Aevo rallies 9% after Binance Labs investment

Source Fxstreet
May 21, 2024 18:49
  • Binance Labs announced its recent investment in Aevo, maximizing its derivatives platform. 
  • Aevo is a decentralized derivatives trading platform built on its own L2 blockchain that utilizes the Optimism stack.
  • AEVO is currently up 9% following the announcement by Binance Labs.

Aevo posted a 9% gain on Tuesday after Binance Labs announced that it has invested in the decentralized derivatives platform to pave the way for further advancement on its Layer 2 blockchain.

Also read: AEVO price could bottom out here as team, backers announce plan to voluntarily re-lock nearly 15% of supply

Aevo could be set for growth after Binance Labs' investment

Binance Labs, the venture capital and investment branch of cryptocurrency giant Binance, announced on its social media handle that it recently invested in Aevo to help maximize its derivatives platform. 

The investment is characterized by the crypto exchange's recent decision to support small and medium-scale startups in a bid to lower the rate of projects with high fully-diluted valuations and low market circulation. 

Read more: AEVO, APT, ARB among $1.33 billion worth of token unlocks lined up for next week

This strategic investment could pave the way for further innovation on the decentralized platform and maximize its derivatives exchange.

Aevo is a decentralized derivatives trading platform that claims to be fully designed for options and perpetual contract trading. The platform was built on its own L2 blockchain, utilizing the Optimism stack while inheriting the security of Ethereum.

The platform has been dedicated to creating DeFi option derivatives since 2021 and was once known as Ribbon Finance, a structured options product protocol.

Also read: Week Ahead: Ethereum and DeFi to come under spotlight this week

As a result of Binance Labs' investment, the native token of Aevo, AEVO, has experienced a 9% increase in value, indicating positive market sentiment following the announcement. This could set the stage for further growth and potential price appreciation for AEVO in the future.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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