RBN, Ribbon Finance’s governance token, surged 19% in the past 24 hours ahead of the launch of Aevo, Ribbon’s on-chain options exchange.

The token’s price increased 18.9% to 25 cents, according to data from CoinGecko. While the token’s volume jumped more than 477% to over $4.2 million in the same time period, the number of wallets holding RBN has remained flat around around 4,200, according to blockchain analytics firm Nansen.

Ribbon Finance, a suite of decentralized finance (DeFi) protocols known for providing access to users with several on-chain structured products, will soon be launching Aevo, an on-chain options exchange where Ribbon’s options contracts will settle. Aevo was initially set to launch in the fourth quarter of 2022 but has yet to be open to the public.

“The majority of the tokens are held by long-term investors and the spike could be a sign of insiders and true believers doubling down, especially if new wallets are stable, which they largely are,” Andrew Thurman, Nansen’s head of research, told CoinDesk.