A self-directed and self-acted control drama? Interpretation of the horse-catching story of AEVO in the two months since its launch

Last week, AEVO’s market capitalization was only US$140 million, and claims that AEVO is about to “unlock” tokens worth up to US$1 billion have intensified in the market. In this regard, neither Aevo official nor relevant data websites have provided an explanation. When the "unlock" event expired, AEVO fell 16% in one hour. After the decline, AEVO began to explain and clarify the "unlocking" and made a lock-up commitment. With this announcement, AEVO began to rise rapidly again. Odaily Planet Daily will explain the incident in this article.

Origin of AEVO Token

In April 2023, the options trading platform Aevo mainnet was officially launched. The platform was launched by the on-chain structured product Ribbon Finance. Before the launch of the AEVO token, the platform had no native token, and Ribbon Finance had previously issued the token RBN.

When the product was launched, Aevo mentioned in the white paper that it would launch the token AEVO, and AEVO was not created out of thin air, but a rebrand of Aevo’s previous governance token RBN.

RBN Most of the tokens are deposited in the DAO Treasury and are difficult to use. Therefore, Aevo proposed in the AGP-1 proposal to conduct a more dynamic and functional allocation of the treasury. The tokens of the treasury will Converted to AEVO at TGE and used for airdrops, liquidity, community growth and DAO spending respectively.

In March 2024, the A EVO token was officially launched and listed on Binance Launchpool. The total number of tokens is 1 billion, and the initial circulation is 110 million. RBN holders are able to convert their RBN to A EVO at a 1:1 exchange rate, subject to a 2-month lock-up period (i.e. unlocking in May). Among them, private equity investors (seed round and A round), teams and other ordinary RBN holders can all convert in May. After the conversion is opened, the circulating supply of A EVO will increase to approximately 950 million.

RBN price difference and AEVO roller coaster market

Before the announcement of Binance Launchpool on March 6, the price of RBN was about 0.79 USDT. After the announcement, it began to rise, hitting a maximum price of 1.83 on March 13. USDT.

After AEVO was launched, there has been a 90%-100% price difference between AEVO and RBN, and it was not until this month that it was visible. Especially in the early days of launch, the price difference between the two was too large. Some users in the market chose to purchase RBN spot and open short hedging in the contract market. As a result, AEVO had a round of short selling at the end of March. After the short burst, the price maintained for about 10 days and then started to fall ahead of the market.

Unlock the amount of tokens?

Before the conversion from RBN to AEVO is started, users can check on the token unlocking website token.unlocks. AEVO will unlock tokens worth US$1.06 billion on May 15, which is 770% of the circulating market value. %. The market also began to circulate corresponding panic and selling remarks.

However, as mentioned above, this conversion only converts the circulating market value of RBN to the circulating market value of AEVO, which can be understood as the merger of the market values ​​of the two tokens. Unlocking in the conventional sense should be when the token changes from an "unsellable" state to a "sellable" state. However, before the conversion, RBN itself is in a large amount of circulation and can be freely traded.

Clarification after the fall

Regarding the market volume unlocking rumors, Aevo did not make a clear clarification, but provided users with relevant content on how to perform RBN conversion. When the “unlock” event expired on May 15, AEVO fell 16% in one hour. Today, May 16, Aevo issued an article explaining the "unlocking". The original text is: "(This round) 'unlocking' is not a typical insider/VC/team unlock, it is RBN holders (obtained) ) to migrate its RBN to the AEVO token.”

Under the clarifying tweet, the Aevo team stated: “To demonstrate the long-term commitment to building Aevo into the number one derivatives DEX on Ethereum. , the team and supporters will voluntarily re-lock approximately 15% of the supply before the end of 2024.” After this statement, AEVO tokens began to rebound rapidly, with a maximum increase of more than 10% in three hours.

Conclusion

It is true that Aevo has shouldered the historical burden from the Ribbon Finance period at a low cost, but the price difference of up to 100% of the tokens and the days of "conversion" rather than "unlocking" The abnormal situation of measuring the power of smashing the market and making a clarification announcement only after smashing the market may mean that behind it is a self-directed and self-acted road to control the market.

However, all related events have come to an end, and AEVO tokens have entered a state of near full circulation. Whether the team that has completed its historical debts can continue to develop its business will be left to the market to test.

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