Aevo, a derivatives trading protocol, has made an announcement regarding the upcoming launch of its native Aevo token. According to a statement released on January 31, the project intends to allocate a portion of its token supply to early adopters through an Aevo token airdrop.
Additionally, the protocol is preparing to introduce a “farming program” in the near future, wherein participants will receive rewards in the form of Aevo tokens.
The announcement stated, “We are planning to distribute Aevo tokens to early users of the Aevo exchange and will soon initiate our inaugural farming program. It’s important to note that all Aevo users who have conducted trading volume thus far will qualify for Aevo tokens.”
Aevo Token Airdrop Comes With Farming Program
The primary criteria for participating in the Farming Program will be centered around three key factors: trading volumes, fees generated, and user loyalty demonstrated on the platform. Loyalty, in this context, will be determined by how extensively a user engages with Aevo.
Furthermore, there will be a “Farming Boost” mechanism that will serve as a multiplier for the rewards earned. The specific value of this multiplier will be influenced by the aforementioned criteria.
Upon the completion of the Farming Program, all users on the Aevo Exchange will have the opportunity to claim the Aevo tokens they have earned during this period, in addition to any previously accumulated rewards. The DAO will also provide the initial liquidity for the Aevo token.
The team is presently in the process of conducting audits for both the Aevo token contract and a conversion smart contract that facilitates the exchange between its token and Ribbon Finance’s native token. Due to delays in meeting the initial deadlines, there is a proposal to shorten the conversion window for the $RBN – $AEVO conversion contract. However, it’s important to note that this adjustment is still subject to approval through a governance proposal.
Aevo and Ribbon Finance
Aevo initially operated as a part of the DeFi project Ribbon Finance until June 2023. During that time, Ribbon DAO holders voted in favor of merging Ribbon Finance into Aevo.
Aevo employs a Layer 2 optimistic rollup technology, built on the Conduit rollup platform. It also plans to utilize Celestia for data availability, which will result in reduced transaction fees and open doors for other protocols to establish their presence.
In 2022, Ribbon Finance gained recognition as a prominent DeFi protocol, particularly within the decentralized options market. Aevo was subsequently developed as an extension of Ribbon Finance, with a primary focus on enhancing decentralized options trading through its proprietary Layer 2 appchain. Initially offering options, Aevo later expanded its offerings to include perpetuals.