Ribbon Finance, a new protocol that creates crypto structured products for DeFi, is excited to announce its first step into Ribbon’s multi-chain future with deployment on Avalanche.
The company noted via its medium post:
“Ribbon was platform-agnostic from day 1. Although we initially launched Ribbon on Ethereum, we had always planned to deploy Ribbon on every chain, and let every community use the product.”
Ribbon Finance reported that the first product they planned to launch on Avalanche is the AVAX Covered Call vault, a product that lets users earn a yield on their AVAX through selling call options.
“The product is live now and the vault will start the option-selling strategy this Friday, 17th of December.”
The company while sharing its vault cap and strategy said that they have planned to cap the AVAX Vault at 100,000 AVAX. In the coming weeks, the cap might be raised if it gets filled.
“This vault runs a similar strategy to the ETH Covered Call vault on Ethereum. It sells a weekly 0.1delta out-of-the-money call option to generate yield.”
The business has also shared the reference link with its users to see the historical performance of ETH Vaults in the post.
Ribbon Finance felt pleased to welcome the Avalanche enjoyers to Ribbon by saying:
“Avalanche is fast, cheap, and has an extremely vibrant community. We are excited to welcome the Avalanche enjoyers to Ribbon.”
This marks Ribbon's first step into a multi-chain future, starting with @avalancheavax
Avalanche is fast, cheap, and has an extremely vibrant community.
We are excited to welcome the Avalanche enjoyers to Ribbon 🎀https://t.co/WbIduBkFJC
— Ribbon Finance 🔺 (@ribbonfinance) December 15, 2021