In a bid to enhance users’ trading experience, Ribbon Finance has merged into Aevo. Ribbon Finance made the development known today via an announcement on its official Twitter page. According to the disclosure, the merging surfaced as a result of a pinnacle governance proposal.
Furthermore, Ribbon Finance described the proposal as a monumental step for the two firms. The project said the proposal will help enhance product offering, user experience, and long-term. With the merger, Aevo will gain more technical support to advance its on-chain derivatives trading and exchange-traded options. Also, the support will extend to other services like over-the-counter derivatives, active and structured products.
More so, the development will birth the rebranding of Aevo. As a result of the rebranding, Ribbon Finance will merge its product offering into the structured products of the Aevo suite. Likewise, Aevo will adopt all visual elements and communication channels belonging to its partner. Thereafter, future proposals and governance involving Ribbon Finance will be carried out under the Aevo namespace.
On the flip side, Ribbon Finance will halt vault revenue sharing with veRBN lockers. In addition, the protocol will set $RBN emissions to 0 across all vaults. Due to that, the merger will birth the permission of veRBN lockers to unlock 100% without sharing any penalty. Meanwhile, the merger will birth the launching of the $AEVO token. The token will be deployed for governance, perpetual exchange, OTC existing structured products, and L2 rollup. Similarly, the merger will see Ribbon Finance’s token holders migrate to $AEVO at an exchange rate of 1:1.
Side note about Aevo
Recall that last month, Aevo went live on mainnet. According to the announcement then, the launching provided pathways for traders to trade on the platform. Likewise, the protocol vowed to provide high performance orderbooks, matching engine, and risk engine.
Aevo in the announcement provided insights into the project. As revealed, the decentralized exchange is based on the Aevo chain. The firm went on to describe the chain as an optimistic roll-up to Ethereum that runs on the OP Stack. With that, the DEX became equipped with liquid options markets across expires, Instant bridging into Aevo Chain, and fast withdrawal times.