Liquidity · Pools · AERO
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
$0.8208
-0.4% 24h
Latest data · 15 min delay
Vote-escrow emissions + bribe markets direct liquidity; Slipstream adds a CLMM atop the ve(3,3) base. Dominant DEX on Base.
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.
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%.
Native ERC-20 emissions/reward token on Base (contract 0x940181a94A35A4569E4529A3CDfB74e38FD98631). Emitted to liquidity providers via gauges; can be traded or locked into veAERO.
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.
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.
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.
0x940181a94A35A4569E4529A3CDfB74e38FD98631
BaseScan - AERO token~63% (as reported after the April 2024 Slipstream launch)
CCN - Aerodrome launches Slipstream2023-08-28, launched on Base with no VC/pre-sale
CoinGecko Learn - What is Aerodrome FinanceHow Aerodrome Finance maps onto established TradFi structures, and where it diverges.
Electronic market maker / exchange with a fee-rebate program
Aerodrome Finance
Aerodrome matches buyers and sellers and pays participants who supply liquidity, much as an exchange rebates market makers who post depth.
TradFi analogue
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
Aerodrome Finance
Locking AERO into veAERO resembles holding voting shares that entitle the holder to a stream of income (trading fees and incentives).
TradFi analogue
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.
Alexander Cutler
Co-founder / CEO, Dromos Labs 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.
Dromos Labs
Core developer 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.
Key milestones: launches, upgrades, exploits and governance events.
Aerodrome launches on Base
ExecutedAerodrome went live on the Base network as a ve(3,3) Solidly/Velodrome V2 fork, with no pre-sale or VC allocation. Initial AERO supply was largely airdropped to veVELO lockers on Optimism.
SourceSlipstream concentrated-liquidity launch
ExecutedAerodrome launched Slipstream, its Uniswap V3-style concentrated-liquidity AMM, sharply increasing capital efficiency and helping push Aerodrome's Base DEX market share to roughly 63%.
SourceDromos Labs formation announced
ExecutedCo-founder Alexander Cutler announced the formation of Dromos Labs, the core development company behind the MetaDEX model used by Aerodrome and Velodrome, ending years of team pseudonymity.
Source'Aero' unified DEX unveiled; Aerodrome/Velodrome merger
ExecutedDromos Labs unveiled Aero, merging Aerodrome and Velodrome into a single DEX with a new MetaDEX architecture and planned Ethereum expansion in Q2 2026.
SourceAerodrome is the leading decentralized exchange and central liquidity marketplace on Coinbase's Base network. It is a ve(3,3) Solidly-fork AMM that combines vAMM/sAMM pools, the Slipstream concentrated-liquidity engine, and a vote-escrow (veAERO) emissions-and-incentives flywheel.
Aerodrome was launched on August 28, 2023 by the team behind Velodrome (Optimism's leading DEX), which later publicly organized as Dromos Labs. The team operated pseudonymously until revealing its identities in late 2025; CEO Alexander Cutler announced the formation of Dromos Labs in October 2025.
veAERO is a vote-escrow NFT created by locking AERO for up to four years. Each weekly epoch, veAERO holders vote on which pools receive AERO emissions and, in return, receive 100% of the trading fees and incentives generated by the pools they vote for.
Slipstream is Aerodrome's concentrated-liquidity AMM, inspired by Uniswap V3, launched in April 2024. It lets liquidity providers concentrate capital in custom price ranges for greater efficiency while still earning AERO emissions and trading fees.
Aerodrome is the dominant DEX on Base, Coinbase's Layer-2. It is closely aligned with the Base ecosystem: in February 2024 the Base Ecosystem Fund (managed by Coinbase Ventures) market-acquired an AERO position and locks veAERO to direct emissions toward strategic pools such as cbBTC. Coinbase does not own or control the protocol.
No. Aerodrome launched with no pre-sale and no private-investor allocation. A large share of the initial AERO supply was airdropped to veVELO lockers on Velodrome/Optimism, and the team's tokens are locked as veAERO rather than liquid.
