Aerodrome Finance is a decentralized Crypto Exchange (DEX) that operates on the Basic Network and achieved the highest trading volume among DEXs on this ecosystem in 2025. The goal of the protocol is to organize the various automated market making (AMM) models into a single, unified trading infrastructure, while placing liquidity and incentives under community control.
Aerodrome is not a traditional decentralized exchange. The central element of the system is the so-called ve(3,3) tokenomics, which rewards long-term commitment and active management, rather than short-term liquidity deployment.
How does Aerodrome work?
The Airport it combines different AMM models within one platform. The classic Uniswap V2 type constant multiple model ensures simple and reliable trading, while Curve’s StableSwap is used for efficient exchange of stablecoins and other low-volatility assets. In addition, the logic of concentrated liquidity is also available, allowing liquidity providers to deploy their capital in a narrower exchange rate band, thereby improving capital efficiency.
One of the key features of the system is that 100 percent of trading fees do not go directly to LPs, but to users who, by locking their AERO tokens, participate in the management of the protocol as veAERO voters. These voters decide every week which liquidity pools should receive more token issuance, directly shaping the economic operation of the platform.
Role of AERO and veAERO
Aerodrome’s native token is AERO, which is mainly distributed as a reward to liquidity providers. AERO is freely tradable, but the primary use of the protocol is as a lock-in. Users can pledge their tokens for up to four years in exchange for veAERO, which gives them voting rights and a share of trading fees.
veAERO exists in the form of an NFT, which can be transferred and sold on the secondary market. Voters can also take advantage of incentives offered by third-party projects when they cast their votes for the respective pools.
Trading pairs and market coverage
By the end of 2025, Aerodrome offered liquidity for over 270 different tokens, with a total of almost 400 active trading pairs. These include major stablecoin pairs such as pools based on USDC, USDT and DAI, as well as Ethereum-based assets such as WETH and cbETH.
The platform is also particularly strong in Bitcoin-related assets, including WBTC and Coin base cbBTC issued by In addition, Aerodrome is the Base ecosystem’s main liquidity location for newly launched projects, so many newly emerging tokens are also getting a deep market here for the first time.
Wallet support and access
Aerodrome offers a wide range of wallet compatibility. It can be used with MetaMask in desktop and mobile environments, supports Ledger hardware wallets via MetaMask, and works with Rabby Wallet and the WalletConnect protocol.
A notable development is that both the Coinbase Wallet and the main Coinbase app offer direct access to Aerodrome. This allows users to conduct DEX transactions directly within the Coinbase app without connecting a separate external wallet.
Who is behind Aerodrome?
Aerodrome’s development team previously created the Velodrome protocol operating on the Optimism network, which became dominant based on a similar model. The team is led by Alexander Cutler and the project is closely tied to the Base ecosystem, which is supported by Coinbase.
Coinbase-affiliated Base Ecosystem Fund has invested in the AERO token and Coinbase Ventures is actively involved in managing the protocol through locked tokens. It is important to note that the Aerodrome Foundation token pool is locked and the team does not have an allocation that can be sold immediately.
Summary
In 2025, Aerodrome Finance not only became the leading decentralized exchange of the Base network, but also became one of the DEXs with the largest trading volume in the entire Ethereum Layer 2 ecosystem. Its architecture that integrates multiple AMM models, active community management and a close relationship with the Coinbase ecosystem have created an infrastructure that can play a decisive role in the next phase of decentralized trading.
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