First DYDX, now RBN.
After governance rejected a proposal to make RBN transferable in June, a second go-round passed, garnering over 99% support from voters.
The unlock happened at 12pm UTC on Oct. 7 and was a windfall for investors who received tokens in an airdrop because they could finally sell them. Ribbon Finance airdropped 30M of its RBN tokens in May, according to a post from the project.
At the current price of $4.18, that’s $125.4M of RBN transferred to Ribbon’s early adopters, as well as users of other options protocols who were included in the airdrop. RBN has a $198M market cap, making the token the 296th most valuable digital asset.
Ribbon bills itself as a protocol which provides crypto-structured products for DeFi. In practice this means offering automated strategies whereby the protocol writes out of the money puts and calls to generate yield.
The proposal that made RBN transferable also includes a provision to provide 10M of RBN in rewards to people who contribute liquidity to an RBN-ETH pool on Uniswap, the automated market maker. The pool is on Uniswap’s v3, with a 1% fee. This means that in addition to the RBN rewards 1% of the value of trades in the pool will go to liquidity providers.
At $72.6M, the RBN-ETH pool ranks third in volume over the past 24 hours, second only to the ever-useful USDC-ETH pairs.
At $126M in total value locked, Ribbon is the number one options project, according to DeFi Llama.