DeFi20: Aerodrome

A deep dive into Aerodrome's position in the Base DEX landscape — volume/fee/revenue share, top pools by TVL and yield, and veAERO fee-capture mechanics that route staked-LP swap fees to lockers. Figures below combine all Aerodrome deployments (V1 + Slipstream + Ignition).

Aerodrome's (all deployments combined) share of total SPOT DEX volume, fees, and revenue over the trailing year — computed as Aerodrome's protocol-level flow divided by the spot-DEX category total each day (excludes derivatives/perps and aggregator volume).

The absolute figures behind the share charts above — Aerodrome's monthly volume, fees, and revenue in USD terms, unnormalized by category totals, aggregated across all Aerodrome deployments since launch.

Daily DEX volume divided by TVL — a proxy for how hard Aerodrome's liquidity (across all deployments) is working.

Aerodrome's ve(3,3) model routes swap fees earned by staked LPs to veAERO lockers via weekly distribution — this is Aerodrome's Revenue metric (staked-LP fee share plus external bribes), shown below across the combined Aerodrome family (V1 + Slipstream + Ignition), not any single deployment.

Approximated as reported market cap ÷ price (CoinGecko-style methodology) — treat as directional, not exact, since circulating-supply classification can shift over time and early pre-liquidity days show zero/noisy readings.