Aevo Token Surges By More Than 10% Following Binance Labs Investment Announcement

Aevo Token Soars 10% After Binance Labs Announces Investment

On Tuesday, Aevo, the native token of the decentralized crypto derivatives trading platform, saw a significant price surge. This came after Binance Labs, the investment and research division of crypto exchange powerhouse Binance, announced in a blog post that it had invested in the Aevo protocol.

Aevo’s Impressive Climb

Following the investment announcement, AEVO soared over 10%, nearing the $1 mark—its highest price since mid-May. Despite this rally, the token still trades nearly 70% below its March debut price of around $3, according to Coinmarketcap’s data.

Binance Labs has not disclosed the size of its investment, the method of acquiring its stake, or whether it purchased tokens directly.

A Closer Look at Aevo

Aevo, a rebrand of Ribbon Finance, operates on its proprietary Ethereum layer-2 (L2) network, built using the OP tech stack. The platform facilitates trading of crypto perpetual futures, options, and tokens before their official launch via an off-chain order book, with trades settled on the Ethereum blockchain.

Earlier this year, Aevo experienced a surge in trading activity, surpassing $1 billion in daily derivatives trading volume in February and early March. This spike was largely driven by farming incentives ahead of the token launch. However, recent data from DefiLlama indicates a significant drop, with daily trading volumes falling below $100 million.

Future Roadmap

Binance Labs has outlined an ambitious future roadmap for Aevo. The platform plans to introduce vault strategies, yield products, and Aevo staking. Additionally, Aevo aims to expand its ecosystem of derivative products by enabling developers to deploy their decentralized applications (dApps) permissionlessly on the Aevo L2 network. This strategy is designed to leverage Aevo’s growing user base and unique features.

For more details and updates, keep an eye on Aevo’s developments and Binance Labs’ announcements.

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