# SNAPSHOT
## [Click here to get redirected to our Snapshot page.](https://snapshot.box/#/s:rbn.eth/proposals)
# AGP-3: Aevonomics
#### Status: [APPROVED](https://snapshot.box/#/s:rbn.eth/proposal/0x86ee598649b90f6670198ec0113246b5c1b953ced8ec611c304699f475bcaf1a)
* [Introduction](/approved-proposals/agp-3-aevonomics/introduction)
* [Proposal](/approved-proposals/agp-3-aevonomics/proposal)
* [New Reward Systems](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems)
* [Staking Rewards](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/staking-rewards)
* [Treasury LP Revenue Distribution](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/staking-rewards/treasury-lp-revenue-distribution)
* [LP NFTs Distribution from Treasury Assets](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/staking-rewards/lp-nfts-distribution-from-treasury-assets)
* [Staked Based Discounts](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/staking-rewards/staking-based-discounts)
* [Lottery System](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/staking-rewards/lottery-system)
* [Trading Rewards](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/trading-rewards)
* [Volume Based Rewards](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/trading-rewards/volume-based-rewards)
* [Volume Based Cashback](/approved-proposals/agp-3-aevonomics/proposal/new-reward-systems/trading-rewards/volume-based-cashback)
* [New Buyback and Burning System](/approved-proposals/agp-3-aevonomics/proposal/new-buyback-and-burning-system)
* [DAO Treasury and Committees Restructuring](/approved-proposals/agp-3-aevonomics/proposal/dao-treasury-and-committees-restructuring)
* [Asset Allocation and Management](/approved-proposals/agp-3-aevonomics/proposal/dao-treasury-and-committees-restructuring/asset-allocation-and-management)
* [Updated Treasury and Revenues Management Committee](/approved-proposals/agp-3-aevonomics/proposal/dao-treasury-and-committees-restructuring/updated-treasury-and-revenues-management-committee)
* [Updated Growth and Marketing Committee](/approved-proposals/agp-3-aevonomics/proposal/dao-treasury-and-committees-restructuring/updated-growth-and-marketing-committee)
* [New Governance Portal](/approved-proposals/agp-3-aevonomics/proposal/new-governance-portal)
* [Timeline](/approved-proposals/agp-3-aevonomics/timeline)
# Introduction
The crypto derivatives DEX landscape has evolved significantly since Aevo's inception. Technical infrastructure has advanced and market has expanded, while capital migration still follows anticipated token launches.
Protocols without tokens attract substantial trading volume as users position for potential airdrops. The result is a market where trading activity increasingly correlates with airdrop expectations rather than platform quality. A consequential side effect is reduced market attention to tokenomics design itself.
Aevo occupies a distinct position in this environment: $AEVO is fully circulating, fully unlocked, with no venture capital vesting schedules and no unlock events pending. The token emerged from the $RBN rebrand, inheriting an established distribution pattern and a DAO Treasury that has steadily sustained the onchain liquidity by itself. This supply profile, combined with current market dynamics, creates an opportunity to differentiate through substantive tokenomics rather than temporary incentives.
In April 2023, Aevo launched as the first high-performance CLOB decentralized exchange for derivatives, demonstrating that on-chain trading could achieve competitive performance. Now, we can be among the first derivatives DEXes to deliver a substantial tokenomics shift; not through points or farming mechanics, but through sustainable value distribution, tied to protocol performance.
AGP-1 established governance structure and introduced the committee framework. AGP-2 initiated buybacks to create baseline value accrual. These foundational elements provided necessary infrastructure. The next phase requires comprehensive mechanisms that transform $AEVO from a pure governance token into a multi dimensional economic instrument.
AGP-3 proposes that transformation as “Aevonomics”.
# Proposal
AGP-3 transforms dormant DAO Treasury assets into active drivers to reward stakers and Aevo users, while establishing buyback and burning mechanisms that create sustained buying pressure and supply reduction.
# New Reward Systems
The new rewards system we propose consists of two elements:
* **Staking Rewards:** designed for committed holders who lock $AEVO tokens for fixed durations (from 2 to 12 months), providing additional value through Treasury funded mechanisms, dependent and independent of trading activity.
* **Trading Rewards:** target users who trade on Aevo without holding $AEVO, offering direct incentives to attract volume regardless of token ownership. Very streamlined: no multipliers, no gimmicks: more volume → more rewards (but no wash trading allowed).
# Staking Rewards
Stakers will get classified by two independent dimensions:
* Lock Duration
* Staking Amount
| **Lock/Aevo Amount** | **1 → 500,000** | **500,001 → 1,500,000** | **1,500,001 → 3,000,000** | **3,000,001+** |
| ----------------------------------------------------------------- | --------------- | ----------------------- | ------------------------- | ------------------- |
|
| LUNAR LEGEND | MARTIAN LEGEND | STELLARIS LEGEND | CELESTIAL LEGEND |
This dual classification system allows for granular reward distribution that appropriately compensates both long term commitment and substantial capital allocation.
## Multiple Staking Consolidation
When users make multiple stakes, all positions are automatically consolidated into a single unified staking position:
* the amount tier is determined by the sum of all staked AEVO;
* the duration tier is based on your latest stake, and your latest stake cannot have a unlock time less than your current stake.
When adding a new stake, the system calculates the longest remaining lock period across all positions and sets that as the new unlock time for all tokens. The duration tier is then assigned based on this remaining lock period, which means it can either upgrade or downgrade depending on whether the new remaining duration is longer or shorter than the previous tier threshold.
### Examples:
#### **Multiple Staking**
* User stakes 300,000 AEVO for 2 months, achieving LUNAR CADET tier. The position unlocks at month 2;
* User immediately adds 300,000 AEVO for 5 months. The consolidated position now has 600,000 AEVO (crossing into Martian amount tier) with 5 months remaining lock time, upgrading the user to MARTIAN EXPLORER tier. All tokens unlock at month 5.
#### **Adding Stake After Time Has Passed**
* User stakes 100 AEVO for 12 months, achieving LUNAR LEGEND tier with unlock at month 12;
* At 10 months, user adds 100 AEVO for 5 months. The first stake has 2 months remaining, the second has 5 months remaining. The consolidated position takes the maximum: 5 months. With 200 AEVO total and 5 months remaining lock time, the tier resets to LUNAR EXPLORER (downgraded from LEGEND). All 200 AEVO unlock at month 15.
#### **Small Stake Followed By Bigger Stake**
* User stakes 1 AEVO for 12 months, achieving LUNAR LEGEND tier. The position unlocks at month 12;
* At 10 months, user adds 4,000,000 AEVO for 2 months. The first stake has 2 months remaining, the second has 2 months remaining. The consolidated position has 4,000,001 AEVO total with 2 months remaining lock time. The tier becomes CELESTIAL CADET (not LEGEND), which is the same tier someone staking 4,000,000 AEVO fresh for 2 months would receive. All tokens unlock at month 12.
# Treasury LP Revenue Distribution
The Treasury's Uniswap V3 liquidity positions generate trading fees accumulated without purpose (around 977,000 USDC so far). These fees represent protocol owned revenue independent of exchange operations.
Once per calendar year, end of June, 69% of all accumulated LP fees (in USDC) will be distributed to eligible stakers, 674,000 USDC for 2026.
## Eligibility Rules
To qualify for the annual June LP fee distribution, users must meet two requirements:
* **Have an active COMMANDER or LEGEND tier stake at the moment of distribution (end of June);**
* **Achieved at least 10M PERPS global trading volume during the 12 months preceding the distribution, while holding an active COMMANDER or LEGEND tier stake.**
Note: If a user's tier drops below COMMANDER (unlocks or downgrades to EXPLORER/CADET) and they subsequently re-stake to COMMANDER or LEGEND, their volume counter resets and they must achieve the 10M volume requirement again from the time of their new stake.
## Tier Allocation
The annual distribution of accumulated LP fees follows a fixed allocation structure that rewards the longest-term commitment tiers:
| Lock Duration Tier | Annual LP Fee Share |
| ------------------ | ------------------- |
| CADET | Not Eligible |
| EXPLORER | Not Eligible |
| COMMANDER | 30% of Total |
| LEGEND | 70% of Total |
Within each eligible tier, distribution is proportional to the amount of $AEVO staked. Users who staked multiple times during the year have their stakes aggregated for distribution calculation purposes.
#### **Example:**
A user stakes 600,000 $AEVO (MARTIAN tier) for 12 months on December 15, 2025:
* IF they trade more than 10m PERPS on the exchange, they qualify for the June **2026** distribution as a LEGEND staker, receiving their proportional share of the 70% allocation.
* Their stake extends through December 15, 2026
* They will NOT qualify for the June **2027** distribution unless they initiate another COMMANDER or LEGEND tier stake.
# LP NFTs Distribution from Treasury Assets
Each month, the DAO Treasury will mint Uniswap V3 LP NFTs as Staking Rewards. These NFTs are created as Uniswap V3 positions in the AEVO/USDC pool (0.3% fee tier) with liquidity concentrated in a symmetric range from 50% below to 100% above the current AEVO price at the time of minting.
This ±100% range generates approximately 2-3x the fees of full-range positions while remaining active through most realistic price movements, balancing fee yield with position longevity to make NFTs attractive long term holdings.
Monthly allocations are determined by the Treasury and Revenues Management Committee to balance competitive reward with Treasury sustainability, scaling appropriately with actual staking participation levels.
The committee will intervene as needed to assess allocation effectiveness, adjusting based on participation rates, absolute costs relative to Treasury reserves, comparable market programs, and the overall value proposition when combined with the other rewards.
**Initial weekly allocation is set at 250,000 $AEVO, paired with equivalent USDC.**
The amount minted for each staker is based on their tier (determined by lock duration and staking amount) and trading volume. Rewards accumulate weekly and can be tracked in real-time through the new Governance Portal, with NFTs minted monthly. Gas fees for the minting transactions will be subsidized by Aevo.
All proposed weights and multipliers, including the Aevo/USDC pooled proportions, are subject to periodic review by the Treasury and Revenues Management Committee.
## Why LP NFTs
* Stakers receive productive assets that continue generating trading fees;
* Exposure to both USDC and $AEVO provides balanced risk profile;
* Creates sticky liquidity, as stakers can maintain the LP positions.
## Incentivized Proportional Short Vesting
To prevent immediate extraction while rewarding commitment, distributed LP NFTs vest over a short period, determined by the staker's tier position on both dimensions of the matrix:
| NFT vesting | CADET | EXPLORER | COMMANDER | LEGEND |
| ----------- | ------- | -------- | --------- | ------- |
| LUNAR | 7 weeks | 6 weeks | 5 weeks | 4 weeks |
| MARTIAN | 6 weeks | 5 weeks | 4 weeks | 3 weeks |
| STELLARIS | 5 weeks | 4 weeks | 3 weeks | 2 weeks |
| CELESTIAL | 4 weeks | 3 weeks | 2 weeks | 1 week |
#### **Examples:**
* LUNAR CADET (minimum commitment): LP tokens vest over 7 weeks;
* MARTIAN EXPLORER (moderate commitment): LP tokens vest over 5 weeks (7 - 1 - 1);
* STELLARIS COMMANDER (high commitment): LP tokens vest over 3 weeks (7 - 2 - 2);
* CELESTIAL LEGEND (maximum commitment): LP tokens vest over 1 week (7 - 3 - 3).
This structure ensures that a small holder who commits for 12 months (LUNAR LEGEND: 4 weeks vesting) receives similar acceleration benefits to a large holder who commits for only 2 months (CELESTIAL CADET: 4 weeks vesting). Maximum commitment on both dimensions yields maximum benefit.
### Distribution Weighting
Each staker's share of the monthly LP token distribution is calculated based on their weighted stake. The weight multiplier is determined by the combination of lock duration tier and amount tier, with duration weighted more heavily to reward long term commitment:
| Staking weights | CADET | EXPLORER | COMMANDER | LEGEND |
| --------------- | ----- | -------- | --------- | ------ |
| LUNAR | 1.0x | 1.4x | 2.0x | 2.5x |
| MARTIAN | 1.3x | 1.8x | 2.6x | 3.2x |
| STELLARIS | 1.5x | 2.1x | 3.0x | 3.7x |
| CELESTIAL | 1.7x | 2.4x | 3.4x | 4.2x |
### Trading Volume Boost
To further incentivize active platform usage, NFT rewards incorporate a trading volume multiplier on top of the staking tier multiplier.
Please note:
* Market Maker accounts are not included;
* Pre Launch markets are not included;
* Options will have a special volume ratio to avoid any exploit of OTM trades.
Stakers are categorized into four weekly trading tiers:
| Tier | Weekly Volume | Boost Multiplier |
| ------ | ------------------------ | ---------------- |
| Tier 1 | $0 - $500,000 | 1x |
| Tier 2 | $500,001 - $5,000,000 | 2x |
| Tier 3 | $5,000,001 - $10,000,000 | 3x |
| Tier 4 | $10,000,001+ | 4x |
These multipliers stack with staking tier multipliers, meaning a CELESTIAL LEGEND staker with Tier 4 trading volume receives a combined 16.8x multiplier (4.2 × 4), while a LUNAR CADET with Tier 1 volume maintains the baseline 1.0x multiplier.
These multipliers ensure that NFT rewards flow to those who both commit capital long term and actively trade on the platform, aligning incentives between staking and exchange usage.
# Staking Based Discounts
All stakers receive trading fee discounts up to 20% based on their tier, with the discount structure weighted more heavily toward staking amount than lock duration.
Please note:
* The discount does not apply to option and pre launch market fees;
* If the proposal is approved, the PERPS standard trading fees will be reduced\
from
* 0.05% maker - 0.08% taker
to
* **0.03% maker - 0.06% taker.**
All proposed amounts are subject to periodic review by the Treasury and Revenues Management Committee.
| Fee Discount | CADET | EXPLORER | COMMANDER | LEGEND |
| ------------ | ----- | -------- | --------- | ------ |
| LUNAR | 0% | 2% | 4% | 8% |
| MARTIAN | 4% | 6% | 8% | 12% |
| STELLARIS | 8% | 10% | 12% | 16% |
| CELESTIAL | 12% | 14% | 16% | 20% |
# Lottery System
While exchange revenue sharing and LP fee distribution provide substantial long-term value, the lottery system creates ongoing daily engagement, keeping stakers active and connected to the protocol.
## Structure
* Lottery events run every 6 hours when both minimum thresholds are met:
* 2 participants;
* $50 pot;
* Every staker has access to the Lottery, all stakers participate equally;
* Tickets can be bought on Aevo, paid in USDC, 1 USDC = 1 ticket;
* Maximum 1,000 tickets per user per lottery event;
* One winner selected randomly per event.
## Prize Distribution
* 70% of ticket revenue (in USDC) goes to the winner;
* 20% of ticket revenue is distributed as staked $AEVO tokens to all participants, weighted by tickets purchased and added to their existing stake;
* 10% accrues to the DAO Treasury;
The staked $AEVO distributed to participants are staked with the same lock period as the main staking mechanism. All participants receive staked tokens proportional to their ticket purchases, ensuring everyone benefits while one lucky winner takes the main prize.
While the lottery may appear frivolous, it maintains daily user engagement, preventing stake-and-forget behavior while strengthening long-term alignment through the staked token distribution to all participants.
# Trading Rewards
Trading rewards will be ranked solely on the basis of volumes, recorded weekly (each epoch).
# Volume Based Rewards
Trading rewards are distributed weekly to all traders proportionally based on their trading volume. The total weekly AEVO reward pool is determined week by week by the Growth & Marketing Committee to maintain competitive incentives while ensuring long term sustainability.
**The initial weekly reward pool will be 1,000,000 $AEVO**, distributed proportionally among all traders based on their individual volume contribution.
Please note:
* Market Maker accounts are not included;
* Pre Launch markets are not included;
* Options will have a special volume ratio to avoid any exploit of OTM trades.
## No Wash Trading Allowed
**We’ll enforce a wash trading zero tolerance policy.** Aevo maintains sophisticated monitoring systems to detect wash trading patterns, including self-trading, circular trading between related wallets, and other manipulative behaviors designed to artificially inflate volume.
Wallets identified as engaging in wash trading will face immediate and permanent consequences:
* Complete forfeiture of all pending trading rewards;
* Permanent ban from future trading reward distributions;
* Wallet blacklisting across all Aevo incentive programs;
* No appeals process, all decisions are final.
This policy protects legitimate traders and ensures trading rewards flow to genuine platform users contributing to real liquidity.
# Volume Based Cashback
Traders will receive weekly cashback on trading fees based on their weekly trading volume, paid in USDC. Cashback is calculated on fees paid during the week and distributed at the end of each epoch.
This system rewards active trading independently of staking participation, providing immediate benefits to high volume users. Stakers will get both the Volume Based Cashback and the Staking Based Discounts. The Cashback will get calculated on the discounted fees.
Please note:
* The cashback does not apply to option and pre launch market fees;
* If the proposal is approved, the PERPS standard trading fees will be reduced \
from
* 0.05% maker - 0.08% taker
to
* **0.03% maker - 0.06% taker.**
All proposed amounts are subject to periodic review by the Growth and Marketing Management Committee.
| Tier | Weekly Volume | Cashback |
| ------ | ------------------------ | -------- |
| Tier 1 | $0 - $500,000 | 0% |
| Tier 2 | $500,001 - $5,000,000 | 1% |
| Tier 3 | $5,000,001 - $10,000,000 | 1.5% |
| Tier 4 | $10,000,001+ | 2% |
# New Buyback and Burning System
Building upon AGP-2 foundation, we propose a “buyback and burn” framework that scales with protocol volumes, creating a direct connection between Aevo success and $AEVO buy and supply pressure.
Tokens acquired through onchain monthly buybacks will be allocated as follows:
* 50% immediately burned to permanently reduce circulating supply;
* 50% flows to DAO Treasury reserves for strategic deployment, equally split for staking and trading rewards;
* For months with Exchange volume <$500M (Tier 1 - see the below tab): 100% immediately burned.
Both buyback and burn amounts scale with exchange performance, creating direct correlation between protocol success and token value accrual. The tier system uses monthly trading volume as the key performance indicator.
To signal a fresh start and demonstrate commitment to token value preservation, **we propose an inaugural symbolic burn, permanently removing 69 million $AEVO tokens from circulation** (6.9% total supply).
## Monthly Volume Tiers
| Volume Tier | Monthly Exchange Volume | Monthly $AEVO Buyback | Monthly $AEVO Burn |
| ----------- | ----------------------- | --------------------- | ------------------ |
| Tier 1 | $0 - $500M | 1,000,000 | 1,000,000 |
| Tier 2 | $500M - $1B | 2,000,000 | 1,500,000 |
| Tier 3 | $1B - $2B | 3,000,000 | 2,000,000 |
| Tier 4 | $2B - $4B | 4,000,000 | 2,500,000 |
| Tier 5 | $4B+ | 5,000,000 | 3,000,000 |
Volume tier thresholds and corresponding buyback/burn amounts will be subject to monthly review. The DAO can adjust tiers based on market conditions and optimize balance between buyback pressure and burns.
# DAO Treasury and Committees Restructuring
The DAO Treasury currently holds significant value in dormant assets across two wallets:
* [0xdaea...1674](https://debank.com/profile/0xdaeada3d210d2f45874724beea03c7d4bbd41674)
* [0x8d7b...d47](https://debank.com/profile/0x8d7bef8be1ba337e91fda9dc817516bcb7cffd47)
AGP-3 activates these assets to create sustainable value flows for $AEVO stakers and protocol users.
# Asset Allocation and Management
We propose the following asset allocation:
* All the remaining Treasury $RBN tokens will be converted to $AEVO at a 1:1 ratio (including the Uniswap RBN/USDC pooled ones);
* 69,000,000 million $AEVO (6.9% of the total supply) will be burned in an exceptional, one-off event to mark the starting point of the new Aevonomics;
* 48,000,000 $AEVO will be allocated to the new Staking Rewards, managed by the Treasury and Revenues Management Committee;
* 103,000,000 $AEVO will be allocated to the new Trading Rewards campaigns (including contests), managed by the Growth & Marketing Committee;
* 65,722,576 $AEVO will remain unearmarked/reserved for future DAO spending;
* All other available Treasury assets will be gradually converted to USDC, to be managed by the Treasury and Revenues Management Committee new multisig as needed.
## DAO Owned Liquidity
The DAO Treasury will maintain all existing $AEVO Uniswap V3 liquidity positions, managed by the Treasury and Revenues Management Committee based on liquidity needs and fee generation efficiency (as established in AGP-1).
The Treasury has accumulated almost 1M USDC in fees from its $AEVO Uniswap V3 positions. This capital, previously sitting idle, will now be activated: 69% of accumulated LP fees will be distributed annually (end of June, each year) to stakers through the new Staking Rewards.
# Updated Treasury and Revenues Management Committee
## Objectives
This committee is responsible for monitoring and executing the recurring payments involving DAO Treasury funds.
It is also responsible for all time-sensitive interventions on Treasury funds, such as the management of the DAO-owned liquidity pool and any intervention that becomes necessary in case of exploits to safeguard funds.
### **AGP-3 Additions:**
The committee will manage the conversion and activation of dormant Treasury assets, oversees the Staking Rewards Pool allocation, executes weekly LP NFT distributions to stakers, manages annual Treasury LP fee distributions to COMMANDER and LEGEND tier stakers.
All operations will be conducted using a new Committee multisig, initially funded with 10% of the $AEVO earmarked for Staking Rewards and appropriate USDC amount.
## Composition
* 4 members chosen by Apogee
* 3 members chosen by the DAO
### **AGP-3 Updates:**
Current committee DAO members are confirmed through December 31, 2026, with next elections scheduled for end of 2026, to ease the transition to the new proposed systems and responsibilities.
Given the expanded scope of responsibilities under AGP-3, committee members will receive a monthly stipend of 8,000 $AEVO per member as compensation for their service, paid from the DAO Treasury (quarterly review).
## Tasks
* Approve or reject Treasury payments as signatories to the Multisig. This also involves conducting checks on both the formal correctness of payments and their origin and destination;
* Employs the management strategies of the liquidity pools held by the DAO to optimize both its yield and security aspects, with the primary objective being to support $AEVO's liquidity on DEX.
### **AGP-3 Additional Tasks:**
* \[One-off] Execute Treasury asset conversion strategy: convert remaining $RBN to $AEVO (1:1 ratio) and liquidate non-AEVO Treasury assets to USDC;
* Manage the Staking Rewards Pool, creating and distributing Uniswap V3 LP NFTs to stakers based on tier-weighted allocations;
* Manage annual Treasury LP fee distributions, allocating accumulated USDC fees;
* Execute the monthly buybacks and burns.
# Updated Growth and Marketing Committee
## Objectives
This committee is responsible for all strategic marketing initiatives such as sponsorships, events and promotional tokenomics initiatives both extemporaneous and medium-term (e.g. small airdrops, contests, …) that involve the DAO Treasury.
### **AGP-3 Additions:**
The committee will manage a dedicated rewards pool via a new multisig wallet, administering both holding rewards for $AEVO holders and trading rewards for all exchange users. This includes weekly volume-based rebate distributions, trading competition prize pools, and promotional trading incentive programs.
All operations will be conducted using a new Committee multisig, initially funded with 10% of the $AEVO earmarked for Trading Rewards.
## Composition
* 4 members chosen by Apogee
* 3 members chosen by the DAO
### **AGP-3 Updates:**
Current committee DAO members are confirmed through December 31, 2026, with next elections scheduled for end of 2026 to ease the transition to the new proposed systems and responsibilities.
Given the expanded scope of responsibilities under AGP-3, committee members will receive a monthly stipend of 8,000 $AEVO per member as compensation for their service, paid from the DAO Treasury (quarterly review).
## Tasks
* Propose and implement marketing and growth initiatives in response to new market trends or competitor actions, leveraging the budget available for any initiative;
* To devise, promote and remunerate activities of any kind for the development of the Aevo user community. Examples of activities include: developments of bots and interface libraries to automate interaction with Aevo; strategic studies and research on competitors; design and dissemination of educational materials for novice and experienced traders; and video tutorials for interaction with Aevo's products.
### **AGP-3 Additional Tasks:**
* Manage the dedicated Rewards Pool multisig, overseeing all allocations for holding rewards and trading rewards, with weekly distributions;
* Design and execute trading competitions and contests, allocating prizes from the Trading Rewards Pool to drive engagement and volume growth;
* Propose adjustments to rewards tiers/amounts, based on market conditions.
# New Governance Portal
A comprehensive Governance Portal will be developed and maintained as the primary interface for all Aevonomics information. The dashboard will be both a transparency tool and a marketing anchor point for protocol awareness. Among the data it will show you, you will find:
* Burned Supply Tracker: Real-time display of total $AEVO permanently removed from circulation, with historical burn event data
* Staked Supply Metrics: Total $AEVO currently staked across all tiers, with percentage of circulating supply
* DAO Treasury LP Positions: Current value and composition of Uniswap V3 positions
* Volume Threshold Progress: Monthly tracker showing current exchange volumes
* Buyback Progression: Current month's volumes and corresponding buyback tier status, with historical buyback data
* Staking Rewards Distribution
* Lottery Statistics
# Timeline
To ensure smooth deployment and proper testing of each component, AGP-3 will be implemented in a 2 months phased rollout following governance approval.
## Month 1: Foundation Launch
* AGP-3 Governance process (proposal, discussion, vote)
* Treasury assets reallocation
* Inaugural burn event: 69M $AEVO permanently removed
* Staking V2 smart contract deployment with new structure
* Launch LP NFT distribution mechanism with incentivized vesting
* First monthly buyback and burn under volume-tiered system
## Month 2: Full Activation
* Trading Rewards launch
* Rebates and fee discounts systems activation
* Activate lottery system (4 daily events, 6-hour intervals)
* Governance Portal launch
* Second monthly buyback and burn cycle
This phased approach should ensure each component receives adequate testing and community familiarization before the next feature launches. The timelines remain purely indicative, expressing an “ideal best” scenario. Actual release times may vary depending on market conditions and available development resources.
# AGP-2: Surplus Revenue Buyback Policy
#### Status: [APPROVED](https://snapshot.box/#/s:rbn.eth/proposal/0x2a7ef78fe45261c05ec8a86852b3e04a3fdf59187856d6a1bb38d32e39162be5)
# Introduction
Following the approval of AGP-1 and AGP-1.5, surplus protocol revenue has been used to perform $AEVO buybacks. This direction was publicly communicated in a[ blog post dated June 26, 2024](https://aevo.mirror.xyz/sf8XAgRzl1cQ-GD6ZFwIryLDu22ndkl60w2wVDnxjcc), which outlined the rationale for initiating buybacks as a flexible approach to surplus revenue allocation. The tokens acquired through these buybacks have remained under Treasury control and have not been utilized.
This proposal formalizes the current use of surplus revenue for buybacks, acknowledges actions taken to date, and defers any decision on the use of the acquired tokens to a future governance process.
# Proposal
1. Surplus protocol revenue, defined as revenue remaining after Insurance Fund allocation and the coverage of operating expenses, will be used to buy back $AEVO onchain via the open market.
2. Buybacks will resume with a committed schedule of monthly executions during Q2/Q3 2025 (May to July), each consisting of 1 million $AEVO, matching the amount used in the 2024 buybacks.
3. Further buybacks may be executed by the Treasury & Revenues Management Committee based on the defined parameters and evolving market considerations.
4. $AEVO acquired through buybacks will remain under DAO control and will not be distributed, burned, or otherwise utilized until a separate governance proposal determines its use.
5. A future proposal will address the intended use of the accumulated tokens, which may include, but is not limited to: protocol-owned liquidity (POL), token burns, incentive programs, or strategic reserves.
# Previous Buybacks
* July 2024:
* August 2024:
* September 2024:
* October 2024:
* November 2024:
* December 2024:
# Notes
* The current approach to buybacks serves the original purpose outlined in AGP-1 (using surplus revenue for value accrual) while preserving optionality and capital flexibility. While AGP-1 referenced protocol-owned liquidity as a potential destination for surplus funds, initiating buybacks represents a preliminary step consistent with that direction. This approach was disclosed transparently and executed responsibly, leaving open the possibility of evolving into POL or other mechanisms (see Proposal point 4) as future AGPs determine the best course of action.
* Upon approval, the buyback program, paused since December 2024, will resume and continue under the terms defined in this proposal, unless the Treasury & Revenues Management Committee determines that market conditions are no longer favorable.
# AGP-1.5: TGE Update
#### Status: [APPROVED](https://snapshot.box/#/s:rbn.eth/proposal/0x90dcee39bff74826afd9e98c989e751683b790cec92a91aea85517eddea23dad)
# Introduction
In AGP-1 we laid the foundation for a new governance and tokenomics model which slated a TGE for February 1st — this included $AEVO launch, $RBN/$AEVO staking, and other $AEVO-related growth initiatives. Since AGP-1, we’ve been working tirelessly to add new listings, ship new products, improve the exchange experience, deliver robust $RBN/$AEVO tokenomics, and bolster platform security.
Although we pride ourselves in our shipping speed, when it comes to user funds we prioritize security above all else. We have decided to run $AEVO / staking / new exchange-related smart contracts through one more round of audits ahead of the big day, and delay TGE.
Therefore, we must propose some corrections to the original proposal, so that the timing is consistent with the latest developments.
# Proposal
The proposed amendment to the TGE consists of two points:
1. The postponement of the start of TGE and staking to mid **March 2024;**
2. The reduction of the stake time for $sAEVO from **3 months** (13 weeks) to **2 months** (9 weeks)**.** We are taking this measure to allow the earliest $RBN/$AEVO stakers to unlock in time for the $RBN to $AEVO migration slated for May.
To sum it up:
* Mid March: TGE
* Airdrop of $AEVO
* Liquidity mining begins (trade to earn or stake $RBN/$AEVO)
* Migration from $RBN to sAEVO 1:1
* Second half of May: sAEVO Unlock - End of TGE
* Migration from $RBN to $AEVO (or sAEVO) 1:1
# Notes
* RBN holders will be able to convert their $RBN to sAEVO (staked $AEVO) at TGE, as detailed in AGP-1), so the *mechanism* does not change with this proposal, only the **lock time**. At the end of TGE period they’ll be able to convert their $RBN to $AEVO or sAEVO. Staking duration is fixed (9 weeks) and starts from the day on which it takes place.
* Before TGE Apogee will receive the annual budget of governance tokens (RBN in this case), as voted in AGP-1, valid for the year 2023.
* The DAO Treasury, as directed by the Treasury and Revenues Management Committee, will take all necessary steps to ensure the seeding of $Aevo liquidity at TGE.
# AGP-1: Aevo Governance
#### Status: [APPROVED](https://snapshot.box/#/s:rbn.eth/proposal/0x3ce7f60504082e1bd85aa39f26bdd98d3ebc74a60ad72593a1e89627731ec1da)
# 1 - Definitions
## Aevo
Aevo is the first Derivatives L2, focused on options and perpetuals trading. Aevo Exchange is a highly robust options and perpetuals CLOB decentralized exchange built on the Aevo L2 rollup on the Optimism stack, with Aevo Strategies (automated strategies) built on top. This architecture allows for low gas fees and low latency whilst significantly improving liquidity and capital efficiency.
## $AEVO
$AEVO is the native token of Aevo aka its governance token; it allows holders the right to express their preferences within the remit of the DAO and in the manner described in this document.
**$AEVO will go live (TGE) no later than January 2024 *****(***[***see the following sub page - TGE Timeline***](/approved-proposals/agp-1-aevo-governance/1-definitions/tge-timeline)***)***
## sAEVO
sAEVO is the staked version of $AEVO and it’s not transferrable. You will be able to acquire sAEVO either by:
1. staking $AEVO for fixed duration of 3 months, on a 1:1 basis; every 3 months it will be necessary to re-stake $AEVO to regain sAEVO.
2. converting your $RBN to sAEVO for a fixed duration of 3 months on a 1:1 basis.
sAEVO will have the following exclusive characteristics:
* can entitle holders to participate in special initiatives such as commission discounts, rewards multipliers, early access to new products and more. In the weeks ahead in anticipation of TGE we will encourage the community to suggest and discuss new features;
* allows holders to make new voting Proposals, according to the rules set forth in this document ([*see section 2 - AGP*](/approved-proposals/agp-1-aevo-governance/2-governance/agp-aevo-governance-proposals));
* enables holders to be elected as members of Committees ([*see section 2 - Committees*](/approved-proposals/agp-1-aevo-governance/2-governance/committees));
* gives holders 2x the voting power of $AEVO.
**sAEVO will go live (TGE) no later than January 2024 *****(***[***see the following sub page - TGE Timeline***](/approved-proposals/agp-1-aevo-governance/1-definitions/tge-timeline)***)***
## Ribbon Labs Foundation aka Aevo DAO (abbr. DAO)
Ribbon Labs Foundation aka Aevo DAO (abbr. DAO) is an autonomous entity formed by the owners of $AEVO and sAEVO that pursues the goal of the growth and development of Aevo, through for-profit and non-profit initiatives, with the following tasks:
* contributes to governing and directing the development of Aevo through formal voting, according to the tools and rules provided in this document, subject always to compliance with all prevailing laws;
* holds and safeguards $AEVO token treasury;
* financially supports the growth and maintenance of Aevo;
* employs strategies aimed at sustaining the liquidity of the $AEVO governance token;
* promotes the development of Aevo's user community.
## Apogee Technologies (abbr. Apogee)
**Apogee Technologies (abbr. Apogee)** is the developer company that is engaged by the DAO to support the technology development of Aevo. Apogee has the following tasks:
* develops and maintains all services and products offered by Aevo;
* manages all operations, logistics, and event participation;
* selects and administers personnel active in the development of Aevo, its user base and community.
# TGE Timeline
The images below show the main stages of the TGE of $AEVO and sAEVO
A few notes:
* The start of the liquidity pool on Uniswap V3 will allow those who do not hold $RBN to be able to trade $AEVO.
* The switch from $RBN will have no time limit and will not be mandatory. Below are some example scenarios for those who will make the switch from $RBN:
TGE
Scenario Example 1
Scenario Example 2
Scenario Example 3
# 2 - Governance
In the context of DAOs, governance systems fall between two extremes:
* on the one hand there is fully centralized governance, lead by the project founders/developers, as is the case, for example, before protocols launch their native tokens: all decisions are made by the Team.
* at the other extreme there is the full realization of decentralized governance, i.e., governance acted through smart contracts, with votes expressing a function (so voting costs gas) and being enforceable without any possibility of intervention or modification: all decisions are made by majority vote of the token holders.
Between these two extremes lie all the hybrid or intermediate forms of governance that DAOs adopt at various stages of their existence. Beyond ideological discourses, there is no universally optimal or best formula of governance: it is important to take note of the distinctive characteristics of each project and adapt one's decision-making system to them.
For this reason, Aevo adopts a hybrid governance model focused on formulating and voting on [Aevo Goverance Proposals (AGP)](/approved-proposals/agp-1-aevo-governance/2-governance/agp-aevo-governance-proposals) via Snapshot. In addition, [Committees](/approved-proposals/agp-1-aevo-governance/2-governance/committees) are introduced that have specific tasks to manage DAO funds and [protocol revenues](/approved-proposals/agp-1-aevo-governance/2-governance/aevo-revenues) in order to speed up and simplify Governance activities.
# AGP - Aevo Governance Proposals
## Creation
They can be created directly by Apogee or at the initiative of DAO members; in the latter case, at least 1,000,000 sAEVO are required to open an AGP; please note: owning $AEVO does not entitle you to AGP proposal formulation.
## Discussion
Proposals must be discussed for at least 1 calendar week. Discussion takes place in a special topic channel on the official Aevo Discord server. Corrections and changes to the original proposal may emerge from the discussion, which are acceptable or not at the discretion of the proponents;
## Vote
Proposals are subject to voting via Snapshot for up to one calendar week. $AEVO and sAEVO holders are eligible to vote; sAEVO has 2x the voting power of $AEVO.
## Quorum
Ballots to be valid are submitted with a default quorum of 2,500,000 $AEVO or 1,250,000 sAEVO;
## Winning Criteria
Voting may be proposed by relative majority (plurality) or simple majority;
## Proposal Attempts
Any community member who has at least the Aevonaut role on Discord can freely post proposal attempts using the Governance channels on the official Discord server. In this way, involvement and appreciation of the proposal can be assessed before proceeding with an official proposal, as well as seeking sponsors to reach the minimum number of sAEVO required for an AGP.
# Committees
## Objectives
Committees are established to simplify and speed up Aevo's Governance processes, meeting two different objectives:
* simplify administrative processes characterized by high iterations;
* speed up strategic and time-sensitive interventions.
## Powers and Management
Committees have administrative powers over Treasury flows and Protocol Revenues, within the limits of the powers specified in the following sections and are established on a permanent basis. They are governed by special AGPs convened by Apogee on an annual basis to determine expenditure budgets (where required), which are also annual, to appoint members and to possibly modify the goals and areas of action of individual committees.
## Members
Committees are composed of two types of appointees:
* Staff employed by Apogee, chosen by Apogee itself;
* DAO members, chosen by the DAO in the annual vote.
Memberships for DAO members have the following characteristics:
### Eligibility
Only sAEVO holders with a minimum amount of 1,000,000 tokens, RHAT holders (community OGs, the Ribbonati), and community members with the Aevolutionaire role are eligible for committee membership; in case of a tie, seniority on the Discord server is a preferential element;
### Limitations
The same community member cannot be elected to more than one committee;
### Duration
They last for one year (12 months) and are eligible for re-election without limitations;
### Termination and Replacement
After 3 failures to participate in voting and/or signing Multisig transactions, membership will be automatically terminated and the office will pass to the first elected reserve. If there are no reserves, an AGP will be called by Apogee for new appointments. Lapsed members may reapply from the following year.
# Treasury and Revenues Management Committee
## Objectives
This committee is responsible for monitoring and executing the recurring payments involving DAO Treasury funds.
It is also responsible for splitting all revenues from Aevo's products as specified in the [Aevo Revenues section](/approved-proposals/agp-1-aevo-governance/2-governance/aevo-revenues).
It is also responsible for all time-sensitive interventions on Treasury funds, such as the management of the DAO-owned liquidity pool and any intervention that becomes necessary in case of exploits to safeguard funds.
## Composition
* 4 members chosen by Apogee;
* 3 members chosen by the DAO;
* 3 reserve members chosen by the DAO.
## Tasks
* Approve or reject Treasury payments as signatories to the Multisig. This also involves conducting checks on both the formal correctness of payments and their origin and destination;
* Manage the monthly divison of Protocol Revenues as signatories to the Multisig.
* Employs the management strategies of the liquidity pools held by the DAO to optimize both its yield and security aspects, with the primary objective being to support $AEVO's liquidity on DEX.
# Growth & Marketing Committee
## Objectives
This committee is responsible for all strategic marketing initiatives such as sponsorships, events, new product launches, and promotional tokenomics initiatives both extemporaneous and medium-term (e.g. small airdrops, contests, …), all initiatives that have as a common characteristic a fast time to market because they are in response to new trends or competitor initiatives.
It is also responsible for the conception, selection and remuneration of initiatives that come from Aevo's user community and that are aimed at its promotion on every aspect.
## Composition
* 4 members chosen by Apogee;
* 3 members chosen by the DAO;
* 3 reserve members chosen by the DAO.
## Tasks
* Design and implement long-term growth initiatives such as trade mining programs, airdrops, market-maker incentive programs, and so on.
* Design and implement quick marketing initiatives in response to new market trends or competitor actions, leveraging the budget available for any initiative, including sweepstakes and airdrops dedicated to particular categories of users, current or potential.
* To devise, promote and remunerate activities of any kind for the development of the Aevo user community. Examples of activities include: developments of bots and interface libraries to automate interaction with Aevo; strategic studies and research on competitors; design and dissemination of educational materials for novice and experienced traders; and video tutorials for interaction with Aevo's products.
# Aevo Revenues
The DAO and Apogee are successful only if Aevo is successful. They both pursue the common goal of supporting Aevo's growth financially, as it is equivalent to supporting their own growth.
Firstly, with the merger of Ribbon and Aevo, all revenues from both platforms should be consolidated. Currently, the Ribbon DOV revenues flow to the Ribbon DAO, whereas the Aevo revenues flow to the Aevo Insurance Fund. Going forward, fees from both the Exchange and Vaults will flow into a new wallet governed by the [Treasury and Revenues Management Committee](/approved-proposals/agp-1-aevo-governance/2-governance/committees/treasury-and-revenues-management-committee).
Secondly, Apogee has been historically funded through VC raises and has not drawn down cash from the DAO. However, to build a self-sustaining ecosystem that does not rely on constant token sales, Apogee now requests a budget from the DAO to fund the expenses of maintaining, developing, and operating Aevo.
The multisig will divide the amounts received monthly as follows:
* 25% of the top-line revenue immediately goes to Aevo's Insurance Fund, with the purpose of increasing its size (and thus supporting the growth of the exchange);
* Remaining revenue goes to paying for Operating Expenses of Apogee.
* Once that is covered, Surplus Revenue will be used to increase protocol owned liquidity of $AEVO-USDC, similar to Maker’s [Smart Burn Engine](https://forum.makerdao.com/t/introduction-of-smart-burn-engine-and-initial-parameters/21201).
# Operating Expenses
Apogee so far has received no revenues from products developed and managed for Aevo. The private funds through which Apogee has operated to date come from seed and private rounds.
AGP-1 aims to change this arrangement by introducing a sustainable system for the development of Aevo, whereby operating costs are covered from the revenues of Aevo's products. Besides covering operating costs, the funds will be used to support the future development of Aevo and all related products.
The breakdown of Apogee’s expenditure is outlined below, with the major components being:
* Salaries
* Audits & Technical Consultation
* On-chain Expenses (e.g cost of running the Aevo Chain & subsidizing gas)
* Legal
* and more
Spending Snapshot
To ensure the support of the above-mentioned expenses, Apogee requests an annual budget consisting of:
* USD 5 million in cash
* 2% of FDV a year in token as compensation
This remunerative system was conceived similarly to what is in place on primary DeFi protocols such as [Lido](https://dune.com/steakhouse/lido-safu), [Maker](https://expenses.makerdao.network/), [Maple](https://www.maple.finance/news/q2-2023-treasury-report/), and [Sushi](https://blockworks.co/news/sushiswap-dao-budget-salaries). The figures indicated may be subject to change at a later date by means of an appropriate Governance proposal.
# 3 - Tokenomics
## New Treasury Organisation
$AEVO does not come from nowhere, being a rebrand of our previous governance token $RBN, as voted in Ribbon Finance's latest governance proposal, RGP-33. This implies that the distribution of the token in large part cannot be changed, $RBN being widely distributed in the market and allocated.
However, the holder of the largest number of tokens is the DAO Treasury and this capital, has always been unproductive, except for that used in the liquidity pools supporting $RBN.
With AGP-1 we propose a more dynamic and functional allocation of Treasury, which will be converted to $AEVO at TGE. This new organisation is linked to the genesis of the Committees, which will have the task of administering the sums.
We propose a fixed breakdown of the 45% of $RBN that the DAO owns in the following way:
* Up to 16% of $AEVO for Incentives (Airdrop Included), managed by the [Growth & Marketing Committee](/approved-proposals/agp-1-aevo-governance/2-governance/committees/growth-and-marketing-committee). These tokens will be used in initiatives to disseminate the Governance token and attract more users/liquidity to the platform.
* Up to 9% of $AEVO for Token Liquidity, managed by the [Treasury and Revenues Management Committee](/approved-proposals/agp-1-aevo-governance/2-governance/committees/treasury-and-revenues-management-committee). These tokens will be used by the Committee to support the liquidity of $AEVO on DEXes and CEXes
* Up to 5% of $AEVO for Community growth and bounties, managed by the [Growth & Marketing Committee](/approved-proposals/agp-1-aevo-governance/2-governance/committees/growth-and-marketing-committee). These tokens will be used for Community related events and bounties.
* 16%: unearmarked/reserved for future DAO spending. Note: The teams 2% yearly allocation will come from this portion ([see Section 2 - Operating Expenses](/approved-proposals/agp-1-aevo-governance/2-governance/aevo-revenues/operating-expenses))