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RBN

Ribbon Finance  

#RBN

RBN Price:
$0.28
Volume:
$850.1 K
All Time High:
$5.79
Market Cap:
$10.3 M


Circulating Supply:
36,664,594
Exchanges:
11
Total Supply:
1,000,000,000
Markets:
12
Max Supply:
Pairs:
12



  RBN PRICE


The price of #RBN today is $0.28 USD.

The lowest RBN price for this period was $0, the highest was $0.281, and the exact current price of one RBN crypto coin is $0.28066.

The all-time high RBN coin price was $5.79.

Use our custom price calculator to see the hypothetical price of RBN with market cap of BTC or other crypto coins.


  RBN OVERVIEW


The code for Ribbon Finance crypto currency is #RBN.

Ribbon Finance is 1 year old.


  RBN MARKET CAP


The current market capitalization for Ribbon Finance is $10,290,287.

Ribbon Finance is ranking downwards to #549 out of all coins, by market cap (and other factors).


  RBN VOLUME


There is a medium daily trading volume on #RBN.

Today's 24-hour trading volume across all exchanges for Ribbon Finance is $850,121.


  RBN SUPPLY


The circulating supply of RBN is 36,664,594 coins, which is 4% of the total coin supply.


  RBN BLOCKCHAIN


RBN is a token on the Ethereum blockchain.


  RBN EXCHANGES


RBN is available on several crypto currency exchanges.

View #RBN trading pairs and crypto exchanges that currently support #RBN purchase.


  RBN RELATED


Note that there are multiple coins that share the code #RBN, and you can view them on our RBN disambiguation page.


  RBN RESOURCES


Websitewww.ribbon.finance
Whitepaperdocs.ribbon.finance
Twitterribbonfinance
Discord85gcVafPyN
Mediumribbonfinance


  RBN DEVELOPER NEWS



RBN Bond OTC Methodology

We recently passed a proposal to allow the treasury to perform OTC transactions with Ribbon bondholders to call the bonds early. The treasury will exchange the USDC raised for the bonds issued. In exchange for early liquidity for the bondholder, the treasury will only have to pay interest accrued to date instead of until maturity. The methodology for calculating the RBN CONVERT 04DEC2022 0.9C USDC / USDC rate is as follows: USDC Borrowed: 3,000,000 Bond Supply: 3,103,224 Old Bond Price: 0.9667365295 Issue Date: Jun-07–2022 Maturity Date: Dec-04–2022 OTC Date: August-15–2022 Buffer: 2 days (interest accrued will include 2 days past OTC date)New Bond Price Formula Old Bond Price + ((1 — Old Bond Price) * (OTC Date + Buffer — Issue Date) / (Maturity Date — Issue Date))New Bond Price: 0.9798571206Interest Earned Formula Amount of Bonds Bought * (New Bond Price — Old Bond Price)Total USDC Earned Formula Amount of Bonds Bought * Old Bond Price + Interest EarnedTotal USDC Earned by bondholder The RBN CONVERT 04DEC2022 0.9C USDC / USDC exchange rate on airswap is identical to the new bond price: 0.9798571206. To stay updated on the latest updates from Ribbon, please follow us on Twitter or join our Discord.




Ribbon X Porter

In November, we announced our Ribbon Treasury product. Since then, we have offered custom covered call and put selling vaults to protocols looking to earn yield on their native token, ETH, BTC, and stablecoins. However, options selling is one of several treasury management strategies. Our goal is for Ribbon Treasury to be the one-stop shop for treasury strategies for all protocols, which at time of writing is a $9.5B market. To that end, we are excited to announce that we are expanding our suite of treasury products. We are partnering with Porter Finance to offer fixed rate, non-liquidatable, flexible collateral type bonds to protocols! After undergoing underwriting, protocols can mint bonds and auction them off to whitelisted lenders to raise cash immediately. Protocols will now be able to earn high yields on treasury funds and issue bonds all from Ribbon Treasury. In traditional finance, there are $10 trillion worth of corporate bonds outstanding (as of 4Q21) in the United States alone. There is a strong demand for companies to borrow cash now and pay it back in the future either through bond issuance or flat out loans. As protocol treasuries mature, they will be no different. Eventually, we will offer an evolved bond issuance strategy that cannot be found in traditional finance. Further down the road we may allow a protocol to issue a collateralized bond against their native token and use the same collateral to sell covered calls to repay the debt. This does not come without risks, but this frictionless composability is not even possible in traditional markets. Assuming we capture 5% of the total DAO treasury value as collateral within a year, we will have $475M collateral from bond issuance alone which at the discretion of the bond-issuing DAO’s we can redirect to earn yield elsewhere — through options selling or otherwise.




Protocol Revenue Split is LIVE

Today, as per RGP-13, the fee switch that distributes 50% of protocol revenue to RBN lockers is now turned on! This further aligns RBN lockers with protocol success and kickstarts a positive feedback loop at the heart of Ribbonomics. As protocol revenue grows, users become more incentivized to lock RBN, which creates a supply sink for RBN that could boost the value of RBN, which makes vault staking APY more attractive, which in turn attracts more TVL and grows protocol revenue. Since the protocol revenue split proposal was passed months ago, protocol revenue earned starting from the week of Feb 27 2022 up until today¹ will be retroactively rewarded. Furthermore, RBN lockers starting from the week of Feb 27 2022 will be retroactively rewarded. In other words, those who locked RBN end of February will have earned more² rewards than those that locked in April, all else being equal. RBN locking APY is currently 65.8%³. This does NOT include APY derived from gauge emissions boosts, gauge voting, and/or bribing income⁴. Protocol revenue fees are distributed on a weekly basis every Friday. Claim your rewards and lock $RBN today at https://vote.ribbon.finance/. With this fee switch being turned on, $RBN lockers now receive:50% of protocol revenueGauge emissions boostsGovernance votingGauge emissions allocation votingGauge emissions bribes will go live next week and gauge boosting bribes will go live in 1–2 months. [1] Transaction that sends protocol revenue earned during end of february-april from the multisig to the fee custody contract [2] Imagine Alice locks X $RBN for 1 year on week 1 and Bob locks X $RBN for 1 year on week 4. Alice will have earned 100% of the 50% protocol revenue earned between weeks 1 to 4. After week 4, Alice will split 50/50 with Bob. Even though we only “launched” protocol revenue on week 4, Alice will have earned rewards from the weeks prior [3] Annualized protocol revenue is $9.35M according to tokenterminal. 50% goes to RBN lockers. At current RBN prices, $7.1M worth of RBN is vote locked. So, we get $9,350,000 * (50% for RBN lockers) / $7,100,000 = 65.8% APY. Note that your actual APY will vary based on the lock duration from 0–2 years, but 65.8% is the average. See this dune dashboard for some insights [4] RBN lockers also have gauge emissions boosts in $RBN if they have vault tokens staked. They also have voting power for gauge emissions. Finally, they will have the ability to accept bribes for either of these two powers to still earn income without vault position




Ribbon V3

In the last few months, Ribbon vaults have shown significant growth. Currently, the vaults are sitting at over $300m+ of TVL, which is an all-time-high in both USD terms and ETH terms. While keeping up with the vault growth, our team has also been quietly executing and shipping a fresh new set of features that will cement our place as the #1 DOV protocol in the industry. Most of these features are centered around 4 main pieces: leverage, composability, improved vault execution, and wider asset support.Leverage Our current vault offerings are fully collateralized — meaning to sell 1 call option, users need to deposit 1 whole unit of collateral (e.g 1 ETH or 1 WBTC). We have seen a lot of demand from users to reduce that collateralization requirement, for example being able to sell 1 call option with only 0.5 units of collateral — effectively being 2x leveraged. While this is a way to juice yield by 2x, this also carries twice the amount of risk. Ribbon will be rolling this out to users, but it should be used with great caution. Secondly, Ribbon will be the first DOV project to build and use Spread Vaults. Instead of the vault selling calls and puts, it will also be buying further out of the money calls and puts. In essence, this caps the downside risk to mitigate huge potential losses in the vaults, in exchange for lower yield. However, if we combine Levered Vaults and Spread Vaults, we can create a high-yield product that also has downside risk protection. We think Spread Vaults will be tremendously popular with DAOs or other Treasury customers because of the downside protection from selling options.Auction Flow Reservation Ribbon Auctions have become the biggest ongoing on-chain derivatives auction in DeFi, auctioning over $1b of notional option volume every month. Currently, all auction participants bid on-chain every Friday during a 2-hour window. We have been working on a very powerful new feature, which is what we’re calling “Auction Flow Reservation”. Auction Flow Reservation is the idea that people can “call dibs” on the auction flow, even before it happens. This is an extremely powerful primitive — it turns the Ribbon auctions from a synchronous process to an asynchronous one, which makes it 100x more composable with other smart contracts. For example, if another structured product protocol wants to buy puts or calls from Ribbon, their smart contracts can “reserve” some of the auction flow in advance, and their protocol does not need a human bidding during the auction window every Friday. With this, anyone can build products that take either the long or short side of the Ribbon Vaults. Perhaps more interestingly, this starts to resemble something that looks like Payment for Order Flow. There may arise a market for reserving Ribbon Auction Flow, where someone may pay extra to be guaranteed a fill from the Ribbon Auction. One could imagine a world where these users may have to stake RBN to have a priority queue in the reservation system, or maybe a second pre-auction auction, where the proceeds from this auction end up as additional yield to vault depositors. There is a huge design space in this Auction Flow Reservation system, and we are just scratching the surface.Better Vault Execution As Ribbon Vaults march to $1b TVL and beyond, we must ensure that vault execution does not degrade. Currently, Ribbon Vaults auction off 100% of the puts or calls that it is trying to sell during a 10-minute window, once a week. This creates a situation where the vault execution is extremely predictable, and market makers may try to front-run the Ribbon Vaults’ sell-pressure. In V3, Ribbon Vaults will now be able to perform multiple, random size, random time auctions. For example, Ribbon Vault may be configured to sell the entire flow over 10 different auctions from Friday-Sunday at random times and in random sizes. This makes it tremendously more difficult to front-run, and should be able to significantly improve execution. We are also integrating our vaults with Paradigm.co, which will open up the Ribbon Auctions to their 800+ institutional customers.Permissionless Vaults One key requirement for enabling permissionless vaults is wider oracle support. Currently, Ribbon Vaults use Opyn for minting options positions, which in turn uses Chainlink for settlement under the hood. However, newer or long tail assets may not have Chainlink support from the get-go, making it difficult for people to spin up permissionless vaults for these assets. We’ve extended the protocol to support more types of oracles, starting with the Uniswap V3 oracle — this lets us create Option Vaults on almost any asset. We demonstrated a proof-of-concept here with our $APE vault. We were able to spin up an $APE Option Vault only 3 days after $APE was released, making it the first venue in the world to trade $APE options. We will soon open this up to anyone.New UX Features As part of this new version, we’ve also built a bunch of new features that have solved the biggest pain points of many of our users. Firstly, we’ve built a new feature which we call Intervault Transfers, which lets users switch between vaults of the same base asset in a single transaction. For example, instead of withdrawing from the ETH Covered Call vault and depositing into the stETH vault, users can do it with one-click, without missing a week of yield. Secondly, we’ve built the ability for users to Pause & Resume their funds’ utilization by the vault to sell options. This means that if you want to stop selling calls for a week because of an upcoming event, you do not need to withdraw your funds and redeposit them after — you can simply put your funds on pause within our vaults, and they will not be charged any fees.Conclusion Ribbon V3 is a much more powerful piece of infrastructure than Ribbon V2, and opens up the design space for many new types of strategies, both on the product side as well as on the vault execution side. We will be rolling out these features gradually over the coming months as they get audited and tested.




Borrowing Against Ribbon Vault Deposits

Capital inefficiency has been the perennial bear argument against DeFi options since early 2020 — and for good reason. Today, we are super excited to introduce the Ribbon Covered Call Fuse Pool — a way for users to borrow stablecoins against their yield-generating covered call position! — What this unlocks. — Borrowing against your Ribbon Vault positions creates a whole range of new use-cases. Here are some that we are most excited about:Leveraged covered call position. Borrow stables, convert to ETH, and deposit into the same covered call vault to lever up.Construct a vertical spread. Borrow stables, convert to ETH, and buy call options on other options platforms.Construct a short strangle. Borrow stables and deposit into the Ribbon put-selling vault, effectively selling both a call (through the Ribbon Covered Call vault) and a put.Construct a delta neutral position. Borrow stables, long ETH perp or (hint hint) bid on the very same options auction you are selling into and then pocket the $RBN staking rewards from your covered call position! — How this benefits Ribbon. — Being able to borrow against your vault positions currently unlocks +$100M from an entirely new DeFi demographic that has been sitting on the sidelines, reluctant to use Ribbon because it is not capital efficient. Users can now deposit into Ribbon, borrow stables, and lend in Maple or lever up on the same covered call vault for higher APY. — How to get started. — The first asset we are whitelisting is the rETH-THETA-gauge token. This represents the ETH covered call vault token, staked in Ribbon’s LM contracts. We are whitelisting the “staked” covered call token instead of just the plain covered call token to minimize the opportunity cost in having to choose between staking your vault token or borrowing against it — we let you do both at the same time. We will be officially launching this feature in the next few weeks. If the fuse pool shows signs of traction with just the ETH covered call vault, we will expand to other vaults.




Ribbon x Paradigm.co

We’re thrilled to announce that we’ve partnered with Paradigm as their first DOV integration. With the goal of improving our auction process, we will revamp our flow as we leverage Paradigm’s liquidity network for crypto options. “Ribbon Finance has been at the forefront of innovation in the DOV space since its inception and has cemented its bluechip status in the DOV market as evidenced by its industry leading market share.” — Anand Gomes, CEO of Paradigm What to look forward to in this partnership? Paradigm and Ribbon Finance share a common goal of efficient auction settlement to better cater to our growing vaults. By improving the overall auction flow, our vault execution results in more competitive pricing — ultimately obtaining better yield for our users. “We are delighted to bring Paradigm’s experience, expertise and network to deliver CeFi grade options liquidity to Ribbon’s vaults while maintaining the DeFi values the ecosystem has come to love” — Anand Gomes, CEO of Paradigm With an anticipated launch on May 13 2022, we’ll introduce the new auction flow to our T-WBTC-C vault and gradually roll it out to our other vaults in a phased approach. We will outline our new auction flow and vault rollout timeline in an upcoming blog post. Stay tuned for our upcoming blog post for more details to come! About Paradigm Paradigm is a zero-fee, institutional liquidity network for crypto derivatives traders across CeFi and DeFi. The platform provides traders with unified access to multi-asset, multi-protocol liquidity on demand without compromising on execution preferences, costs and immediacy. The firm’s mission is to create a platform where traders can trade anything, with anyone and settle it anywhere. Paradigm has the largest network of institutional counterparties in crypto with over 700 institutional clients trading over $10B per month including Hedge Funds, OTC Desks, Lenders, Structured Product Issuers, Market Makers, and prominent Family Offices.




Ribbon Partners With Paradigm

ttps://medium.com/media/5f90c861fa2a1fa23413f22827f8a1fd/href Today, we are thrilled to announce our $8.75M Series A+ led by Paradigm. We’re excited to leverage their technical expertise in mechanism design & engineering to build the #1 crypto structured products platform in DeFi. Together we will:Build new and innovative DeFi-native risk productsDouble down on the multi-chain scaling approachScale the current platform to deliver best execution and yield for our usersLooking Forward Over the last few months, Ribbon has worked hard to launch on multiple chains and scale the current vault offering; including our launch on Solana, Ribbon Treasury, and integrating liquid staking assets from BENQI and Lido. This is just the beginning for Ribbon — our team has been working extremely hard behind the scenes. Stay tuned for more updates on our work with Paradigm.We Are Hiring! We’re growing very quickly and are looking for exceptional people to join our team. If you are interested in DeFi, derivatives, or building the future of finance, check out our Careers page to see if there are any roles that may fit your skillset. To stay updated on the latest updates from Ribbon, please follow us on Twitter or join our Discord.




Ribbon x BENQI: Staked AVAX

Ribbon is delighted to announce that we have partnered with BENQI, a liquidity market protocol on Avalanche, on their latest Liquid Staking product. sAVAX allows users to earn staking yield on their AVAX, while still using it across Avalanche DeFi. Today, Ribbon launches a sAVAX vault, letting users earn native AVAX Staking yield and Ribbon yield at the same time. To get started, start depositing your AVAX here today: https://app.ribbon.finance/v2/theta-vault/T-sAVAX-CsAVAX Vault When users deposit regular AVAX, the Ribbon vault stakes it on BENQI and gets back sAVAX. Then the vault uses the sAVAX as collateral to write covered calls, generating boosted yields. Alternatively, users who already have sAVAX can deposit their sAVAX directly. When users withdraw, they get back sAVAX into their wallet. They can then go to BENQI’s staking page to convert that back into regular AVAX. To start, Ribbon is capping this vault to 10k AVAX and will expand the capacity if it gets filled.




veRBN is Live

Today, we are super excited that veRBN is finally live as a result of RGP-9: Ribbonomics passing. As part of this launch, the veRBN contracts and gauges have been deployed, as well as a fresh new governance portal. Lock your RBN here today: https://vote.ribbon.finance/ https://medium.com/media/18f52df07d4d7eccf6097389d5c13c07/hrefGovernance Portal To start locking your RBN tokens, you can now visit our new governance portal. RBN holders can lock their tokens for up to 2 years to maximize their veRBN voting power.Early Unlock As part of RGP-9, the veRBN contracts also allow users to “early unlock” their tokens, but have to pay a penalty for doing so. The penalty is calculated by taking the minimum between 0.75 and (time left until unlock) / 2 years. For example, if you have 1 year left on your lock, the penalty is min(.75, 1/2) = 0.5. So the penalty is 50%. All penalties will be redistributed to the remaining lockers pro-rata.Gauge Voting An integral part of veRBN is the ability to perform gauge voting, a.k.a choosing which vaults the RBN emissions flow to. Although the governance portal is live, the emissions will only start next week, at 3am UTC on 7th of March 2022 — users will be able to vote on gauges then. To stay updated on the latest updates from Ribbon, please follow us on Twitter or join our Discord.




Ribbon comes to Solana

Today, we are super excited to announce that Ribbon is finally launching on Solana, partnering with Zeta Markets — the leading options project on Solana. To start, we are launching a covered call vault for SOL — a way for users to generate high-yield on their SOL. This is now open to deposits at Ribbon’s’ website. https://medium.com/media/e1b11255c2c8519150fbb2696e607301/hrefBecoming Truly Multi-chain This marks the first time an Ethereum-first project has moved onto Solana, with an app and interface that supports both EVM contracts as well as native Solana programs. Ribbon users can now switch between EVM and non-EVM networks with ease, through a brand new network switcher interface. Ribbon’s new interface also now supports both EVM-based wallets like Metamask or Wallet Connect, as well as Solana-based wallets like Phantom and Solflare.SOL Vault To start, we have set a vault cap of 50k SOL and will be gradually expanding that over time if it gets hit. Try out the app here today: https://app.ribbon.finance/ To stay updated on the latest updates from Ribbon, please follow us on Twitter or join our Discord.




  RBN NEWS


Convex Finance Launches Two URLs After Spoofing Exploit

    The Domain Name Server (DNS) of the decentralized staking platform, Convex Finance, was targeted in the latest spoofing exploit. Angel investor Alexintosh first flagged that Convex Finance was asking for user approval to an unverified smart contract address on July 23rd. This suggested that a malicious entity may have sneaked into Convex Finance's website to carry out a DNS spoofing attack. Following the incident, the staking platform confirmed the hijack of its DNS that led users to unassumingly approve malicious contracts for some interactions on the website. Convex then announced setting up two alternative domain names and asked users to use these URLs to interact with the site while they conduct the investigation. The platform marked five wallets affected by the exploit. The team, however, revealed that funds on verified contracts were not affected. The exploiter sent the stolen funds to a 'Convex Phisher Deposits' flagged wallet flagged that shows a small amount of crypto from the affected users before moving most of it to the coin mixer, Tornado Cash, to hide the tracks. Convex Finance said that it will publish a detailed post-mortem report soon. Furthermore, a crypto tracking and compliance platform MistTrack revealed that Ribbon Finance, a decentralized structured products protocol, also suffered a DNS hijacking attack, wherein a victim reportedly lost 16.5 WBTC. On-chain analysis suggests that it was the same attacker as Convex. read More



More Ribbon Finance (#RBN) News

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