📍Project
Ribbon Finance, a DeFi product that uses options, futures, and fixed income to generate returns and boost market liquidity (especially in options), rebranded to #AEVO_USDT in July 2023. This shift aimed to create a more user-friendly trading platform.
As part of the rebranding, holders of the #RBN token will be able to convert them to the new $AEVO token on a 1:1 basis (conversion details to be announced).
The success of the Aevo rebrand is evident in its ability to raise $16.6 million across funding rounds, with participation from prominent investors like Coinbase Ventures, Paradigm, and Dragonfly Capital. This investor confidence highlights the exciting possibilities for Aevo and, by extension, the $RBN token can be positively influenced
📍Trading
Despite a recent sell-off on April 12th when the price decreased to $1,39, $RBN has exhibited resilience. Smart Dex Traders (SDTs) stepped in to buy back $RBN, and buying and selling volume increased on April 16th, reaching 291,8K in the buy volume. This coincided with the announcement of a new, more lucrative incentive model by Aevo.
After a brief trading pause, SDTs have started buying $RBN, though not significantly (buy volume about 79,6K). This suggests that the market recognizes the growth potential of $RBN, likely due to the upcoming conversion program where $RBN can be exchanged for the new $AEVO token (currently priced higher).
While $RBN's price might remain lower in the short term, the conversion program positions it as a potential token for future value appreciation.