Aerodrome has become the dominant decentralized exchange for Coinbase-issued tokenized stocks on Base, capturing more than three-quarters of trading activity for the assets over the past 30 days. The concentration positions Aerodrome as the primary liquidity venue for this emerging segment of tokenized equities on the Layer 2 network.
According to data published by analytics firm Token Terminal, Coinbase-issued stock tokens generated $227.7 million in DEX volume on Base during the period. Aerodrome handled approximately $176 million, equivalent to about 77% of total trading volume, while Uniswap v4 ranked second with $45.4 million.
Coinbase-issued stock tokens generated $227.7 million in DEX trading volume on Base over the past 30 days, with daily volume peaking above $33 million
Aerodrome accounted for $176.0 million, or 77% of the total, followed by Uniswap v4 with $45.4 million pic.twitter.com/VftXoK8H1H
— Token Terminal đź“Š (@tokenterminal) September 2, 2026
Aerodrome Captures Most Tokenized Stock Volume
The figures show that trading activity is heavily concentrated rather than evenly distributed across Base’s decentralized exchanges. Aerodrome processed nearly four times the tokenized stock volume recorded by Uniswap v4, giving it a substantial lead within this particular market segment.
Token Terminal also reported that daily trading volume for Coinbase-issued stock tokens exceeded $33 million at its peak during the tracked period. The spike demonstrates that tokenized equities are generating measurable onchain turnover, although individual high-volume sessions do not necessarily indicate that activity will remain at those levels over time.
Aerodrome’s market share also reflects where liquidity for these assets is currently concentrated. In decentralized markets, deeper liquidity can attract additional order flow because traders typically seek venues offering more efficient execution. The existing concentration may therefore reinforce Aerodrome’s position as long as its pools continue attracting both liquidity providers and traders.
Base Tokenized Equities Remain Concentrated
The data provides a snapshot of market structure rather than a broader measure of tokenized stock adoption. The $227.7 million figure represents DEX activity for Coinbase-issued stock tokens on Base, not total tokenized equity trading across blockchain networks or centralized platforms.
Uniswap v4’s $45.4 million in volume shows that competing infrastructure is already handling a meaningful portion of activity, but the gap remains significant. More than three out of every four dollars of tracked DEX volume currently flows through Aerodrome, leaving the market dependent on a relatively narrow set of liquidity venues.
For Base, the activity demonstrates that tokenized securities can generate meaningful decentralized trading volume when liquidity is available. The next test will be whether trading broadens across additional venues and assets or remains concentrated around Aerodrome’s pools, which would determine whether the market develops a more distributed liquidity structure over time.
