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.
AEVO price
$0.0193
+0.6% 24h
Latest data · 15 min delay
Risks identified
- 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.