Rapid Insights: Aevo Airdrop

Aevo, a decentralized perpetuals exchange built on OP Stack, announced and launched the airdrop of its governance token, AEVO, on March 13, 2024. A total of 30 million AEVO, worth approximately $90 million, was airdropped to its users. However, this allotment was perceived as relatively modest in comparison to allocations made to other stakeholders, consequently eliciting some negative feedback from the community. 

The backlash primarily stemmed from disgruntled users who felt that even Binance Launchpool’s allocation was significantly larger than the percentage earmarked for the community airdrop. However, it is worth noting that a significant percentage of AEVO, 10.3%, is allocated to RBN holders, who would be able to redeem AEVO from RBN at a 1:1 rate by May 15, 2024. Naturally, it is hard to allocate more to rewarding new users when there is already an older base of token holders with expectations that stemmed from a governance proposal earlier in July 2023, evident from its price action over the past few months.