The venture capital arm of the world’s largest cryptocurrency exchange by trading volume has announced 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 advertises itself as a high-performance derivatives DEX platform that specializes in futures and perpetual contract trading.
The decentralized finance (DeFi) protocol is built on top of the Ethereum (ETH) Layer 2 protocol, the Optimism (OP) OP stack. This acts as an off-chain order book and orders are settled on-chain on Ethereum. This protocol uses Celestia (TIA) as a high-throughput data availability (DA) layer for increased scalability. The project is also backed by Paradigm, Dragonfly, and Coinbase Ventures.
According to the announcement, Aevo plans to use the investment to expand its ecosystem and community, which already has more than 50,000 monthly active users and more than $80 billion in derivatives trading volume.
“As part of our upcoming roadmap, Aevo will launch vault strategies, yield products, and Aevo Staking. We will expand the derivatives ecosystem by allowing developers to deploy permission-free dApps on Aevo L2. , allowing you to take advantage of our growing user base and unique features.”
Binance Labs is the accelerator and venture capital arm of Binance.
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