Crypto Exchange Binance Discloses Investment in L2 DEX Protocol Aevo

On May 21, 2024

The venture capital arm of the world’s largest crypto exchange by trading volume is announcing a new investment in a decentralized exchange (DEX) protocol.

According to a new press release, Binance Labs has invested in a layer-2 (L2) DEX called Aevo, a rebrand of Ribbon Finance.

Aevo bills itself as a high-performance derivatives DEX platform tailored for futures and perpetual contracts trading.

The decentralized finance (DeFi) protocol 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 over 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, yield products, and Aevo staking. 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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Credit: Source link