Derivatives · Option Vaults · RBN
Ribbon Finance pioneered automated DeFi Option Vaults (DOVs) that run covered-call and put-selling strategies to generate yield. Ribbon has since merged into Aevo; RBN persists as a legacy / transitioning token.
The pioneer of DeFi Option Vaults (DOVs).
RBN price
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First to productize automated, recurring options strategies as deposit-and-forget vaults — the template most later DOVs followed.
Ribbon's flagship DeFi Option Vaults (DOVs). Automated, one-click strategies that run weekly covered-call (on ETH/WBTC) or cash-secured put-selling strategies, writing out-of-the-money options and collecting premiums as yield. Early versions minted Opyn oTokens; later versions auctioned options via Gnosis Auction.
Second-generation vault architecture that improved capital efficiency and moved option sales to a competitive auction (Gnosis Auction / market-maker bidding) rather than relying solely on Opyn oToken sales.
A principal-protected structured product that keeps most capital in a lending/yield base and deploys a small allocation to weekly options exposure, aiming to preserve principal while capturing upside.
RBN is the governance token (1B max supply). Holders could lock RBN into veRBN to direct gauge emissions and vote on governance. RBN was later wound down and converted 1:1 into AEVO.
The order-book derivatives exchange that Ribbon merged into. Aevo runs on the Aevo Chain (an OP Stack optimistic rollup) and absorbed Ribbon's structured products and brand.
30,000,000 RBN (3% of total supply) airdropped on 2021-05-25 to past users, Discord members, and users of Hegic/Opyn/Charm/Primitive
Ribbon Research — RBN Airdrop Distribution$8.75M Series B led by Paradigm, closed 2022-03-22
CoinDesk — Paradigm Invests $8.75M in Ribbon Finance1:1 RBN-to-AEVO conversion authorized by RGP-33 (near-unanimous, 133 holders), vote concluded 2023-07-25
Ribbon Governance — RGP-33: Merge Ribbon Finance into AevoHow Ribbon Finance maps onto established TradFi structures, and where it diverges.
Options income / covered-call fund (e.g., a buy-write income fund)
Ribbon Finance
Both systematically sell (write) call options against a held asset and distribute the collected premium as recurring yield to investors.
TradFi analogue
Ribbon runs fully on-chain via non-custodial smart contracts with weekly, transparent, permissionless deposits and auctions, versus a manager-run regulated fund with custody, gatekeeping, and periodic NAV reporting.
Structured note (yield-enhancement / reverse convertible)
Ribbon Finance
Both package derivatives exposure into a single product that pays an enhanced yield in exchange for capping upside or accepting downside contingency.
TradFi analogue
A structured note is issued by a bank with counterparty/credit risk and fixed terms; Ribbon vaults are composable smart contracts with smart-contract and market risk, weekly rollover, and no issuer credit backstop.
Julian Koh
Co-founder & CEO Founder of Ribbon Finance (later Aevo). Ex-Coinbase engineer; led the creation of Theta Vaults and the pivot into the Aevo order-book derivatives exchange.
Ken Chan
Co-founder Co-founder of Ribbon Finance, credited alongside Julian Koh in the protocol's founding and product development.
Key milestones: launches, upgrades, exploits and governance events.
Theta Vault v1
ExecutedFirst-generation DeFi Option Vault built on Opyn oTokens, running weekly covered calls.
SourceRibbon V2 architecture & audit
ExecutedSecond-generation vaults improved capital efficiency and moved option sales to competitive auctions; OpenZeppelin audited the Theta/Delta Vault contracts.
SourceMerge into Aevo (RGP-33)
ExecutedGovernance approved folding Ribbon's products and brand into Aevo, converting RBN to AEVO 1:1 and moving to an order-book exchange on the OP Stack Aevo Chain.
SourceA DOV is a smart-contract vault that pools user deposits and automatically runs an options strategy (typically selling weekly out-of-the-money covered calls or cash-secured puts) to generate yield from collected premiums. Ribbon Finance launched the first Theta Vaults, popularizing the DOV category across DeFi.
No. Ribbon is legacy. Its DAO approved proposal RGP-33 to merge into Aevo, wind down the RBN token, and adopt the Aevo brand. RBN holders can convert to AEVO at a 1:1 ratio, and RBN emissions were set to zero.
The vault sells out-of-the-money call options against deposited collateral (e.g., ETH) each week and collects the option premium as yield. If the option expires out of the money, depositors keep the premium; the tradeoff is capping upside if price rises past the strike.
A researcher at Divergence Ventures (a Ribbon investor) ran a Sybil attack using dozens of wallets to over-claim the RBN retroactive airdrop, netting roughly $2.5M in RBN. After on-chain sleuthing exposed it, the firm apologized and returned 705 ETH to Ribbon's treasury.
Ribbon Finance was founded by Julian Koh (co-founder/CEO), with Ken Chan as co-founder. Koh previously worked at Coinbase.
RBN is being wound down. Holders can convert RBN to the new AEVO token on a 1:1 basis with no deadline; veRBN lockers were allowed to unlock 100% without penalty.
