Ribbon Finance has announced the launch of Aevo, a “high-performance” options exchange on Ethereum, the Singapore-based DeFi protocol announced at Token 2049 in Singapore.
According to Ribbon Finance, Aevo is a “strategic follow-up” after Ethereum’s merge, and will allow users to trade more than 100 instruments across many expiries with deep liquidity at launch. The exchange will initially start with ETH options, and then launch BTC and other coins in the following months.
“With our DOVs and Ribbon Earn catering to beginners and passive investors, we’re excited to expand our offerings to introduce Aevo Exchange, which allows traders to start trading options from their DeFi wallets like Metamask,” said Julian Koh, CEO and co-founder of Ribbon Finance.
“With the majority of TVL [total value locked] in our platform coming from the Ethereum ecosystem, we have always regarded it as our home ground, and have strategically launched Aevo while the Ethereum network continues to build momentum after the Merge,” Koh said, adding that Ribbon is aiming to achieve US$100M per day in volume within six months and become the de facto venue for users to trade options on-chain.
Ribbon is known for inventing Decentralized Option Vaults (DOV) which allows users to generate yield through different strategies that involve financial instruments such as options, derivatives and other fixed-rate crypto products. The protocol is backed by a number of high-profile VCs including Paradigm, Dragonfly Capital, and Coinbase Ventures.
At its peak in May, Ribbon held over US$300 million in assets. It has a current TVL of US$80 million.