RBN Airdrop Holders Hit Jackpot as Ribbon’s Token Becomes Transferable

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.

RBN-ETH Pool

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.