The venture capital arm of the world’s largest crypto exchange by trading volume announces a new investment in a decentralized exchange protocol (DEX).
According to a new press release, Binance Labs has done just that invested in a layer-2 (L2) DEX called Aevo, a rebrand of Ribbon Finance.
Aevo bills itself as a powerful DEX derivatives platform tailored to trading futures and perpetual contracts.
The decentralized finance protocol (DeFi) is built on top of the Ethereum (ETH) layer-2 protocol Optimism’s (OP) OP Stack. It acts as an off-chain order book, with orders settled on-chain on Ethereum. The protocol uses Celestia (TIA) as a high-throughput data availability (DA) layer to increase scalability. The project is also backed by Paradigm, Dragonfly and Coinbase Ventures.
According to the announcement, Aevo plans to use the investment to grow the ecosystem and its community, which already has more than 50,000 monthly active users who have done more than $80 billion in derivatives volume.
“As part of the future roadmap, Aevo will launch vault strategies, deliver products and Aevo stake. It will expand its ecosystem of derivative products by allowing builders to deploy their dApps permissionlessly on Aevo L2 to leverage its growing user base and unique features.”
Binance Labs is the accelerator and venture capital arm of Binance.
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