Check out the Binance Labs investment boosts Aevo Token by 10%.
The native token of decentralized crypto-derivatives trading platform Aevo soared on Tuesday when Binance Labs, the financial research arm of crypto-exchange giant Binance, revealed in a blog post that it has invested in the protocol.
Aevo rose 10% to $0.9, its highest price since mid-May. Even so, it’s still about 70% below where it started trading in March at around $3, CoinGecko data shows.
Binance Labs did not disclose the size of the investment, how the shares were acquired, or how the tokens were purchased.
Aevo is a redesigned version of Ribbon Finance built on top of its Ethereum layer-2 (L2) network using the OP tech stack. It enables users to trade crypto regular futures, options, and tokens before launch, using an off-chain order book to settle trades on the Ethereum blockchain.
The platform saw increased trading activity in February and early March, surpassing $1 billion in daily derivatives trading volume, mainly due to agricultural incentives prior to the tokenization is coming up with declining traffic after that, most recently showing well below $100 million a day, DefiLlama data reveals.
Conclusion: Binance Labs’ investment in Evo marks a pivotal moment for both organizations. For Evo, this means a vote of confidence from an influential player in the crypto space and provides a solid foundation for future growth