Ethereum may get a boost through Ribbon Finance’s options exchange

The To merge has broadened several avenues and raised awareness of Ethereum [ETH] network. The network has been criticized for adopting a more environmentally conscious approach. Despite this, the developers were able to complete the transition from ETH to proof-of-stake [PoS]. This reduced the energy consumption of the network by almost 99 percent, but kept a number of projects interested. This DeFi protocol decided to roll out an options exchange, especially for Ethereum.

Ribbon Finance unveiled Aevo, an options exchange, at the Token2049 event in Singapore. DeFi platform founder Julian Koh announced that the platform would provide ETH-related options services in the beginning. Over time, however, hopes to add Bitcoin [BTC] and other crypto assets.

Bitcoin, the world’s largest cryptocurrency, has been a popular choice among various communities and industries. However, when it comes to DeFi, most companies opt for Ethereum. While Bitcoin is definitely present in the DeFi market, ETH has dominated the space for the longest time. Speaking of the same, Koh said:

“As the majority of TVL in our platform comes from the Ethereum ecosystem, we have always considered it our home base and have strategically launched Aevo as the Ethereum network continues to build momentum after the merger.”

As mentioned, the Merge has definitely spruced up the network. Therefore, Koh expects to see more than $100 million in daily trading volume from the options exchange.

Ethereum’s supremacy over DeFi

As previously announced, Ribbon Finance has decided to launch its options exchange using Ethereum to stay true to its roots. While the merger is undoubtedly a factor, Ethereum’s control of the DeFi would have easily encouraged the company to start with ETH and add BTC later.

As can be seen in the image below, the total value of USD locked to Ethereum was $30.9 billion. Although the network was on a downward trend, it was way ahead of Bitcoin.

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it should be noted that Bitcoin has pocketed a graceful $104.46 million. This disparity further points to why Ribbon Finance chose Ethereum over Bitcoin to jump-start its business.