Aerodrome Finance
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
$0.5450
+7.8% 24h
Latest data · 15 min delay
Risks identified
- Smart Contract
Aerodrome is a Solidly/Velodrome V2 fork with additional custom code (Slipstream CLMM). Solidly-fork lineage has historically carried subtle accounting bugs, and forked-plus-modified contracts inherit and can introduce vulnerabilities; the Slipstream engine adds concentrated-liquidity complexity to the attack surface.
- Governance
The ve(3,3) model concentrates control in large veAERO lockers who steer emissions and fee flow. Continuous AERO emissions dilute non-lockers, and large aligned holders (e.g., the Base Ecosystem Fund / Coinbase Ventures) can materially influence which pools receive rewards, raising emissions-dilution and vote-centralization concerns.
- Network
Aerodrome's liquidity and activity are almost entirely concentrated on Base, a single Coinbase-operated L2. Base outages, sequencer downtime, bridge issues, or reduced Coinbase support would directly impair the protocol's usability and TVL.
- Systemic
Deep alignment with Coinbase/Base and the incentive/bribe flywheel create reflexive dependence: much liquidity is emissions- and incentive-driven, so a fall in AERO price or a withdrawal of ecosystem support could unwind mercenary liquidity quickly. The planned Aerodrome/Velodrome merger into 'Aero' also introduces migration and execution risk.
- Oracle
Concentrated-liquidity pools and integrating protocols relying on Aerodrome pool prices/TWAPs are exposed to price-manipulation risk in thin or newly created pools, which can propagate to downstream protocols using those pools as a price reference.