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AEVO price jumps 10% as Binance Labs’ investment reveals bullish outlook

By:
on May 21, 2024
Updated: May 23, 2024
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  • Aevo price rose 10% after Binance Labs announced an investment in the crypto derivatives DEX.
  • The investment will support Aevo's L2 growth, including through staking and vault strategies.
  • AEVO price remains bearish but could ride market sentiment to break above $1.

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AEVO price jumped nearly 10% on Tuesday as the project received a major boost from Binance Labs.

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AEVO is the native token of decentralized derivatives exchange platform Aevo. It could ride the Layer 2 rally around ETH spot ETF speculation and today’s news to target a break above the $1 level.

Binance Labs invests in Aevo

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On Tuesday, Binance Labs announced it invested in Aevo, an options and perpetual contracts-focused L2 platform built on top of the OP Stack. While it did not disclose details of the investment, the venture capital arm of Binance noted that it targets further growth for the L2 blockchain.

Binance Labs wrote in a blog post,

During the next phase of growth, new initiatives for incentives, token liquidity, and community growth will be rolled out by the respective DAO committees to attract more users and liquidity to the platform.

The project’s roadmap also includes plans for vault strategies, yield products and staking.

Aevo is backed by top crypto VC platforms including Paradigm, Dragonfly and Coinbase Ventures.

The platform rebranded from DeFi options platform Ribbon Finance and its technical architecture provides for an off-chain orderbook with on-chain settlement on Ethereum. Aevo taps into Celestia as the DA layer.

AEVO price performance

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Binance added AEVO to its Launchpool in March, announcing it as the 48th project on the platform.

Afterwards, Aevo launched its Token Generation Event (TGE) on March 13 and debuted at $2.64. The price rose to an all-time high of $3.76 on March 28.

Sell off pressure, however, pushed AEVO to lows of $0.76 before today’s bounce.

According to data from CoinGecko, AEVO price rose to $0.9118 as top coins rallied amid Bitcoin and Ethereum’s mega moves to above $71,000 and $3,800 respectively.

Despite the latest upside, AEVO price remains more than 14% down in the past 7 days. The token is also more than 75% down since its ATH.

However, today’s gains might provide impetus and probably strengthen into a solid momentum as BTC and ETH lead the market’s anticipated rally in 2024.

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