Aevo plans airdrop for early adopters of derivatives protocol

Derivatives trading protocol Aevo has deployed the smart contract for a native token, with availability anticipated in the coming weeks. The team said it plans to distribute a portion of the supply to early adopters in an airdrop

Eligibility for receiving Aevo tokens extends to users who have engaged with the platform prior to today’s announcement. However, the allocation specifics remain undisclosed.

Aevo intends to reward trading activities separately, targeting users contributing to trading volume on its platform.

The protocol is preparing to launch in the next few days a "farming program" through which it will distribute the rewards in Aevo tokens, according to the team. 

"We will be airdropping Aevo to early adopters of the Aevo exchange and will be launching our first farming program over the coming weeks," the project said. "To be clear, all users of Aevo up to this point who have done volume will be eligible for Aevo."

Ribbon Finance’s evolution into Aevo

Originally part of the DeFi project Ribbon Finance RBN +3.69% , which has its own token, Aevo will allow a 1:1 exchange of Ribbon tokens for Aevo tokens once they become available. The developers are doing security audits for both the new token and the migration contract.

The network employs a Layer 2 optimistic rollup created using the Conduit rollup platform. It plans to use Celestia for data availability so transaction fees remain low and open it up for other protocols to build on it.

In 2022, Ribbon Finance emerged as a notable DeFi protocol, especially in the decentralized options market. Aevo was developed as an extension of Ribbon Finance, focusing on scaling decentralized options through its own Layer 2 appchain, which initially offered options and later expanded to include perpetuals.