Aerodrome Captures 53% of Base DEX Volume

Aerodrome is processing more than half of decentralized exchange trading on Base as the protocol approaches its planned consolidation with Velodrome into the multichain Aero platform. Aerodrome handled approximately $15.61 billion of Base’s $29.60 billion in DEX volume over the latest 30-day window, giving it roughly 52.7% of network activity.

According to DefiLlama’s Base DEX dashboard, Uniswap ranked second with approximately $7.86 billion, followed by PancakeSwap at roughly $2.96 billion. Aerodrome therefore processed about twice the volume of its nearest competitor during the measured period, although rolling 30-day figures change continuously as older trading sessions leave the window.

The lead extends beyond one product segment. Aerodrome has already captured a particularly large share of Base’s emerging tokenized-equity market, previously reaching approximately 81% of tracked Coinbase-issued stock-token volume. That concentration indicates where execution liquidity currently resides, but trading volume does not measure unique users, net capital inflows or liquidity owned by the protocol.

Fee Revenue Flows Through the veAERO Model

Aerodrome generated approximately $11.72 million in user fees over the latest 30 days, with about $7.85 million classified by DefiLlama as protocol and holder revenue. Those two figures are not interchangeable because not every swap fee ultimately flows to veAERO holders.

Under Aerodrome’s “zero-leak” design, fees generated by staked liquidity are routed to veAERO voters associated with the relevant pools. Liquidity providers that stake eligible positions generally receive AERO emissions instead of retaining those swap fees, while unstaked positions can keep fees directly, subject to the mechanics of the particular pool.

Aerodrome distributed approximately $13.3 million in token incentives over the same 30-day period. Fee revenue and AERO emissions therefore represent different sides of the protocol’s incentive system: trading produces revenue, while token issuance is used to attract liquidity toward pools selected through governance.

The model has supported substantial activity before the latest snapshot. Earlier this month, Aerodrome was already processing more than $4 billion in weekly DEX volume, while its concentrated-liquidity infrastructure has also handled billions of dollars in euro stablecoin trading. The current 52.7% Base share therefore reflects activity across multiple market categories rather than dependence on a single trading pair.

Aerodrome Prepares to Merge Into Aero

Aerodrome’s current market position comes immediately before a major structural transition. Aerodrome and Optimism-based Velodrome are scheduled to merge into Aero at 8 p.m. ET on October 21, corresponding to 00:00 UTC on October 22. Existing AERO will convert 1:1 into the new AERO, while VELO will convert at approximately 0.044 AERO per token.

Aerodrome documentation describes the existing protocol as Base’s principal liquidity hub, with AERO emissions directed toward LPs and veAERO positions controlling reward allocation and receiving exchange revenue. On-chain data from early October showed roughly 1.05 billion AERO locked, representing slightly more than half of the approximately 2 billion total token supply. A high lock rate reduces immediately liquid AERO but should not be confused with TVL deposited into Aerodrome’s trading pools.

The merger will also make comparisons with historical Aerodrome metrics increasingly difficult because Aero is designed as a broader multichain liquidity system rather than simply a renamed Base DEX. Aerodrome’s current 53% Base market share establishes a strong starting position, but it does not guarantee that the unified Aero platform will reproduce the same liquidity concentration across additional networks.

For now, the measurable result is clear: Aerodrome routes more than half of Base’s current DEX volume while generating millions of dollars in monthly fee revenue through its veAERO-centered liquidity model. The next test comes with the Aero transition, when that Base-native liquidity engine begins operating inside a substantially wider multichain architecture.