Ribbon Finance (RBN)
Structured products protocol (covered calls, puts) that pioneered on-chain options vaults but has been rendered largely obsolete by Aevo and Lyra
Ranked 236th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
RBN scores 68 of 250 across the 25-variable framework, which places it 236th of 251 rated tokens and inside the bottom 10% of the set. The framework verdict is PASS.
Against the same universe, RBN sits in the bottom third on Exchange Depth 2/10, 247th of 251, Social Mindshare 2/10, 230th of 251, Treasury Runway 3/10, 226th of 251 and Competitive Moat 2/10, 223rd of 251. These are the variables that would have to move for the verdict to change.
Only 6.7% of RBN's maximum supply is in circulation, so 14.84x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 93.3% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
RBN trades 99.65% below its all-time high of $5.54. Recovering that level is a 285.7x move, not a 99.65% one, which is the arithmetic most drawdown charts hide.
$40.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 2 | 199th of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 4 | 181st of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 2 | 220th of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 2 | 247th of 251 | |
| Social Mindshare | 2 | 230th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 3 | 208th of 251 | |
| Treasury Runway | 3 | 226th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Ribbon merged with Aevo exchange; AEVO token replaced RBN in many contexts
Principal risk
RBN is effectively a legacy token; Aevo DEX has its own AEVO token and RBN migration left holders stranded
Market and supply
| Price | $0.0192 |
| Market cap | $1.3Mrank 2591 |
| All-time high | $5.547 Oct 2021 |
| Circulating supply | 67,377,842 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 14.84x |
| Total value locked | $40.0M |
| Listed on | Uniswap, Gate.io |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to RBN measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Ribbon Finance Blog] Ribbon Finance merged with Aevo to create Aevo Exchange; AEVO token was introduced separately from RBN
- [DeFiLlama] RBN TVL collapsed from $300M+ in 2022 to ~$40M as structured products fell out of favor
- [CoinMarketCap] RBN is not listed on major CEXs; liquidity is fragmented across Uniswap and Gate.io
Common questions
- What is the Early Thunder score for Ribbon Finance (RBN)?
- RBN scores 68 out of 250 on the 25-variable framework, ranking 236th of 251 rated tokens (bottom 10%). The framework verdict is PASS.
- What are the weakest parts of the RBN thesis?
- RBN scores in the bottom third of the universe on Exchange Depth 2/10, 247th of 251, Social Mindshare 2/10, 230th of 251, Treasury Runway 3/10, 226th of 251 and Competitive Moat 2/10, 223rd of 251. The single risk carried on the scorecard is: RBN is effectively a legacy token; Aevo DEX has its own AEVO token and RBN migration left holders stranded
- How much RBN supply is still to enter circulation?
- 6.7% of eventual RBN supply is circulating today, leaving 14.84x the current float still to arrive. At a flat price per token that is 93.3% of fully diluted value ahead of current holders.
- How far is RBN from its all-time high?
- RBN trades 99.65% below its all-time high of $5.54. Returning to that high requires a 285.7x move from the level used in this scoring pass.
- Which tokens have a similar profile to RBN?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to RBN are KDA (50), BAND (73), FORTH (84) and BAL (95). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for RBN?
- Ribbon merged with Aevo exchange; AEVO token replaced RBN in many contexts
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.