About

Ribbon Finance (now known as Aevo) is an Ethereum Layer-2 app chain rollup. It is built using the OP Stack and functions as an order-book-based decentralized exchange. The Aevo Rollup is operated in collaboration with Conduit, a Rollup-As-A-Service (RaaS) provider. Transactions on Aevo are ordered by a sequencer (managed by Conduit), then batched and posted onto Ethereum every hour. Aevo Rollup has a dispute period of two hours, where any challenged transactions can be confirmed or denied. After the 2-hour dispute period, transactions from the Aevo Rollup are confirmed on Ethereum. Users can deposit various crypto assets onto the Aevo Rollup from Ethereum (USDC, USDT, ETH, WBTC), Optimism (USDC, ETH), or Arbitrum (USDC, ETH). There are no gas fees on the Aevo Rollup.

History

Ribbon Finance was co-founded in November 2020 by Ken Chan and Julian Koh. The pair co-founded Ribbon Finance to provide a structured product protocol for crypto assets. The protocol first went live in February 2021 on Ethereum with the launch of ETH strangle options, allowing users to speculate on ETH volatility. In April 2021, Ribbon Finance’s second product, Theta Vaults, was launched, allowing users to earn yield by writing options on deposited assets. In May 2021, Ribbon Finance launched its RBN token, enabling community governance over the platform. Ribbon V2 went live in September 2021, and new changes included changeable vault parameters, automated vaults, and a new accounting system. Ribbon V3 was then launched in April 2022, which included new UX features, leveraged vaults, permissionless vaults, and more.

On September 28, 2022, Aevo was announced. Built by the Ribbon Finance project team, Aevo aimed to be an order-book-based decentralized exchange for options and other derivatives trading. Aevo was later launched on April 7, 2023. On May 18, 2023, Aevo announced the addition of perpetual futures, allowing users to take leveraged positions on select cryptocurrencies. On August 9, 2023, Aevo announced its third product, Pre-Launch Token Futures.

In July 2023, RBN tokenholders voted to merge Ribbon Finance with Aevo. As a part of this merge, RBN tokenholders would be able to convert RBN token holdings to AEVO at a 1:1 ratio. Additionally, all products and materials related to Ribbon Finance would be rebranded under the Aevo brand.

On January 31, 2024, Aevo announced that the AEVO token’s TGE occurred, but had yet to be distributed.