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Derivatives trading protocol Aevo has announced that it is set to launch its native Aevo token.
In an announcement published on January 31st, the project revealed that it plans to distribute a portion of the supply to early adopters through an Aevo token airdrop.
Today, we are pleased to announce more details about $AEVO, Aevo's first Farming Program, and Aevo Airdrop. pic.twitter.com/loG8V2ZAya
— Aevo (@aevoxyz) January 31, 2024
The protocol is also set to launch a “farming program” in the next few days, with rewards from the program being distributed in the form of Aevo tokens.
“We will be airdropping Aevo to early adopters of the Aevo exchange and will be launching our first farming program over the coming weeks,” the announcement read. “To be clear, all users of Aevo up to this point who have done volume will be eligible for Aevo.”
Aevo Token Airdrop Comes With Farming Program
The primary criteria for the Farming Program will revolve around volumes, fees, and loyalty exhibited on the platform, with loyalty being based on how much a user uses Aevo.
There will also be a “Farming Boost” which will act as a multiplier on the rewards earned. This multiplier is influenced by the aforementioned criteria as well.
Upon the conclusion of the Farming Program, every user on Aevo Exchange will have the opportunity to claim the amount of Aevo tokens they earned during this period, in addition to any previously accrued earnings. The DAO will also provide initial liquidity for the Aevo token.
The team is currently conducting audits for both the Aevo token contract and a conversion smart contract between its token and Ribbon Finance’s native token. As a result of delays in meeting the initial deadlines, there is a proposal to shorten the conversion window for the $RBN – $AEVO conversion contract. However, this adjustment is still subject to approval through a governance proposal.
Aevo and Ribbon Finance
Aevo was originally part of the DeFi project Ribbon Finance up until June 2023, when Ribbon DAO holders voted in favor of folding Ribbon Finance into Aevo.
Aevo utilizes a Layer 2 optimistic rollup constructed with the Conduit rollup platform. It intends to leverage Celestia for data availability, ensuring low transaction fees and creating opportunities for other protocols to establish their presence.
In 2022, Ribbon Finance gained prominence as a significant DeFi protocol, particularly in the decentralized options market. Aevo was developed as an extension of Ribbon Finance, with a primary focus on scaling decentralized options through its proprietary Layer 2 appchain. Initially featuring options, Aevo later expanded its offerings to include perpetuals.