Supporting L2 Blockchain Innovations, Binance Invests in Aevo
In order to back the development of second-generation blockchain technologies, Binance Labs has just announced that it would invest in the Aevo decentralized derivatives exchange platform.
Aevo has now received funding from Binance Labs, paving the way for further advancements on the L2 blockchain.
Option and perpetual contract trading is at the heart of Aevo, a decentralized derivatives exchange.
In order to back the development of innovations for the L2 blockchain, Binance Labs has just announced their new investment in Aevo.
Aevo is a high-performance Layer 2 developed on top of the OP Stack that enables perpetual trading, pre-launch futures, and options; Binance Labs is Binance's startup funding and incubator arm. Using a single margin account, they are all on the same platform.
Using Celestia as a high-throughput DA layer for scalability, the technological architecture functions as an off-chain order book with on-chain settlement on Ethereum.
As approved in Ribbon Finance's RGB-33 governance proposal, Aevo is a rebranding of the former DeFi options system Ribbon Finance and is funded by Paradigm, Dragonfly, and Coinbase Ventures.
An official release from Binance states that the DAO communities will launch new efforts for rewards, token liquidity, and community development during the next growth phase. These activities will aim to increase the platform's user base and liquidity.
Aevo has produced over $80 billion in derivatives volume and over $30 million in fees with an average of 50,000 active users each month on the platform, according to Binance.
A road plan for the future
Aevo staking, yield products, and strategy launches are all in the horizon for the company. In addition to enhancing Aevo L2's user base and feature set, it will open the door for developers to permissionlessly launch their decentralized applications (dApps), thereby increasing the ecosystem of derivative goods.
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