Qualifying for the AEVO Airdrop
At time of writing, based on information from the protocol, the main criteria for the AEVO Farming Program will be focused on volumes, fees, and loyalty (recurring usage) on Aevo. After the Farming Program, Aevo users can claim the amount of AEVO tokens earned during this period.
Key Takeaways
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Aevo, previously known as Ribbon Finance, is a decentralized derivatives platform offering exchange-traded options, perpetual contracts, and structured products.
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1,000,000,000 AEVO tokens will be minted to mirror the total supply of RBN tokens and up to 16% of AEVO in the DAO Treasury is allocated for incentives which will include an airdrop.
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All Aevo users who deposit funds and provide volume will be eligible for the AEVO airdrop. The Aevo team has also announced a Farming program to improve airdrop allocation with more details to be provided soon.
Aevo is a high-performance decentralized derivatives exchange platform focusing on options and perpetual contracts. It runs on a custom EVM roll-up that operates an off-chain order book with on-chain settlements. Aevo is backed by several venture capital firms including Paradigm, DragonFly Capital, Scalar Capital, Nascent, Coinbase Ventures, and Ethereal Ventures.
The platform was recently known as Ribbon Finance, a DeFi protocol offering structured products with double-digit yields. Ribbon Finance conducted several airdrops to incentivize participation as well as reward early adopters. In its governance token airdrop, a total of 30,000,000 RBN was allocated to past and existing users of Ribbon products, active Ribbon Discord members, and users of existing options protocols on Ethereum. This airdrop was worth a total of $132.4 million at its peak.
However, the team decided to pivot to Aevo after struggling to scale. A proposal that was put forward to merge Ribbon Finance and Aevo under the Aevo brand was met with community support and a near-unanimous vote. The transition includes a restructuring in governance and the introduction of the new AEVO tokens.
The AEVO tokenomics documentation highlights that the DAO Treasury holds the largest number of tokens and presents a plan for handling the 45% of RBN owned by the DAO upon the release of the AEVO token.
The proposed distribution scheme outlines that up to 16% of AEVO within the Treasury will be allocated for incentives, including an airdrop, which will be managed by the Growth and Marketing Committee. Given this insight, now is a favorable time to explore Aevo’s exchange!
Do note that at the time of writing, Aevo has only confirmed that users who provide volume will be eligible for the airdrop. However, more qualifying criteria may be announced by the Aevo team in the future. Aside from providing volume, referring other users and joining the Aevo Discord channel does not guarantee the result of boosting your airdrop allocation.
Step 1: Launch Aevo Exchange
You can head over to https://www.aevo.xyz/ and click Launch Exchange in the top right corner or go directly to https://app.aevo.xyz/perpetual/eth
Step 2: Connect Wallet
2a. Connect your wallet to Aevo
2b. In this example, we are using MetaMask but you can also choose from Wallet Connect, Coinbase Wallet, Brave, or import manually.
2c. Sign the message to enable trading.
Step 3: Deposit Funds
From your wallet, select the token you wish to deposit. This example uses Arbitrum but you can also deposit from Ethereum and Optimism. Using a Layer 2, such as Arbitrum or Optimism, will reduce the cost of gas fees.
Before depositing, make sure that you've selected Yes for the option to Convert to aeUSD, earn 4.75% APY.
If you miss this step, head to your Portfolio in the top left corner.
From here you can select Earn and your funds will be converted.
This step is recommended because aeUSD is the stablecoin of Aevo and there is a high chance it will be factored in as part of the criteria. By converting to aeUSD, you are also automatically enrolled in the Earn program.
Step 4: Trade
On the trading page, provide volume by trading. You can change your margin and leverage settings before opening a position.
As an exchange, the Aevo team wants users to create as much volume as they can by trading. However, there is no specific frequency or amount that is identified as the minimum amount to qualify for the airdrop.
You have the option to set your default position leverage at 2x, 5x, 10x, and 20x. The more leverage you have, the bigger you can size your position and the more volume you can provide. However, the higher the leverage you use in a trade, the risk of liquidation also increases, especially if the trade turns unfavorably.
Step 5: Perform Additional Transactions
Under your portfolio, you can also choose to deposit funds in different assets to be used as collateral. Generally, the more trades you perform and the higher the volume you generate, the higher the allocation for the airdrop.
Step 6: Refer Others
You can head to the Referrals program in the top left menu bar. The Referral program has not been confirmed as a qualifying criterion for the airdrop but it is possible to be included in the future.
When new users sign up using your referral link, you receive 10% of their trading fees and they will receive a 10% discount on trading fees for 6 months. Additionally, for any account that signs up with your referral link and deposits at least $100, you will receive a $25 trading credit.
On this page, you can copy your referral link and view more information on Aevo’s referral program, the number of referred traders, the volume generated by referees, unclaimed rewards, and total rewards earned.
Step 7: Join Aevo Discord
Join the Aevo Discord channel at https://discord.com/invite/aevo. Similarly to the Referral program, joining the Discord channel has not been announced as a qualifying criterion for the airdrop but may be included in the future.
Additional Features on Aevo
Under your portfolio, you can also see all your positions, open orders, order history, trade history, funding history, as well as transfers and rewards.
You can choose different markets to look at by clicking on the dropdown box under Trading.
Here you can see All Markets, Pre-Launch Tokens, Perpetual Futures, and Options. If you plan to trade on the Pre-Launch Tokens market, take note that it tends to be more volatile.
Conclusion
Aevo is positioned to become one of the leading platforms for blockchain derivatives and decentralized options protocols in many aspects. The platform is designed to provide users with an experience that is closer to a centralized derivatives platform to make the transition more accessible. By running on a custom EVM roll-up that rolls up to Ethereum, As it operates an off-chain order book with on-chain settlements, it can provide efficient and secure transactions.
With the introduction of Aevo USD (aeUSD), users can also enjoy up to 4.75% APY on stablecoins alongside advanced trading frameworks and vaults. Participating in the Earn program and creating volume by trading is highly recommended to increase your airdrop allocation.
While there is already a strong community from Ribbon Finance, Aevo is planning to grow and foster community engagement through the introduction of the AEVO token with an airdrop. As the AEVO token launch approaches, many users will be watching to see how it will perform. A successful airdrop is key to strengthening its position in the decentralized derivatives exchange market. It is also a chance for users to join a governance token initiative and participate in the project’s progress.
As mentioned above, volume is the only confirmed criterion by the Aevo team to qualify for an airdrop. There is no guarantee that participating in the Referral program or joining the Aevo Discord channel will result in a higher allocation for the airdrop.
Stephanie has a keen interest in breaking down complex topics into beginner-friendly pieces. She has been in the crypto space since 2020 and wants to continue contributing to the demystification of the crypto industry to a broader audience.
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