The possible approval of Ethereum ETFs is on the agenda of the cryptocurrency market. News in this direction accelerated the market along with ETH. Besides, other altcoins are weaker than Ethereum. Still, there are those who shine with the news they receive. In a hot development, Binance Labs announced that it has invested in Aevo, an L2. Following the news, the altcoin price made a vertical rise.
Binance Labs invested in Aevo, altcoin price jumped!
cryptokoin.comAs you follow from , the market has found the catalyst it has been looking for for a while: Ethereum ETF. While this catalyst was pushing the market up, an altcoin also received the good news from Binance Labs. Binance Labs, the venture capital and incubation arm of Binance, announced its investment in Aevo, a high-performance Layer 2 (L2) startup. In this context, Binance Labs made the following statement regarding the investment, the details of which were shared:
Binance Labs has invested in Aevo, a high-performance Layer 2 (L2) that enables continuous trading, pre-launch futures and options on the same platform with a single margin account. Aevo is a decentralized derivatives exchange platform focused on options and perpetual contracts.
The altcoin price reacted positively to this investment news. Aevo’s native token AEVO saw a vertical rise of $0.9065 from $0.84 during the day. However, the token later lost some ground. Despite this, at the time of writing the altcoin was trading at $0.895, up over 9% on a daily basis.
Aevo also receives support from Paradigm, Dragonfly and Coinbase Ventures
Aevo’s Technical architecture operates as an off-chain order book with on-chain consensus on Ethereum. It also uses Celestia as a high-throughput DA layer for scale. Meanwhile, Aevo also receives support from Paradigm, Dragonfly and Coinbase Ventures. The project is a rebranding of the previous DeFi options protocol Ribbon Finance, as voted in Ribbon Finance’s RGP-33 governance proposal. In the next phase of growth, new initiatives for incentives, token liquidity and community growth will be launched by the relevant DAO committees to attract more users and liquidity to the platform.
What’s in the road map of the project?
Aevo has processed more than $80 billion in derivative volume year-to-date. It also generated over $30 million in fees with an average of 50,000 monthly active users (MAUs). Aevo will soon launch vault strategies, yield products, and Aevo staking. These moves are part of the future road map. Additionally, it will expand the derivatives ecosystem. Thus, it will allow builders to distribute their dApps on Aevo L2 without permission.
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