Ribbon executed its first Liquidity Mining program from June 18th to July 16th 2021. The main goals of this program were to:

  • Increase distribution of RBN beyond the initial airdrop recipients
  • Experiment with RBN rewards as a way to acquire users

Key Metrics

Ribbon had 3 vaults that provided RBN incentives throughout this period:

  • WBTC Covered Call Vault
  • ETH Put Selling Vault

Today, we are excited to announce that we are doubling the vault capacity for all four Ribbon vaults. Over the last few weeks, we’ve been onboarding a few new market makers and who are able to trade with more size and at better pricing. This helps us scale the capacity of our vaults to serve the pent up demand for the Ribbon products.

Firstly, we are raising the capacity of the ETH Covered Call vault from 12,500 ETH to 25,000 ETH.

Ribbon’s first Liquidity Mining program, RGP-2, has officially concluded. Users can now unstake their vault deposit tokens and claim the RBN rewards that they have earned throughout the program.

To claim your rewards, go to our app today: https://app.ribbon.finance/staking

Over the next week, we will be collecting data about the success of the Liquidity Mining program (e.g number of new users, number of new RBN holders, growth in assets, etc.) and will be publishing a retrospective on the experiment. Stay tuned!

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One of the most powerful features of DeFi is composability. Users can deposit their assets in a money market like Compound, then reuse the cTokens that they get back in a different protocol. This “double dipping” of collateral is extremely powerful — it lets collateral get used in multiple places at the same time, and as a result users can stack yield from various protocols.

Today, we are announcing a new product that lets users stack Ribbon and Yearn yield at the same time: yvUSDC ETH Put Selling Vault.

On June 7th, we proposed RGP-2, Ribbon’s first Liquidity Mining Program. This proposal would distribute 1% of RBN supply to vault depositors pro rata, from June 15th to July 19th. The proposal outlined 3 main goals:

  • Expand voting power to users who missed out on the Airdrop
  • Distribute more RBN to users who continue to have skin in the game (vault depositors)

The Ribbon team proposed the first Ribbon Governance Proposal (RGP) on May 31st — a proposal to change the way exit fees in the Ribbon Vaults are handled. Read the full proposal here.

Vote Outcome

Over the course of 3 days, the RBN token holders voted on the proposal through a Snapshot vote.

Some statistics about the vote:

  • Over 98% of RBN voted for the proposal
  • Over 360 addresses participated in the vote

The rise of new financial primitives in DeFi has led to the construction of complex financial strategies on-chain. For example, people can combine a Maker loan with a put option to limit their downside, or use future yield from Alchemix to open a futures position. However, the complexity of these strategies makes them inaccessible to many people.

We officially announced Ribbon on February 15, 2021 and have launched 4 products since — a Strangle Option, ETH Covered Call Vaults, WBTC Covered Call Vaults, and ETH Put Selling Vaults. …

To bootstrap Ribbon Governance, 3% of the RBN token supply (30M RBN) will be distributed to the community. This blog post explores in detail how the airdrop distributions were decided and calculated.

Official RBN address: 0x6123B0049F904d730dB3C36a31167D9d4121fA6B

Starting today, you can claim the airdrop here. We will never ask you for your address or ask you to send funds. Please beware of scams! ⚠️

External Option Protocols

A total of 4M RBN was distributed between users of existing options protocols on Ethereum: Hegic, Opyn, Charm, and Primitive. The 4M RBN was split equally between:

  • Opyn option sellers…

We are extremely excited to share that we are introducing a new product in our Option Vault series, the Puts Theta Vault. Instead of selling covered calls like Ribbon’s other two vaults, this product sells put options instead. This means that if you expect an asset to go up, you can earn high yield in the meantime by selling downside protection. Ribbon automates this process on a weekly basis, and users simply need to deposit USDC into the vault.

To start, Ribbon is launching the first Puts Theta Vault on ETH. With the price of ETH appreciating significantly in the…

We are excited to share that we are introducing a new product in our Option Vault series, the WBTC Theta Vault. The WBTC Theta Vault runs an automated covered calls strategy to generate high yield on your Bitcoin.

Lending rates on Bitcoin in DeFi are generally extremely low because there is little borrow demand. For example, lending rates for WBTC on Compound are 0.4% and 0.03% on Aave. Covered Calls present an alternative strategy to generate high-yield on your WBTC, up to 20%+ APY unincentivized.

The Ribbon smart contracts significantly simplify the process of running this covered call strategy —…

Ribbon Finance

Crypto structured products on Ethereum 🎀

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