Total Value Locked$4.13m
TVL by Chain
Ethereum$3.55m
Solana$476,134
Avalanche$101,717
BSC$14.63
Key Metrics
Cumulative Fees$134,002
Cumulative Fees by chain
Ethereum$128,604
Avalanche$5,398
Staked$9,597
Total Raised$8.75m
Mar 23, 2022$8.75mRound: Series A+Investors: Paradigm
Protocol Information
Structured products protocol
Audits:
Methodology
TVL: Sums the totalBalance of all Ribbon Theta VaultsView code on GitHubFees: Trading fees paid by users.View code on GitHubHacks
Date: Jun 24, 2022
Amount: $12,000
Classification: Frontend & Infrastructure
Technique: DNS Hijack
Chains: Ethereum
Target Type: DeFi Protocol
Date: Dec 12, 2025
Amount: $2.7m
Classification: Access Control
Technique: Improper Access Control
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Competitors
Ribbon history
TVL is the default DefiLlama definition, which excludes Staking. Daily values are UTC snapshots from Mar 31, 2021 to Oct 20, 2026.
All-time high TVL: $310.15m on Apr 22, 2022. All-time low TVL: $9,345 on Mar 31, 2021.
Daily TVL, Sep 21, 2026 to Oct 20, 2026
| Date | TVL |
|---|---|
| Sep 21, 2026 | $4.38m |
| Sep 22, 2026 | $4.61m |
| Sep 23, 2026 | $4.59m |
| Sep 24, 2026 | $4.49m |
| Sep 25, 2026 | $4.45m |
| Sep 26, 2026 | $4.46m |
| Sep 27, 2026 | $4.47m |
| Sep 28, 2026 | $4.46m |
| Sep 29, 2026 | $4.42m |
| Sep 30, 2026 | $4.44m |
| Oct 1, 2026 | $4.4m |
| Oct 2, 2026 | $4.41m |
| Oct 3, 2026 | $4.39m |
| Oct 4, 2026 | $4.41m |
| Oct 5, 2026 | $4.47m |
| Oct 6, 2026 | $4.46m |
| Oct 7, 2026 | $4.44m |
| Oct 8, 2026 | $4.3m |
| Oct 9, 2026 | $4.17m |
| Oct 10, 2026 | $4.19m |
| Oct 11, 2026 | $4.2m |
| Oct 12, 2026 | $4.25m |
| Oct 13, 2026 | $4.09m |
| Oct 14, 2026 | $4.18m |
| Oct 15, 2026 | $4.09m |
| Oct 16, 2026 | $4.11m |
| Oct 17, 2026 | $4.08m |
| Oct 18, 2026 | $4.06m |
| Oct 19, 2026 | $4.09m |
| Oct 20, 2026 | $4.09m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $13.86m |
| Dec 31, 2024 | $12.72m |
| Jan 31, 2025 | $13.19m |
| Feb 28, 2025 | $9.68m |
| Mar 31, 2025 | $8.02m |
| Apr 30, 2025 | $8.51m |
| May 31, 2025 | $10m |
| Jun 30, 2025 | $10.41m |
| Jul 31, 2025 | $12.29m |
| Aug 31, 2025 | $13.05m |
| Sep 30, 2025 | $12.92m |
| Oct 31, 2025 | $11.79m |
| Nov 30, 2025 | $9.56m |
| Dec 31, 2025 | $5.05m |
| Jan 31, 2026 | $4.68m |
| Feb 28, 2026 | $3.58m |
| Mar 31, 2026 | $3.63m |
| Apr 30, 2026 | $3.98m |
| May 31, 2026 | $3.77m |
| Jun 30, 2026 | $3.22m |
| Jul 31, 2026 | $3.49m |
| Aug 31, 2026 | $4.21m |
| Sep 30, 2026 | $4.44m |
| Oct 20, 2026 (latest) | $4.09m |
TVL at each year end, Dec 31, 2021 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2021 | $285.59m |
| Dec 31, 2022 | $47.27m |
| Dec 31, 2023 | $14.39m |
| Dec 31, 2024 | $12.72m |
| Dec 31, 2025 | $5.05m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ribbon
Frequently asked questions
What is Ribbon's TVL?
As of Oct 20, 2026, Ribbon has $4.13m in total value locked. TVL has decreased 5.5% over the past 30 days.
What chains does Ribbon operate on?
Ribbon operates on 4 chains: Ethereum, Solana, Avalanche, and BSC. Ethereum holds the largest share at 86%.
How does Ribbon's TVL compare to similar protocols?
Among Options Vault protocols tracked by DefiLlama, Ribbon ranks #2 by TVL. The category holds $56.44m across 19 protocols, and Ribbon accounts for 7.4% of that total. Similar protocols include Rysk V12, Katana, 3Jane Options, Olive, Bonsai Strike, Chest Finance, Grappa Finance, Typus DOV, Spin DOV, and AlgoRai Finance.
Has Ribbon ever been exploited?
Ribbon has 2 recorded security incidents. The most recent incident occurred on Dec 12, 2025 and involved $2.7m. It was classified as Access Control.