EVAA Remains the Major Winner on TON as TVL Hits New Record High of $31.1M

us 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.

The total value locked (TVL) on the TON network reached a new record high of $31.1 million on August 5, according to data from DefiLlama.

EVAA, a lending protocol on TON, remains the major winner with a 2% gain in its TVL. The protocol’s TVL now stands at $283 million, making it the sixth-largest decentralized finance (DeFi) project on the network.

EVAA and Cygnus are the only two projects on TON to experience a TVL increase on August 5. While EVAA gained 2%, Cygnus’s TVL rose by 0.1%. The rest of the projects, including TON Surf, Brokkr, and Velarium, registered significant losses.

Bitcoin’s 27% decline over the last week has largely impacted TON. The TVL on the network has dropped by 35% to $486 million, marking 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 the first lending protocol on TON, allowing 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 lost market share to the blockchain’s native coin.

On August 5, EVAA experienced record USDT outflows, totaling $4.6 million. At the same time, this was 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 high annual percentage yield (APY) of 7.67%.

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

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