TLDR:
- Binance Labs has invested in a layer-2 DEX protocol called Aevo, rebranded from Ribbon Finance.
- Aevo is a high-performance derivatives DEX platform built on Ethereum’s layer-2 protocol.
Crypto Exchange Binance Discloses Investment in L2 DEX Protocol Aevo
The venture capital arm of Binance, the world’s largest crypto exchange, has announced an investment in the decentralized exchange (DEX) protocol Aevo. Formerly known as Ribbon Finance, Aevo is a high-performance derivatives DEX platform specifically designed for futures and perpetual contracts trading. It operates on top of Ethereum’s layer-2 protocol Optimism’s OP Stack, serving as an off-chain order book with on-chain settlement on Ethereum. The protocol utilizes Celestia as a high-throughput data availability layer to enhance scalability and is supported by leading firms like Paradigm, Dragonfly, and Coinbase Ventures.
Aevo plans to utilize the investment from Binance Labs to expand its ecosystem and community, which already boasts over 50,000 monthly active users conducting more than $80 billion in derivatives volume. The platform’s future roadmap includes the launch of vault strategies, yield products, and Aevo staking. Additionally, Aevo aims to broaden its range of derivative products by enabling developers to deploy their dApps on Aevo L2, leveraging its growing user base and unique features.
Binance Labs, as the accelerator and venture capital arm of Binance, continues to support innovative projects in the crypto space, with this investment in Aevo highlighting the exchange’s commitment to fostering decentralized finance solutions and expanding the capabilities of DEX protocols.
