Aerodrome Finance

Liquidity · Pools · AERO

NetworkLiquidityPoolsConcentrated-Liquidityve-Tokenomics1 coinsVerified

Aerodrome is a Solidly-fork ve(3,3) DEX on Base, the dominant venue on the Coinbase L2 by volume. It captures emissions-driven sticky liquidity and offers Slipstream concentrated liquidity.

The dominant ve(3,3) DEX on Base.

AERO price

$0.5330

+3.9% 24h

Latest data · 15 min delay

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (6)

vAMM / sAMM pools

Solidly-style constant-product (volatile, vAMM) and stable (sAMM) automated market maker pools, forked from Velodrome V2. vAMM serves uncorrelated pairs; sAMM uses a StableSwap-like curve for correlated/pegged assets.

Slipstream (concentrated liquidity)

Aerodrome's Uniswap V3-style concentrated-liquidity AMM (CLMM), launched April 2024. LPs set custom price ranges for far higher capital efficiency and earn both AERO emissions and a share of trading fees. Slipstream drove Aerodrome's Base DEX market share to roughly 63%.

AERO token

Native ERC-20 emissions/reward token on Base (contract 0x940181a94A35A4569E4529A3CDfB74e38FD98631). Emitted to liquidity providers via gauges; can be traded or locked into veAERO.

veAERO vote-escrow NFT

ERC-721 vote-escrow NFT minted by locking AERO for up to four years. Voting power scales with lock size and duration and decays over time; used to vote on emissions gauges each epoch.

Gauges & emissions (ve(3,3) flywheel)

Weekly epoch-based emissions system. veAERO holders vote on gauges to direct AERO emissions to liquidity pools; in return voters receive 100% of the trading fees and external incentives from the pools they vote for.

Bribe / incentive markets

Marketplace where protocols deposit external incentives ('bribes') to attract veAERO votes and emissions to their pools, aligning liquidity direction with the parties willing to pay for it.

Differentiator

Vote-escrow emissions + bribe markets direct liquidity; Slipstream adds a CLMM atop the ve(3,3) base. Dominant DEX on Base.

Organizational structure

Units & roles

Alexander Cutler
Public face and co-founder of Velodrome and Aerodrome; announced the formation of Dromos Labs (the core development company behind the MetaDEX model) in October 2025 after years of team pseudonymity.
Co-founder / CEO, Dromos Labs
Dromos Labs
Development company behind both Velodrome (Optimism) and Aerodrome (Base). The team met in a Discord server in 2022 and built the protocols pseudonymously before organizing publicly as Dromos Labs and unveiling the unified 'Aero' DEX in November 2025.
Core developer

Similarity to traditional finance products

How Aerodrome Finance maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to Aerodrome Finance	Key differences
Electronic market maker / exchange with a fee-rebate program	Aerodrome matches buyers and sellers and pays participants who supply liquidity, much as an exchange rebates market makers who post depth.	It is fully on-chain, non-custodial and permissionless; liquidity direction and revenue distribution are governed by veAERO token votes rather than by an exchange operator, and 100% of fees flow to voters.
Shareholder governance with dividends	Locking AERO into veAERO resembles holding voting shares that entitle the holder to a stream of income (trading fees and incentives).	Voting power decays with the remaining lock term, 'dividends' are routed only to the pools a holder actively votes for, and the whole system is transparent and enforced by smart contracts rather than a corporate board.