DeFi 5 min read· intermediate
Aerodrome
The largest DEX on Base — concentrated liquidity meets ve(3,3) tokenomics.
Type
AMM + concentrated liquidity
Token
AERO
Inspired by
Velodrome
The one-liner
Aerodrome is the central liquidity hub of Base. It combines the capital efficiency of Uniswap V3-style concentrated liquidity with the ve(3,3) governance model where token lockers direct emissions.
Why it dominates Base TVL
Aerodrome routes the majority of Base swap volume. Protocols compete by bribing veAERO holders to vote emissions to their pool — meaning Aerodrome is also a marketplace for liquidity.
- Vote-escrow: lock AERO → veAERO → vote on weekly emissions
- Bribes: projects pay veAERO holders to direct rewards to their pool
- Concentrated liquidity (Slipstream) for major pairs
- Stable pools for stablecoin/stablecoin pairs
How users interact
Most users just use Aerodrome as a swap aggregator front-end. LPs deposit into pools to earn AERO emissions. Power users lock AERO to veAERO to vote and harvest bribes.
Resources
Just read this. Now test it.
Take a quick quiz on this category — 10 questions, 5 seconds each.
Play DeFi round