over their assets. These users are already earning an average APY of up to 7.15%.
Also, we support isolated lending pools for better risk management, and our liquidation engine has executed over $2.28 million in liquidations without any bad debt during the recent market turbulence. This demonstrates real resilience.
Beyond that, we’re not just a frontend. Our infrastructure powers other protocols like Coffin, we’re fully integrated with Ton Space and other top-tier TON applications like Tonkeeper, Notcoin, Ston.fi, TG Wallet, and DeDust. Combine that with the recent $2.5 million raised from top investors like Polymorphic Capital, Animoca Ventures, and TON Ventures, and I think it’s clear: EVAA is here to lead.
We’re making DeFi native to Telegram—and safe, scalable, and intuitive enough for millions.
Q: One of the most awaited TGEs on TON this cycle is EVAA. Can you share any details?
A: We can’t share a date just yet, but we’re getting close. The TGE is part of a broader rollout strategy that includes our audit release, protocol upgrades, and a major marketing push. When we launch, it won’t be just a token drop—it’ll be tied to utility, rewards, and integrations with new and existing DeFi use cases on TON.
Q: What’s on the roadmap for EVAA in 2025?
A: A lot. With the next update, EVAA will become an open permissionless platform for building simple DeFi products that give retail users one-click access to complex DeFi strategies through external modules: one-tap looping strategies, deposit tokenization, DAO treasury management, sophisticated farming, and many others will soon be available thanks to such a decentralized approach. We’ve got integrations coming with XRocket, Pyth Network, and new DeFi protocols that are launching on TON. We’re also going to list tgBTC and Ethena, introduce the EVAA crypto card, and roll out an important security patch. We’re also preparing to announce an upcoming integration with Telegram’s official wallet.
We’re also planning to have Trail of Bits’s audit completed by the end of the summer and launch the EVAA Liquidity Mining program.
One of our biggest priorities is launching our multichain yield aggregator. This will allow users to deposit stablecoins like USDT and have them automatically allocated across the top-tier crypto protocols—whether it’s on TON, Ethereum, or Solana—to get the best APY.
Of course, the TGE is a big milestone that will open the door for broader token utility and community governance and tie the $EVAA token utility directly into lending, staking, rewards, and DAO operations. We’ve designed the tokenomics with sustainable growth in mind, using long-term vesting, tight supply control, and deflationary mechanics to ensure value accrual over time.
This isn’t just a token launch. It’s a maturing financial layer for the TON ecosystem. And we’re just getting started.
Source: https://www.cryptopolitan.com/evaa-ceo-vlad-kamyshov-telegram-and-defi/
