Aerodrome is the trading and liquidity hub of Base. As the network's leading decentralized exchange (DEX), Aerodrome provides high-efficiency execution for traders, sustainable rewards for liquidity providers, and the most effective infrastructure for bootstrapping and growing liquid markets onchain.

Aerodrome launched on August 28, 2023, without VC backing or token sales. The protocol operates as a zero-leak economy: 100% of the revenue it generates is distributed to the participants who power it.

Aerodrome has no centralized servers or dependencies and runs on immutable smart contracts that were audited by Spearbit and ChainSecurity teams.

In 2026, Aerodrome will merge with Velodrome—the leading DEX on the Optimism Superchain—to become Aero: the unified liquidity layer for all of Ethereum operating on MetaDEX03.

Aerodrome is built around a native token, AERO, that serves two functions:

AERO (liquid form) is distributed as rewards to liquidity providers veAERO (locked form) directs AERO rewards and represents a claim on future exchange revenue

How the system works, at a glance:

AERO tokens are minted each week These tokens are streamed to liquidity pools to compensate LPs who prefer a more predictable stream of AERO rewards over a volatile stream of swap fees The amount of AERO streaming to each pool is determined by veAERO holders (token operators) who vote for the pools based upon the fees that accrued to the pools over the course of the prior week In return for their votes, veAERO token operators earn a share of exchange revenue that’s accrued to the pools they vote for Additionally, to attract votes toward specific pools, any user can deposit voting incentives that are paid to token operators who vote for those pools (a key ingredient in bootstrapping liquidity for new tokens) Anyone can become a token operator by “locking” their AERO to create veAERO