Aerodrome, a decentralized exchange, has achieved a remarkable milestone by surpassing $1 billion in deposits. This achievement has solidified its position as a dominant player in the DeFi ecosystem on the Base network, which has reached a total value locked (TVL) of $2 billion.
Since January, Aerodrome's deposits have skyrocketed from $120 million to over $1 billion, accounting for almost half of the total TVL on Base. In the DeFi landscape, it now represents more than 50% of the total TVL.
According to DeFiLlama data, Aerodrome stands as the largest decentralized exchange protocol on Base, not only in terms of total value locked but also in volume and fees. It has outperformed other well-known DeFi protocols such as Uniswap and Aave.
The Block’s data dashboard reveals that Aerodrome processed $9.02 billion in on-chain swap volume last month, placing it alongside Solana DEXs like Orca and Raydium. However, it still trails behind other top exchanges like Uniswap and PancakeSwap.
Developed as a fork by the team at Velodrome Finance in September 2023, Aerodrome has since facilitated a significant portion of on-chain swaps on Base, mirroring its strategy on the OP Mainnet.
The protocol incentivizes users to stake the AERO governance token for veAERO, allowing them to share in protocol fees based on their voting power. Aerodrome and Velodrome are both forks of Solidly, utilizing the innovative ve (3,3) design by Andre Cronje.
Disclaimer: The Block is an independent media outlet dedicated to delivering news and data. As of November 2023, Foresight Ventures is a majority investor in The Block. This article is for informational purposes only and should not be considered as legal, tax, or investment advice.
