<p>Aevo, the layer-2 derivatives platform launched by Singapore’s Ribbon Finance earlier this year, has introduced a new index perpetual contract.</p><p>The contract allows traders to engage in long or short positions based on the market capitalization of accounts within the social application Friend.tech.</p><h2 id="header-0">FRIEND-PERP</h2><p>The FRIEND-PERP market is now live <a href="https://www.theblock.co/post/246543/aevo-perp-friend-tech" rel="noopener noreferrer nofollow">according</a> to The Block, and it has gained significant traction, boasting a daily trading volume of $501,824 and a current trading price of $7.14. This market operates on a unique premise — a perpetual contract, which, unlike conventional futures contracts, does not adhere to an expiration date. This feature is particularly appealing to the crypto trading community, enabling them to seize opportunities without the constraints of time-bound contracts.</p><h2 id="header-1">Surge in interest</h2><p>Friend.tech, the social app at the center of this Aevo product offering, has integrated with Ethereum layer-2 network Base, a blockchain incubated by Coinbase earlier this year. This network, which officially welcomed the public on August 9, has been the center of attention within the crypto sector over the past couple of weeks.</p><p>The social app enables market participants to buy shares of individuals who hold accounts on X (formerly Twitter). Since its launch earlier this month, the Friend.tech app has grown rapidly. It attracted over 100,000 daily users within 24 hours of its launch.</p><p>Each user stands to benefit financially from the purchase and sale of their shares, a pioneering approach that has lured prominent figures, including venture capitalist Garry Tan, NBA star Grayson Allen, and celebrated YouTuber FaZe Banks, to the platform.</p><h2 id="header-2">Boost for Base</h2><p>US crypto platform Coinbase has embraced Friend.tech as it marks the first major breakthrough use case for its Base blockchain network. This collaborative effort has propelled the Base network to new heights, positioning it among the top cryptocurrency projects by user fee revenue. With $1.4 million in fees generated over the last 24 hours alone, Friend.tech ranks among industry giants, trailing only Ethereum and Lido Finance in this metric, according to data from DeFiLlama.</p><p>While the app has risen at a phenomenal pace, there are concerns relative to the degree of privacy it affords its users. The public availability of the Friend.tech API used to convert X usernames into wallet addresses has raised the alarm for potential data exposure.</p><p>A Yearn Finance developer, known by the pseudonym Banteg, used this API to compile a list of Ethereum addresses linked to X accounts. While the community has reassured users that access can be revoked, the implications of this exposure for privacy and security cannot be understated.</p><p>The Aevo project was first announced by Ribbon Finance in September 2022 and subsequently launched in June. The goal of the project is to convert users from centralized exchanges, bringing them over to the decentralized exchange (DEX) platform.</p>

Aevo Launches Novel Index Perpetual Contract

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