Originally known as Ribbon Finance, the exchange launched in 2021 and specialized in trading options and perpetual futures on its proprietary optimistic-rollup L2. In August 2023, there was a rebranding, a change in tokenomics and the development of a new platform, now known as Aevo
The AEVO token performs two main functions: voting on DAO proposals and staking. But staking is not in the usual sense: stakers receive discounts on trading commissions and can participate in airdrops of AEVO and partner project tokens
Taking into account the decline in trading volume [before the airdrop in March, trades of > $1 billion were made daily, now $100 million each] and the drop in the token price [an 86% drop since March, largely due to the migration of Ribbon (RBN) token holders to AEVO, which has led to the unlocking of over 800 million AEVO with a maximum of 1 billion], Aevo is taking the following measures:
1. Termination of the “Trading Rewards” campaign, which previously provided tokens depending on the volume and number of transactions on the exchange
2. “Staking rewards” will not be affected. Stakers will continue to receive $100,000 in AEVO weekly
3. Introduction of a buyback program, starting from July and until the end of the year. Every month, Aevo will purchase 1 million of its tokens ($500,000) and send them to the DAO treasury. The treasury address will be publicly available for verification.
The buyback amount is, of course, small compared to the sales pressure, but Aevo has good prospects. Especially if other incentives for holding tokens are introduced, such as the possibility of receiving a portion of the income from exchange fees, buying back and burning a portion of the tokens, adding support for other cryptocurrencies for deposits besides USDC & ETH
