Altcoin
Binance Announces Investment: Altcoin Price Jumps!
Possible approval of Ethereum ETF is the order of the day in the cryptocurrency market. News in this direction gave momentum to the market along with ETH. On the other hand, other altcoins are weaker than Ethereum. However, there are some who shine with the news they receive. In an interesting development, Binance Labs has announced an investment in Aevo, an L2. Following the news, the price of the altcoin recorded a vertical increase.
Binance Labs invests in Aevo, the price of altcoins rises!
As you followed Cryptokoin.com, the market has found the catalyst it has been looking for for some time: the Ethereum ETF. While this catalyst pushed the market higher, one altcoin also received good news from Binance Labs. Binance Labs, the venture capital and incubation arm of Binance, announced an investment in Aevo, a high-performance Layer 2 (L2). In this context, Binance Labs released the following statement regarding the investment:
Binance Labs has invested in Aevo, a high-performance Layer 2 (L2) that enables seamless trading, pre-launch futures and options on the same platform with a single margin account. Aevo is a decentralized derivatives trading platform focused on options and perpetual contracts.
The price of the altcoin reacted positively to this investment news. Aevo’s native token, AEVO, saw a vertical rise from its intraday high of $0.84 to $0.9065. However, the token subsequently lost some share. However, at the time of writing, the altcoin was trading at $0.895, up more than 9% on the day.
AEVO daily price chart. Source: CoinMarketCap
Aevo also receives backing from Paradigm, Dragonfly, and Coinbase Ventures
Aevo’s technical architecture functions as an off-chain order book with on-chain settlement on Ethereum. Also uses Celestia as a highly efficient DA layer for scale. Meanwhile, Aevo is also receiving backing from Paradigm, Dragonfly, and Coinbase Ventures. The project is a rebranding of the former DeFi options protocol Ribbon Finance, as voted in Ribbon Finance’s RGP-33 governance proposal. In the next growth phase, relevant DAO committees will launch new initiatives for incentives, token liquidity and community growth to attract more users and liquidity to the platform.
What’s in the project roadmap?
Aevo has processed more than $80 billion in derivatives volumes year-to-date. It also generated over $30 million in commissions with an average of 50,000 monthly active users (MAU). Aevo will soon launch deposit strategies, sell Aevo products and staking. These moves are part of its future roadmap. It will also expand its derivatives ecosystem. Therefore, it will allow developers to deploy their dApps on Aevo L2 without permission.
Follow us on Twitter, Facebook AND Instagramand join ours Telegram AND Youtube channel to stay updated on the latest news!