Crypto Derivatives DEX Aevo's Token Jumps 10% as Binance Labs Discloses Investment

The token's price is still down nearly 70% since March.
Binance Labs did not disclose the size and form of the investment.
Aevo saw a surge in trading activity leading up to its token launch in March, but volumes have faltered since then.
The native token of decentralized crypto derivatives trading platform Aevo climbed Tuesday after Binance Labs, the investment and research arm of crypto exchange giant Binance, revealed in a blog post that it invested in the protocol.
AEVO climbed 10% to $0.9, the highest price since mid-May. Even so, it's still nearly 70% below where it started trading in March at around $3, CoinGecko data shows.
Binance Labs didn't disclose the size of the investment, nor how it acquired the stake and whether bought tokens.
Aevo is a rebrand of Ribbon Finance and is built on top of its own Ethereum layer-2 (L2) network using the OP tech stack. It allows users to trade crypto perpetual futures, options and tokens before their launch using an off-chain order book, settling trades on the Ethereum blockchain.
The platform enjoyed a flurry of trading activity in February and early March, surpassing $1 billion in daily derivatives trading volume, largely as a result of farming incentives ahead of the token launch. Traffic since then faltered, recording well below $100 million daily recently, DefiLlama data show.
"As part of the future roadmap, Aevo will launch vault strategies, yield products, and Aevo staking," Binance Labs said. "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."
https://www.coindesk.com/markets/2024/05/21/crypto-derivatives-dex-aevos-token-jumps-10-as-binance-labs-discloses-investment/
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