EVAA Protocol

EVAA is a lending market on TON where users lend and borrow assets against pooled collateral without a central intermediary. At the August 15, 2026 survey it held $9.65M on TON, well below the size floor. An advised position at that size would make up a large share of the venue’s liquidity, and an exit would move the market holding it. The registry therefore does not open an individual review until EVAA clears the size floor. One practice advising 100 households moves $1M to $8M into a venue based on the same research. At this size, that book would be hard to exit without moving the market, whatever the protocol’s quality. The file reopens if TVL grows past the floor and stays there.

Review triggers: events that reopen the verdict
• Independently reproducible supplied TVL sustains at least the retired TVL threshold for 30 days, triggering market-level lending and TON review

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and class applicability

EVAA identifies itself as a TON lending protocol. Its published contract repository records positive user principal as deposits and negative principal as debt, while asset state tracks supply and borrow rates. At scale, the current lending mechanism would require a review of each market. Supplied capital remains below the shared v1 size floor, so that individual review does not open until EVAA clears the floor.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 reported approximately $9.65M supplied and $4.97M borrowed, all on TON, and classified EVAA as lending. The official site and audited contract repository also identify TON as the deployment. The stored record therefore still covers a single chain and remains current.

Control, loss and exit applicability

The contract repository shows that asset settings and rate state can change, and it has separate master and user contracts. EVAA also publishes liquidation-bot code. A lender’s exit therefore depends on the contracts working and the pool having enough liquidity. Depositors can lose money through falling collateral prices, pricing or rate-state errors, failed liquidations and TON execution. The v8 repository links a Trail of Bits review and the older v6 Quantstamp review, but a completed audit does not guarantee against loss.

Why the class rule decides

The shared v1 rule for venues below the size floor decides the judgment at approximately $9.65M supplied TVL. It does not approve EVAA’s lending design or TON. Open an individual review only after independently reproducible supplied TVL clears the size floor for 30 days. Then review each market’s assets, utilization and cash, collateral and prices, authority and pauses, deployed-versus-audited code, incidents and bad debt, fees and incentives, TON dependencies and withdrawal under stress at the proposed size.

Research status

This is a capacity-unproven record for EVAA Protocol, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• EVAA — official protocol site · primary · accessed 2026-08-15
  Supports: TON lending identity, lending and borrowing, protocol perimeter
• EVAA GitHub — audited contracts repository · primary · accessed 2026-08-15
  Supports: TON contracts, deposit and debt accounting, rate state, asset configuration, audit versions, liquidation tooling
• Quantstamp — EVAA v6 certificate · primary · accessed 2026-08-15
  Supports: v6 audit, review scope, historical security evidence
• DefiLlama — EVAA Protocol survey record · secondary · accessed 2026-08-15
  Supports: current supplied TVL, current borrowed amount, TON-only perimeter, lending category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.