Aerodrome dominates Base DEX trading for tokenized stocks with $1.9B in 90-day volume.
DeFi & Yields ·
Aerodrome has recorded $1.9 billion in 90-day trading volume for tokenized stocks on the Base blockchain, establishing itself as the dominant decentralized exchange for this asset class. The protocol, built on a vote-escrowed tokenomics model, routes protocol revenue to long-term AERO token holders rather than temporary liquidity providers, creating incentive alignment through time-weighted governance.
Since its August 2023 launch, Aerodrome inherited infrastructure from Solidly and Velodrome Finance, using a reflexive mechanism where trading fees flow to veAERO holders who lock tokens for up to four years in exchange for voting rights over weekly liquidity pool emissions. This design ties voting power directly to fee capture, rewarding those who support pools that generate sustainable trading activity. Aerodrome achieved and has maintained the position of largest DEX on Base by total value locked.
The sustainability of this model remains a central question, particularly as the protocol relies on continuous AERO emissions to attract external liquidity providers. An Ethereum expansion and planned merger with Velodrome in July signal growth ambitions, but reducing reliance on subsidy-driven liquidity will be critical to long-term viability.