Aerodrome

**Major Milestones** - Aerodrome's Public Goods Fund reached **180M AERO** in total buybacks and locks across all initiatives - **Tron network** integrated with Base, expanding cross-chain capabilities - Nearly **50% of AERO supply** now locked with average duration of 3.7 years **Liquidity & Governance** The protocol maintains strong holder commitment with 94% of locks set to auto-max and over 15,000 veAERO holders. To date, $457M+ has been distributed to voters. **Market Performance** Slipstream LP rewards continue showing competitive yields, with select pairs offering triple-digit APRs. The platform has become the dominant venue for cbAssets and FX trading on Base. Alex Cutler discussed the protocol's development on the Cointelegraph podcast, while the upcoming Momentum Fund prepares to launch.

Aerodrome Finance, currently Base's central liquidity hub, is expanding to route all liquidity across Ethereum through a single platform. **Key Development:** - The protocol aims to consolidate fragmented liquidity across Ethereum's ecosystem - Builds on Aerodrome's existing infrastructure as Base's primary AMM - Follows their January announcement about putting "all liquidity to work" **Technical Foundation:** - Uses a liquidity incentive engine combined with vote-lock governance - NFT holders vote on token emission distribution - Inherits features from Velodrome V2 The move addresses Ethereum's liquidity fragmentation problem by creating a unified routing system. Timeline indicated as "Soon" without specific launch date.

Token Terminal has published Aerodrome Finance's Q4 report, detailing the protocol's performance across several key areas. **Key metrics covered:** - Revenue generation - Trading fees collected - Total trading volume - Additional operational metrics The report provides a comprehensive look at Aerodrome's performance as Base's central liquidity hub. This follows the protocol's recent milestone of reaching $60 billion in cumulative trading volume in November 2024. Aerodrome operates as an automated market maker (AMM) that uses a vote-lock governance model, allowing NFT holders to direct token emissions while earning protocol fees and incentives. [View the full Q4 report](https://tokenterminal.com)

**OpenVPP ($OVPP) has moved its protocol-owned liquidity to Aerodrome**, joining other protocols like LMTS and FLOCK in this migration. **Key benefits of the move:** - Protocols can earn fees on their liquidity - Ability to stake liquidity for maximum earnings - Access to top trading pools by volume on Base network The migration follows a pattern of protocols choosing Aerodrome as their liquidity hub on Base. Users can now swap and provide liquidity for $OVPP on the platform.

**MUSD**, the stablecoin from Mezo Network, has launched on Base through [Aerodrome Finance](https://aerodrome.finance). **Key Details:** - The MUSD-USDC liquidity pool is now live on Aerodrome - Pool is eligible to receive $AERO token emissions - Incentives are active for liquidity providers - veAERO voters currently earning approximately 800% APY - Voting period ends Wednesday at 23:59 UTC The integration positions MUSD within Base's central liquidity hub, allowing users to deposit and provide liquidity while earning emissions through Aerodrome's incentive mechanism.

Aerodrome Finance reports achieving 5x capital efficiency for ETH liquidity on Base compared to previous performance. The platform maintains the same trading volumes while requiring less capital locked in liquidity pools. **Key Points:** - Same trading volumes with 5x improved capital efficiency - Enhanced ETH liquidity utilization on Base network - Builds on previous performance showing $10B more volume in top ETH pool vs Ethereum mainnet The improvement suggests liquidity providers can earn similar returns while deploying less capital, or potentially higher returns with the same capital deployment.

Ethereum is moving toward a unified liquidity layer that would eliminate the need for users to track which chain their tokens are on or where to find the best liquidity. **Key Development:** - Users would simply open a DEX interface to trade, with cross-chain complexities handled automatically in the background - The concept builds on earlier discussions about DeFi needing unified liquidity rather than more fragmented chains **What This Means:** The unified layer would streamline the trading experience by abstracting away the technical complexity of multiple chains and liquidity pools. Instead of manually bridging assets or searching for optimal liquidity across different networks, traders could access aggregated liquidity through a single interface. This represents a shift toward better user experience in decentralized trading, addressing one of DeFi's persistent friction points.

The Aerodrome Protocol Growth Fund (PGF) has purchased and max-locked 825,000 AERO tokens through its market-aware buyback program. **Key figures:** - 825K AERO acquired and locked in latest buyback - ~70M AERO total acquired and locked over the past year - Tokens secured through PGF, Flight School, and Relay programs The protocol continues its systematic token acquisition strategy, with the upcoming Momentum Fund launch on the horizon. These buybacks reduce circulating supply by permanently locking tokens, a mechanism designed to support long-term protocol sustainability.

Aerodrome Finance has released its latest Slipstream liquidity provider rewards for March 6, 2026, with several pools offering triple-digit annual percentage rates. **Top Performing Pools:** - WETH-FAI: ~1,241% APR - WETH-GIZA: ~659% APR - USDC-wtCOIN: ~577% APR - WETH-BNKR: ~372% APR - WETH-VVV: ~347% APR - WETH-AERO: ~237% APR These rewards are available to liquidity providers who deposit assets into the corresponding pools on Base network. The rates represent the current incentive structure designed to attract liquidity to Aerodrome's AMM platform. [Deposit liquidity](link)

**Aerodrome's Revenue Performance** Aerodrome has secured the #5 position in revenue generation across all onchain protocols over the past year, ranking behind only Ethereum and Solana. The MetaDEX continues to demonstrate strong performance metrics: - Distributed $450M in revenue to voters - Achieved 82% more volume than the next best DEX on Base - Processed over $1.22B in 24-hour volume - Captured $7.5B in FX volume across 16 stablecoins **Recent Developments** - Launched institutional-grade Autopilot automation - Integrated with Coinbase for immediate trading access - Demonstrated 10x capital efficiency on $BNKR pools compared to competitors - Saw $13B in AI pool volume, representing a 300%+ increase from 2024 **Expansion Plans** The protocol announced plans to expand to Ethereum mainnet, where over half of all $EURC supply exists. Despite holding only 0.3% of total $EURC supply, Aerodrome already supports nearly as much Euro stable volume as all other DEXs combined. The Protocol Growth Fund has acquired and locked 856K $AERO through programmatic buybacks, with over 160M $AERO locked to date.