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Ribbon Finance

Derivatives · Option Vaults · RBN

NetworkDerivativesOption VaultsAuto-Strategy1 coinsVerified

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).

Protocol TVL

$3.4M

-1.9% 24h

Latest data · 15 min delay

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (5)

1

Theta Vaults

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.

2

Ribbon V2

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.

3

Ribbon Earn

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.

4

RBN token / veRBN (Ribbonomics)

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.

5

Aevo (successor)

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.

Differentiator

First to productize automated, recurring options strategies as deposit-and-forget vaults — the template most later DOVs followed.

Organizational structure

Units & roles

  • Julian Koh

    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.

    Co-founder & CEO

  • Ken Chan

    Co-founder of Ribbon Finance, credited alongside Julian Koh in the protocol's founding and product development.

    Co-founder

Investment rounds

DateRoundAmountInvestorsLink
2021-01-01Seed$1.85M
Dragonfly CapitalCoinbase VenturesNascentScalar Capital
Source
2022-03-22Series B$8.75M
Paradigm
Source

Similarity to traditional finance products

How Ribbon Finance maps onto established TradFi structures, and where it diverges.

TradFi productSimilarity to Ribbon FinanceKey differences
Options income / covered-call fund (e.g., a buy-write income fund)Both systematically sell (write) call options against a held asset and distribute the collected premium as recurring yield to investors.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)Both package derivatives exposure into a single product that pays an enhanced yield in exchange for capping upside or accepting downside contingency.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.

Data sources

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