🧞 Future & Today of TON with EVAA Protocol

What is happening in TON right now?

Oct 21, 2024

Gm and happy Monday frens🖖

TON is not only tap-to-earn games now - it has lending protocols, wallets, staking, layer 2s & many more "serious" Web3 projects.

One of them is the EVAA protocol, the first lending protocol on TON. We've been discussing the state of the TON ecosystem with its co-founder, and now want to share the main findings with you.

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🇹🇭 L2con is back, babyyyy
💀 Game over for tap-to-earns
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⛓️ L2con: See You in Bangkok

We're coming back with L2con to Bangkok!

It is the largest conference during Devcon dedicated to L2s, Modularity, and Infrastructure for Web3 developers and founders.

Expect speakers from Celestia, Monad Labs, Espresso Systems, Offchain Labs, Scroll, Movement Labs, and many more.

Don't miss the opportunity to gain insights into recent technological updates, explore in-depth case studies, and discuss practicals in Layer 2 Scaling!

📅 November 13th, Devcon

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🛠️ Deep-dive: What is happening in TON right now?

EVAA Protocol, the first lending protocol on TON, already has TVL of $32M, $55 million in supply and $21 million in total borrowed.

Here are 4 main insights on TON ecosystem from our talk with it's CEO and Co-founder, Vlad Kamyshov.

Watch the full episode here.

TON ecosystem growth

The TON ecosystem has experienced rapid expansion, evolving far beyond its initial identity as a platform for tap-to-earn applications. The perception of TON being limited to such simple applications is outdated. As more complex DeFi protocols like EVAA have emerged, TON is solidifying its position in the decentralized finance space.

TON is gaining momentum through a combination of Telegram's vast user base and a growing suite of sophisticated financial products, making it a promising ecosystem for both retail and institutional DeFi users. This broader scope now includes more advanced projects in DeFi, governance, and staking.

Challenges in user adoption

One of the key challenges is converting Telegram’s massive user base into active participants in the TON DeFi ecosystem. While EVAA has successfully attracted whale users, the retail segment remains relatively untapped.

There is a need for more user education and simplified onboarding processes to make DeFi more accessible to casual and retail users. Many users familiar with Web2 applications may struggle with the complexities of DeFi, such as lending and borrowing digital assets, so the teams need to focus on developing strategies to bridge this gap.

This includes educational content, tutorials, and better user experiences to onboard more retail users into the TON ecosystem.

Role of Telegram mini-apps

Telegram mini-apps are a game-changer for user interaction within the TON ecosystem. These mini-apps allow users to access decentralized finance services directly from within the Telegram app, a platform they are already familiar with.

About 50% of EVAA’s user base interacts with the protocol through its Telegram mini-app. This level of integration simplifies the user experience and makes DeFi more accessible. Instead of having to navigate complex, external DeFi interfaces, users can interact with protocols directly through a familiar messaging app, lowering the barrier to entry for new users and providing a seamless transition from Web2 to Web3.

Educational strategies for DeFi

To address the complexity of decentralized finance, EVAA has prioritized user education as a central part of its strategy. Many users struggle with understanding complex DeFi operations like lending, borrowing, and leverage staking.

In response, EVAA has created a variety of educational content, including short video tutorials and detailed articles, to guide users through these processes.

These educational materials aim to break down DeFi strategies into more digestible steps, providing users with clear instructions on how to navigate the platform and optimize their interactions with the protocol. By offering both beginner-friendly guides and in-depth content for advanced users, EVAA hopes to educate a wider audience and drive greater participation in DeFi on TON.

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