Aerodrome Review
DEX / AMM · Official site ↗
By DifiCalc Research Team · Published Sep 20, 2026 Data verified Sep 20, 2026 via DeFiLlama
Base's liquidity engine — a ve(3,3) MetaDEX with stable, volatile and concentrated liquidity
Best for: Active Base LPs and protocols that want emissions, bribes and concentrated liquidity in one place
Risk Assessment
Aerodrome is the dominant DEX on Base with roughly $1B TVL (estimates range $0.5-1.4B across data providers) and over $238B cumulative volume, running the Velodrome V2 codebase audited by Spearbit and Code4rena. Rated A- rather than A because of single-chain dependence on Base, headline LP yields leaning on AERO emissions, and a DNS hijack in November 2025 (no funds were lost).
Fees
| Pool Fee | 0.05% stable pairs, 0.30% volatile pairs; variable on Slipstream |
| Gauge Emissions | AERO emissions are directed weekly by veAERO voters; 100% of trading fees go to voters |
Top Markets
| Asset | Type | Utilization | 30d APY |
|---|---|---|---|
| USDC/USDT | lp | — | 5.4% |
| AERO/USDC | lp | — | 12.5% |
| wstETH/ETH | lp | — | 3.6% |
| cbETH/ETH | lp | — | 3.2% |
Strengths
- ✓Dominant DEX on Base with the deepest pool selection and 100+ onboarded partners
- ✓Three AMM designs in one protocol: stable, volatile v2-style and concentrated Slipstream
- ✓100% of trading fees flow to veAERO voters, who also collect external bribes
- ✓Battle-tested codebase forked from Velodrome V2 and audited by Spearbit and Code4rena
Weaknesses & Risks
- !Single-chain dependence on Base, with broader reach arriving only after the 2026 Aero merger
- !Headline LP yields rely on AERO emissions whose dollar value is volatile
- !ve(3,3) voting and locking mechanics are complex for casual users
Compare Aerodrome with alternatives
Aerodrome FAQ
What is Aerodrome?
Aerodrome is a decentralized exchange (DEX), founded in 2023, live on base, optimism. Base's liquidity engine — a ve(3,3) MetaDEX with stable, volatile and concentrated liquidity
What APY can I earn on Aerodrome?
Current yields typically range from 3% to 50% APY, with a typical rate around 9%. APY varies with market conditions, utilization and token emissions — always verify live rates before depositing.
Is Aerodrome safe?
DifiCalc risk grade: A-. Aerodrome is the dominant DEX on Base with roughly $1B TVL (estimates range $0.5-1.4B across data providers) and over $238B cumulative volume, running the Velodrome V2 codebase audited by Spearbit and Code4rena. Rated A- rather than A because of single-chain dependence on Base, headline LP yields leaning on AERO emissions, and a DNS hijack in November 2025 (no funds were lost). Audits: Spearbit, Code4rena. As with all DeFi, smart-contract and market risk remains — never deposit more than you can afford to lose.
What fees does Aerodrome charge?
Pool Fee: 0.05% stable pairs, 0.30% volatile pairs; variable on Slipstream. Gauge Emissions: AERO emissions are directed weekly by veAERO voters; 100% of trading fees go to voters.
Run the numbers yourself
Model a real Aerodrome position with our free yield calculator — no signup.
Information last reviewed in 2026. APY figures are indicative ranges from protocol data and may differ from live rates. This page is for informational purposes only and is not financial advice.