Decentralized finance (DeFi) was one of the breakout sectors of the cryptocurrency market in 2021 and stands poised to continue to facilitate the mass adoption of cryptocurrency in 2022. This comes as institutional and retail investors embrace the emergence of Finance 2.0.
One DeFi project that has kicked off the year with a bullish start is Ribbon Finance (RBN), a protocol that utilizes financial engineering to create structured products such as automated options strategies. These are designed to provide users with sustainable yields over time.
Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $1.83 on Dec. 30, the price of RBN blasted 146% higher to hit a daily high of $4.50 on Jan. 3 as its 24-hour trading volume spiked to $60.6 million.
Three reasons for the building momentum of RBN include the launch of Ribbon Finance V2, the addition of new blockchain networks to the Ribbon Finance ecosystem and an increase in the total value locked on the Ribbon Finance protocol.
Ribbon V2 launches
One of the biggest developments helping to drive the price growth in RBN has been the release of Ribbon V2. Originally announced in August 2021, the project has slowly been migrating liquidity and building its pools while also testing out new features.
Reminder to migrate your positions by Friday from V1 to V2 to be eligible for this week’s yield!
You will be levied exit fees if you withdraw your funds from V1, but migrating from V1 -> V2 is fee-free (other than gas fees)
— Ribbon Finance…