The lending protocol EVAA Protocol and TON Foundation have launched a DeFi program offering rewards amounting to 100,000 TON (~$570,000), according to a press release.
The program comprises two phases:
- Borrow rewards. Participants can take loans in USDT with negative interest rates, secured by TON, tsTON, and stTON;
- Supply rewards. As borrowing volumes increase, the focus of incentives will shift to liquidity providers. Participants supplying funds to EVAA pools will receive cashback in TON for their contributions.
In addition to rewards, users earn EVAA XP points. The project team plans to convert these into tokens in the first quarter of 2025.
To participate, users must connect their wallet on the EVAA website. A step-by-step guide with screenshots is available on the TON Foundation blog.
“Borrowed funds can be used for various activities within The Open Network (TON) ecosystem. For instance, farming tokens of new projects on the recently launched launchpool platform Earn,” commented representatives of EVAA Protocol.
According to DeFi Llama, EVAA Protocol ranks first among lending protocols in the TON ecosystem. The project won three DeFi leagues in The Open League program. The platform’s audit was conducted by QuantStamp.
Earlier, the TON team released the technical documentation for the TON Teleport BTC cross-chain bridge for transferring bitcoins into and out of the blockchain ecosystem.