.Ribbonfinance said it expects trading volume on its new crypto exchange to reach over $100 million a day within six months of launch. By shauryamalwa
Ribbon founder Julian Koh said he expected the options exchange to see over $100 million in daily trading volume in the next few months, adding that the Ethereum ecosystem had “gained momentum” after“With the majority of TVL in our platform coming from the Ethereum ecosystem, we have always regarded it as our home ground, and have strategically launched Aevo while the Ethereum network continues to build momentum after the Merge,” Koh told CoinDesk, using an acronym for total value locked, or the amount of crypto tied up in DeFi projects.
worth of various cryptocurrencies as of Wednesday. At its peak, in May, It held over $300 million, though the value of assets held on its platform fell as the broader market declined. Ribbon is known in crypto circles for its Decentralized Option Vaults product, which allows users to generate yield through different strategies that involve financial instruments such as options, derivatives and other fixed-rate crypto products. The DOV for USD Coin on Ribbon pays some 25% in annual yields to users, compared with rates of less than 4% on lending protocols like Aave or Compound. Crypto options trading has been a rare bright spot in the bear market, building momentum even as crypto prices have plunged, as
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