| Stat | Value |
|---|---|
| Ticker | RBN |
| Price | $0.02 |
| Market Cap | $2.03M |
| 24h Change | +2.7% |
| Circulating Supply | 83.68M RBN |
| Max Supply | 1.00B RBN |
| All-Time High | $5.54 |
| Contract (Ethereum) | 0x6123...fa6b |
What Is Ribbon Finance?
Ribbon Finance is a DeFi protocol specializing in structured products that use options to generate yield. Its flagship product, Theta Vaults, automatically runs covered call or cash-secured put strategies on users’ deposits, allowing passive participation in options market making without requiring options expertise.
Theta Vaults Explained
A Theta Vault deposits user funds and, at regular intervals (weekly), sells out-of-the-money (OTM) options on those funds to options market makers. The premium received is added back to the vault as yield, compounding over time.
Covered Call Vault (e.g., ETH Covered Call):
- Users deposit ETH
- The vault sells weekly OTM call options on ETH
- Collected premiums generate yield (typically 15-40% APY during high volatility)
- Risk: If ETH pumps above the strike, vault assets are called away (capped upside)
Put Selling Vault (e.g., ETH Put-Selling):
- Users deposit USDC
- The vault sells weekly OTM put options on ETH
- Risk: If ETH drops below strike, the vault is obligated to buy ETH at strike price (loss potential)
Ribbon v2: Aevo Integration
Ribbon merged its options infrastructure with its off-chain orderbook, Aevo (formerly Ribbon Exchange). Aevo is a dedicated options and perps exchange with an Optimism-based rollup for settlement. Aevo handles the on-chain/off-chain matching and execution, while Ribbon vaults provide one-click access for retail users.
RBN Token
RBN is the governance token:
- Governance over vault parameters (strike selection, underlying assets, cap sizes)
- Protocol fee revenue (vault management fees and performance fees) directed to the treasury
- Staking for governance weight and fee sharing