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Bittime - As of writing this article, based on information from the protocol, the main criteria for the AEVO Farming Program will be focused on volume, fees, and loyalty (repeat usage) in Aevo. After the AEVO Farming Program, Aevo users can claim the number of AEVO tokens earned during this period.
Important point
- Aevo, previously known as Ribbon Finance, is a decentralized derivatives platform that offers exchange trading options, perpetual contracts, and structured products.
- 1,000,000,000 AEVO tokens will be created to reflect the total supply of RBN tokens and up to 16% of AEVO in DAO Treasury is allocated for incentives that will include an airdrop.
- All Aevo users who deposit funds and provide volume will be eligible for the AEVO airdrop. The Aevo team has also announced a Farming program to increase airdrop allocation with more details to be provided soon.
What is Aevo?
Aevo is a high-performance decentralized derivatives exchange platform focused on options and perpetual contracts. Aevo runs on a custom roll-up EVM that operates an off-chain order book with on-chain settlement.
Investor Age
Aevo is backed by several venture capital firms including Paradigm, DragonFly Capital, Scalar Capital, Nascent, Coinbase Ventures, and Ethereum Ventures.
Also Read Venture Capital in Cryptocurrency
The platform was recently known as Ribbon Finance, a DeFi protocol that offers structured products with double-digit yields.
Ribbon Finance conducted several airdrops to encourage participation as well as reward early adopters.
In its token governance airdrop, a total of 30,000,000 RBN was allocated to past and current users of Ribbon products, active members of Ribbon's Discord, and users of existing options protocols on Ethereum.
This airdrop was worth a total of $132.4 million at its peak.
Difficulty for Scalability
However, the team decided to switch to Aevo after struggling with scalability. The proposal to merge Ribbon Finance and Aevo under the Aevo brand was met with community support and a near-unanimous vote. The transition includes restructuring in governance and the introduction of the new AEVO token.
Also read : What are Scaling Solutions?
AEVO tokenomics documentation highlights that DAO Treasury holds the largest number of tokens and presents plans to handle 45% of the RBN held by the DAO upon the release of AEVO tokens.
The proposed distribution plan outlines that up to 16% of AEVO in Treasuries will be allocated to incentives, including airdrops, which will be managed by the Growth and Marketing Committee. With these insights, now is an advantageous time to explore the Aevo exchange!
It's worth noting that at the time this article was written, Aevo had only confirmed that users providing volume would be eligible for the airdrop.
However, further qualification criteria may be announced by the Aevo team in the future. Aside from providing volume, referring other users and joining Aevo's Discord channel does not guarantee results in increasing your airdrop allocation.
Step 1: Launching Aevo Exchange
You can head to https://www.aevo.xyz/ and click Launch Exchange in the top right corner or go directly to https://app.aevo.xyz/perpetual/eth
Step 2: Connecting Wallet
2a. Connect your wallet to Aevo
2b. In this example, we're using MetaMask but you can also choose from Wallet Connect, Coinbase Wallet, Brave, or manual import.
2c. Sign the message to activate trading.
Step 3: Depositing Funds
From your wallet, select the token you wish to deposit. This example uses Arbitrum but you can also deposit from Ethereum and Optimism. Using Layer 2, such as Arbitrum or Optimism, will reduce gas costs.
Also read : What is a Certificate of Deposit (CD)?
Before depositing, make sure that you have selected Yes for the Convert to aeUSD, earn 4.75% APY option.
If you missed this step, go to Your Portfolio in the top left corner.
From here you can select Earn and your funds will be converted.
This step is recommended because aeUSD is Aevo's stablecoin and there is a high probability that it will be considered as part of the criteria. By converting to aeUSD, you are also automatically enrolled in the Earn program.
Step 4: Trade
On the trading page, provide volume by trading. You can change your margin and leverage settings before opening a position.
As an exchange, the Aevo team wants users to create as much volume as possible by trading. However, there is no specific frequency or amount identified as a minimum amount to qualify for an airdrop.
You have the option to set your default position leverage at 2x, 5x, 10x, and 20x. The higher the leverage you have, the bigger you can scale your positions and the more volume you can provide.
However, the higher the leverage you use in a trade, the risk of liquidation also increases, especially if the trade turns unprofitable.
Step 5: Perform Additional Transactions
Under your portfolio, you can also choose to deposit funds in different assets to use as collateral. In general, the more trades you make and the higher the volume you generate, the higher the allocation for airdrops.
Step 6: Refer Other Users
You can go to the Referral program in the top left menu bar. The Referral Program has not been confirmed as a qualifying criteria for airdrops but may be included in the future.
Also Read How To Buy Crypto:
When a new user signs up using your referral link, you receive 10% of their trading fees and they will receive a 10% discount on trading fees for 6 months. Additionally, for every account that signs up with your referral link and deposits at least $100, you will receive a $25 trading credit.
On this page, you can copy your referral link and see more information about the Aevo referral program, number of referred merchants, volume generated by referred parties, unclaimed rewards, and total rewards earned.
Step 7: Join Discord Aevo
Join Aevo's Discord channel at https://discord.com/invite/aevo. Similar to the Referral program, joining a Discord channel has not been announced as a qualifying criteria for the airdrop but may be included in the future.
Additional Features in Aevo
Under your portfolio, you can also see all positions, open orders, order history, trading history, funding history, as well as transfers and rewards.
You can select different markets to view by clicking the dropdown box under Trading.
Here you can see All Markets, Pre-Launch Tokens, Ongoing Contracts and Options. If you plan to trade in the Pre-Launch Token market, please note that this market tends to be more volatile.
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Conclusion
Aevo is in a position to become one of the leading platforms for blockchain derivatives and decentralized options protocols in many aspects. The platform is designed to provide users with an experience closer to centralized derivatives platforms to make the transition more accessible. By running on a custom EVM roll-up that rolls up to Ethereum, While operating with an off-chain order book with on-chain settlement, it can provide efficient and secure transactions.
With the introduction of Aevo USD (aeUSD), users can also enjoy up to 4.75% APY on stablecoins along with an advanced trading framework and vault. Participating in the Earn program and creating volume by trading is highly recommended to increase your airdrop allocation.
While there is already a strong community from Ribbon Finance, Aevo plans to grow and foster community engagement through the introduction of AEVO tokens by airdrop. As the launch of the AEVO token approaches, many users will be paying attention to how it performs. A successful airdrop is key to strengthening its position in the decentralized derivatives exchange market. This is also an opportunity for users to join the token governance initiative and participate in the progress of the project.
As mentioned above, volume is the only criteria confirmed by the Aevo team to qualify for the airdrop. There is no guarantee that participating in the Referral program or joining Aevo's Discord channel will result in a higher airdrop allocation.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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