AEVO Unlocks Nearly Entire Token Supply, Leading to Sharp Price Dump

The cryptocurrency community recently witnessed a rare event – the massive unlocking of AEVO tokens from the Aevo project. On May 15, 827.6 million AEVO tokens were unlocked, increasing the circulating supply by nine times from the previous 122 million. In just one day, nearly 1 billion AEVO tokens surged into circulation.

This unlocking was driven by the conversion of RBN tokens from Ribbon Finance to AEVO at a 1:1 ratio. Ribbon, a prominent DeFi protocol in the decentralized options space, merged into Aevo following a governance vote in July 2023.

RBN <> Aevo Conversion

The long awaited conversion day is coming soon. All $RBN holders are able to swap 1:1 to get $AEVO.

Here’s how you swap RBN to AEVO:

1. Go to https://t.co/9hHwpPMz55, connect your wallet, and click “Convert RBN to Aevo” in the bottom left

2. Enter the… pic.twitter.com/MCZp4N3Fv8

— Aevo (@aevoxyz) May 13, 2024

Aevo, initially a subsidiary product of Ribbon, has now become the sole project, serving as a derivatives trading platform running on the Ethereum network. Listed on Binance through its 48th Launchpool, Aevo offers an efficient derivatives trading experience thanks to its OP Stack toolkit and dedicated Layer-2 infrastructure.

Related: What is Aevo? Information about AEVO Token?

AEVO Chart

However, this massive unlock has also led to a 20% drop in AEVO’s price, which is now trading around $0.8, just one-fifth of its previous peak. Whether this event will mark a new chapter for Aevo or create a vulnerability that the project will struggle to overcome remains to be seen.