What is Aevo? Find detailed information about Aevo
Aevo, the 48th project on Binance Launchpool, combines flexibility and customization of traditional options trading infrastructure with the transparency and accessibility of blockchain-based finance.
1. What is Aevo?
Aevo, the 48th project on Binance Launchpool, is a Layer 2 Derivative platform built on the OP Stack (OP Chain) toolkit. Inheriting security features from Ethereum, Aevo is capable of supporting over 5 thousand transactions per second. This platform specifically focuses on developing options contracts and perpetual contracts. The exchange is designed for high performance and operates on a custom EVM roll-up platform, deeply integrated into the Ethereum network.
In July 2023, a significant governance decision was brought to a vote, proposing the integration of Ribbon into Aevo, and ultimately passed. The near-unanimous consensus on this decision is evidence of the alignment between the community's vision and Aevo team's direction.
2. The characteristics of Aevo
2.1. Integration with Ribbon Vaults
When Aevo integrates with Ribbon Finance's popular Yield Vaults product, Option trading within Ribbon's vaults will take place directly on Aevo instead of on Ethereum mainnet.
This opens up benefits such as:
Vault liquidity providers can freely trade their option tokens on Aevo's secondary market instead of holding until maturity.
Market makers can use vault options as direct positions with leverage and risk mitigation capabilities.
This effectively turns the vaults into stable option flows into Aevo while the exchange provides the flexibility and aggregation capabilities that the previous token vault lacked. It's a perfect synergy of Aevo, establishing itself as the undisputed leader in on-chain options trading.
2.2. Chain Layer 2 of Aevo
Aevo Chain Layer 2 platform is an optimistic roll-up application of Ethereum used to execute smart contracts. Transactions are created and settled on the Aevo Rollup, then they are submitted to Ethereum Mainnet through Conduit. The confirmation and withdrawal process takes approximately 2 - 3 hours.
The confirmation time when depositing funds is similar to transactions on the Ethereum Mainnet (around ~10 minutes). Gas fees for transactions are paid in Ether and depend on each user's actions. Aevo Exchange covers gas fees for trades, while users are responsible for gas fees for depositing and withdrawing funds.
2.3. Off-chain orderbook
Aevo platform maintains an offline order book where buy and sell orders are created and matched. When a buy order and a sell order match, the order is executed through Aevo's smart contracts deployed on the Layer 2 roll-up platform.
Before an order is created and submitted to the order book, it is evaluated through an offline risk assessment system. This system checks the margin requirements for that account to determine if the account has enough margin to create the order or not.
2.4. Altcoin Option OTC Trading
Aevo OTC was launched in May 2023, simplifying and transparently trading altcoin options by connecting users with top-tier liquidity providers, offering locking capabilities and structured volatility, initially supporting 13 types of currencies with monthly rotating cycles.
3. The products of Aevo
Perpetual: Aevo offers a futures trading product through an order book, similar to conventional CEX exchanges. Aevo currently supports trading of assets not yet available on the market and allows collateralization of positions using the user's entire investment portfolio.
Option Trading: Aevo provides an order book for traders interested in buying options with diverse expiration dates. Users can execute call or put options for specific types of assets.
Theta vault: Allows users to provide liquidity by selling options to the market, similar to the role of market makers.
Earn vaults: Vaults enable users to deposit funds and earn interest. Assets in the pool are used to provide liquidity.
OTC (Over-the-Counter): Enables trading of options contracts with Altcoins, taking place directly between users through a Peer-to-Peer environment.
Stablecoin aeUSD: A token based on the ERC-4626 standard, combining USDC and sDAI, providing stability for users.
Spot: Launched in December 2023, Aevo's Spot product allows trading of various Crypto Assets with trading pairs such as ETH - USDC, WBTC - USDC, and USDT - USDC, with varying transaction fees.
4. AEVO Token Details
4.1. AEVO token key metrics
Token Name: AEVO
Ticker: AEVO
Token Standard: ERC-20
Blockchain: Ethereum
Token Contract: 0xB528edBef013aff855ac3c50b381f253aF13b997
Token Type: Governance, Staking.
Token Supply: 1,000,000,000 AEVO
4.2. AEVO Token Allocation
Community Treasury: 49.0% (equivalent to 490,000,000 AEVO)
Team: 23.0% (equivalent to 230,000,000 AEVO)
Current Investors: 15.0% (equivalent to 150,000,000 AEVO)
Corporate Property: 8.0% (equivalent to 80,000,000 AEVO)
Airdrop: 3.0% (equivalent to 30,000,000 AEVO)
Liquidity Mining: 1.0% (equivalent to 10,000,000 AEVO)
Initial Market Makers: 1.0% (equivalent to 10,000,000 AEVO)
4.3. AEVO token release schedule
AEVO token allocation schedule is designed to ensure the stability and sustainability of the ecosystem. You can track the vesting schedule on platforms such as Token unlocks, Cryptorank...
Private Sale Investors (Seed and Series A) and Team’s $RBN tokens will fully vest by May 2024
$RBN Holders may convert $RBN to $AEVO at a 1:1 rate, with a 2 month lock-up period
$AEVO currently has no emissions, but the DAO has allocated 16% of FDV for future user and ecosystem incentives. This is expected to be spent over 4 years.
4.4. AEVO token sale
Binance Launchpool officially sold AEVO tokens with a total pool of 45,000,000 AEVO for 2 stake token pairs: BNB and FDUSD, on March 8, 2023.
Stake BNB: 36,000,000 AEVO in rewards (80%)
Stake FDUSD: 9,000,000 AEVO in rewards (20%)
5. Roadmap
Q2 - 2023: Aevo Launches with ETH Options Trading
Q3 - 2023: Aevo Launches Perpetual Futures Trading
Q4 - 2023:
+ Aevo Launches Pre-Launch Futures Trading
+ Aevo Launches aeUSD Stablecoin
+ Aevo reaches $100M Daily Trading Volume
+ Aevo reaches $1B Daily Trading Volume
Q1 2024: Launch and airdrop $AEVO
Q2 2024:
+ Launch Trading Incentives for Aevo Exchange Traders
+ Launch Aevo Strategies
+ Launch spot and derivatives RFQ Platform
Q3 2024:
+ Permissionless Deployments on Aevo L2
+ Ecosystem Building for Aevo L2
6. Project Team, Investors and Partners of AEVO
6.1. Team
Aevo's development team was previously not updated with information, but some members came from Ribbon Finance. Currently, the entire team of Ribbon Finance has transitioned to develop Aevo due to the merger of these 2 projects.
6.2. Investors
Aevo, or previously Ribbon Finance, successfully raised $8.8 million from investment funds such as Paradigm, Dragonfly Capital, Ethereal Ventures, Coinbase Ventures, Nascent, Robot Ventures, Scalar Capital, and Alliance."
The project has raised $16.6M across 3 rounds.
Seed Round: 10% of FDV at $18.5M valuation
Series A: 4.62% of FDV at $130M valuation
Series A+: 3.5% of FDV at $250M valuation
7. Closing thoughts
Aevo is a leading derivative platform in the market with user-friendly products. Particularly, Aevo is an OP Chain, thus benefiting from security provided by Ethereum and boasting extremely high scalability with over 5000 TPS (transactions per second). The project is reaching users through the Ethereum community and Layer 2 solutions on Ethereum.
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