Aevo’s price rose over 10% after Binance Labs announced investment days following the tokens unlocks event. AEVO price to $1 soon?
On Tuesday, Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, announced that it has invested in Aevo, a high-performance Layer 2 decentralized exchange.
Consequently, the price of AEVO has increased by more than 10% in the past 24 hours, with significant price and trading volume surges occurring after the announcement.
Binance Labs Reveals Investment in Crypto Derivatives EEV DEX
On May 21, Binance Labs announced via an official blog that it has invested in Aevo, a decentralized exchange (DEX) for crypto derivatives built on the OP Stack.
Options, pre-launch futures, and perpetual trading are all accessible via a single margin account.
For scalability, Aevo’s on-chain settlement occurs on Ethereum and employs Celestia as a high-throughput DA layer.
Paradigm, Dragonfly, Pantera Capital, and Coinbase Ventures are among the crypto industry titans supporting Aevo, a rebranding of Ribbon Finance.
Committees of the DAO will implement incentive programs, token liquidity initiatives, and community development strategies to increase the platform’s user base and liquidity.
In the future, Aevo also intends to introduce vault strategies, yield products, and Aevo staking.
Moreover, permissionless dApp deployment on Aevo L2 will be possible, allowing it to capitalize on its expanding user base and distinctive characteristics.
Binance Labs reported, “Year-to-date, Aevo has processed over $80 billion in derivatives volume and generated over $30 million in fees with an average of approximately 50,000 monthly active users (MAU) on the platform.”
Aevo Price Rises 10%
Immediately following the announcement, the price of Aevo increased by 10% over the previous twenty-four hours.
The price currently stands at $0.897, fluctuating between $0.8203 and $0.935 over the past twenty-four hours.
Moreover, over the past twenty-four hours, the trading volume has increased by 150%, indicating a surge in investor interest.
Open interest in AEVO futures has increased by over 7% over the past four hours, and trading volume has continued to rise over the past hour.
Four hours ago, Aevo futures OI increased by nearly 14% on the cryptocurrency exchange Binance.
A near-equilibrium of traders between the sell and purchase sides indicates the potential for a pullback.
However, Aevo token release event has concluded, and whales are likely to repurchase them. It will increase the expense of AEVO even further.
