Aerodrome Dominates Base Network with Over $1B in Deposits

Aerodrome now accounts for over half of Base’s $2 billion total value locked.

Aerodrome processed $9.02 billion in trades last month, rivalling top Solana DEXs.

ork’s TVL has surpassed $2 billion, more than five times what it was at the beginning of 2024. However, the hands of Aerodrome, a decentralized exchange (DEX), have been clearly behind this growth that has been nothing short of remarkable.

Aerodrome has become quite a dominant force in the DeFi ecosystem on Base. It is the largest DEX on the network and accounts for almost half of Base’s TVL. The exchange has contributed over $1 billion in deposits, marking a notable increase from just $120 million deposit base in January.

Aerodrome: Origin and How It Became the Driving Force behind Base Network

Aerodrome’s success can be traced to its origins. At least, for the major part. It was launched in September 2023 as a forked version of Velodrome, a DEX on the OP Mainnet developed by Velodrome Finance.

Both Aerodrome and Velodrome use the ve(3,3) design by Andre Cronje, which rewards users through vote-escrowed governance.

Now, this system encourages users to stake Aerodrome’s AERO governance token to receive veAERO. Ultimately, holders of the veAERO may then earn a share of protocol fees.