Ribbon DAO token holders have voted in favor of folding Ribbon Finance into the affiliated Aevo derivatives trade, which launched its mainnet in June.
Beneath the proposal, the Ribbon Finance dapp can be moved below the Aevo area, and Ribbon’s present structured merchandise will undertake Aevo’s visible id.
The near-unanimous vote by 133 RBN token holders, which concluded Tuesday, additionally authorizes a 1:1 token conversion from RBN to a brand new AEVO token, but to be launched.
In line with the proposal, “Aevo can be transformed right into a DAO, permitting tokenholders to control the choices and perpetuals trade, OTC, the present structured merchandise, and the Aevo L2 rollup itself.”
Blockworks Analysis analyst Ren Yu Kong referred to as the proposal “a incredible one for the RBN token and may tremendously enhance tokenomics, and “shininess” surrounding a brand new token.”
Ribbon presently runs 16 DeFi choices vaults (DOVs) on Ethereum, with a share of revenues directed to RBN token holders who lock their tokens for a set time frame, and obtain veRBN in return.
However the protocol has struggled to scale, prompting the crew to pivot to Aevo, a non-custodial choices and perpetual futures trade constructed as a layer-2 rollup utilizing the Optimism stack. This makes use of an off-chain order e book acquainted to merchants on centralized exchanges.
As soon as enacted, veRBN can unlock their RBN tokens with out penalty and migrate them, whereas vault income sharing can be stopped, pending an additional proposal on AEVO tokenomics.
The protocol’s builders and buyers all agreed to re-vest their very own token allocations for an extra yr as a part of the method.
What’s in a reputation?
Most governance dialogue on the undertaking’s discussion board and Discord was favorable to the proposal, however some questioned the relative deserves of the 2 manufacturers.
“Aevo will get misplaced and confused with Aave and others,” wrote one group member on Discord. “Ribbon as a model clearly stands out.”
The undertaking’s group supervisor disagreed, calling the Ribbon model a “limitation,” as a result of its “heavy baggage” — a reference to issues that emerged following the launch of the RBN token in 2021 after DeFi enterprise fund Divergence Ventures, a Ribbon investor, was discovered to have Sybil-attacked the airdrop.
“Ribbon is our historical past, allow us to not make it our burden,” the group supervisor mentioned.
