Binance Announces Investment: That Altcoin Price Jumps!

Binance Announces Investment: That Altcoin Price Jumps!
Binance Announces Investment: That Altcoin Price Jumps!
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Possible approval of Ethereum ETFs is on the agenda of the cryptocurrency market. The news in this direction gave momentum to the market along with ETH. On the other hand, other altcoins are dimmer than Ethereum. Still, there are some that shine with the news they receive. In a hot development, Binance Labs announced an investment in Aevo, an L2. Following the news, the altcoin price made a vertical ascent.

Binance Labs invests in Aevo, altcoin price jumps!

As you have been following on Kriptokoin.com, the market has found the catalyst it has been looking for a while: Ethereum ETF. While this catalyst pushed the market up, an altcoin also received good news from Binance Labs. Binance Labs, the venture capital and incubation arm of Binance, announced an investment in Aevo, a high-performance Layer 2 (L2). In this context, Binance Labs made the following statement regarding the investment:

Binance Labs invested in Aevo, a high-performance Layer 2 (L2) that enables continuous trading, pre-launch futures, and options on the same platform with a single margin account. Aevo is a decentralized derivatives exchange platform focused on options and perpetual contracts.

The altcoin price reacted positively to this investment news. Aevo’s native token, AEVO, saw a vertical rise from its intraday high of $0.84 to $0.9065. However, the token lost some altitude afterwards. Nevertheless, at the time of writing, the altcoin was trading at $0.895, up over 9% on the day.

Binance
AEVO daily price chart. Source: CoinMarketCap

Aevo also receives backing from Paradigm, Dragonfly and Coinbase Ventures

Aevo’s Technical architecture works as an off-chain order book with on-chain settlement on Ethereum. It also utilizes Celestia as a highly efficient DA layer for scale. Meanwhile, Aevo is also receiving backing from Paradigm, Dragonfly and Coinbase Ventures. The project is a rebranding of the previous DeFi options protocol Ribbon Finance, as voted on in Ribbon Finance’s RGP-33 governance proposal. In the next phase of growth, new initiatives for incentives, token liquidity and community growth will be launched by the relevant DAO committees to attract more users and liquidity to the platform.

What is on the project’s roadmap?

Aevo has processed more than $80 billion in derivatives volume year-to-date. It has also generated over $30 million in fees with an average of 50,000 monthly active users (MAUs). Aevo will shortly launch vault strategies, yield products and Aevo staking. These moves are part of its future roadmap. It will also expand its derivatives ecosystem. Thus, it will allow builders to deploy their dApps on Aevo L2 without permission.

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Binance Announces Investment: That Altcoin Price Jumps!