Aevo

Aevo is a decentralized derivatives exchange offering options and perpetual futures via a high-throughput central limit order book on a custom EVM rollup. It evolved from Ribbon Finance's options stack.

Off-chain order-book matching with on-chain settlement on a dedicated rollup, combining CEX-like UX with self-custody.

- Aevo L2 (OP Stack rollup): A dedicated Ethereum optimistic rollup built on the OP Stack, with a cloud-hosted sequencer operated by third-party infrastructure provider Conduit. Gives Aevo a purpose-built app-chain to avoid the throughput/congestion constraints of shared L2s. Aevo was the first OP Stack fork to go live on mainnet. - Off-chain CLOB matching engine + on-chain settlement: A high-performance off-chain central-limit order book matches orders (options, perps, spot) while trades settle on-chain on the Aevo L2. This hybrid design targets low latency and high throughput for professional traders while retaining Ethereum-anchored settlement. - Derivatives products (options, perpetuals, pre-launch futures): Options and perpetual futures across multiple assets (originally ETH, later BTC and others) within a single unified margin account. Aevo added perpetual futures on 18 May 2023 and also offers pre-launch/pre-market token perps. - Legacy Ribbon DeFi Options Vaults (DOVs) / Theta Vaults: Automated options-selling structured-product vaults inherited from Ribbon Finance (the original Theta Vault product line). These legacy vaults remained deployed after the rebrand and were the component drained in the December 2025 oracle exploit. - AEVO governance token: The protocol's governance token with a 1,000,000,000 max supply, created by converting the legacy RBN token 1:1. Governs the Aevo DAO and treasury committees.

- Aevo (AEVO) — Token, Governance token - AEVO (AEVO) — Token, Governance & utility token

- Oracle: The December 2025 exploit stemmed directly from an oracle upgrade: a 6-decimal vs 18-decimal precision mismatch plus an access-control flaw in the proxy-based oracle stack let an attacker set expiry prices for newly-created assets. Aevo's options settlement depends heavily on correct expiry-price oracle inputs, making oracle integrity a first-order risk. - Smart Contract: Legacy Ribbon DeFi Options Vault contracts remain deployed and were drainable for ~$2.7M in December 2025 due to weak access control (no per-account/per-series max payout, permissionless expiry-price setting). Old, less-maintained contract surface coexisting with the newer L2 exchange enlarges the attack surface. - Network: Aevo runs on a single dedicated OP Stack rollup with a centralized sequencer operated by third-party provider Conduit. A sequencer outage, censorship, or downtime at that operator can halt or delay order matching and settlement for the entire venue. - Counterparty: Order matching is performed off-chain by Aevo's own central-limit order book before on-chain settlement. Users must trust the operator's off-chain matching engine for fair, timely execution and correct order handling, a trust assumption absent from fully on-chain AMM-style DEXs. - Governance: Control is concentrated: the Aevo DAO Treasury is the largest AEVO holder and DAO committees direct large treasury allocations (e.g. up to 16% incentives, 16% reserved for future DAO spending). Governance decisions such as the RGP-33 merger were carried by a small number of voters (133 RBN holders), concentrating control over protocol direction and token economics.

- Listed options exchange / clearing (e.g. CBOE / OCC model): similar — Aevo runs an order-book venue for standardized options and futures contracts with centralized matching, analogous to a listed derivatives exchange with a matching engine.; differs — Settlement is on a permissionless on-chain rollup rather than a regulated central clearinghouse; users self-custody collateral; there is no broker/KYC intermediation layer in the core protocol. - Structured product / auto-callable yield notes desk: similar — The legacy Ribbon Theta Vaults (DOVs) systematically sell options to generate yield, similar to bank-issued structured yield notes.; differs — Fully automated via smart contracts, non-custodial, and transparent on-chain rather than an OTC desk product with a bank counterparty.