Aevo
Derivatives · Perp DEX · 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.
High-performance options + perps on a custom EVM rollup.
Protocol TVL
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+3.1% 24h
Latest data · 15 min delay
Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (5)
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.
Differentiator
Off-chain order-book matching with on-chain settlement on a dedicated rollup, combining CEX-like UX with self-custody.
Organizational structure
Units & roles
- Co-founder & CEO
Julian Koh
Co-founded Ribbon Finance (which became Aevo) and leads the project as CEO. Quoted in coverage of both the 2022 raise and the Conduit/OP Stack migration.
- Co-founder
Ken Chan
Co-founder of Ribbon Finance alongside Julian Koh, named in coverage of the 2022 Series B raise.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| 2022-03-22 | Series B | $8.75M | ParadigmDragonfly CapitalCoinbase VenturesNascentScalar Capital | Source |
Similarity to traditional finance products
How Aevo maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Aevo | Key differences |
|---|---|---|
| Listed options exchange / clearing (e.g. CBOE / OCC model) | 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. | 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 | The legacy Ribbon Theta Vaults (DOVs) systematically sell options to generate yield, similar to bank-issued structured yield notes. | Fully automated via smart contracts, non-custodial, and transparent on-chain rather than an OTC desk product with a bank counterparty. |
Data sources
- CoinDesk - Paradigm invests $8.75M in Ribbon Finance
- Conduit case study - Aevo, first OP Stack fork on mainnet
- Ribbon governance forum - RGP-33 Merge Ribbon into Aevo
- Aevo Documentation - Token Distribution
- Binance - AEVO Launchpool / listing announcement
- OpenZeppelin - Ribbon Finance audit
- Veridise - Ribbon Aevo Exchange audit (archive)