AERO token climbs 48% ahead of Velodrome merger
Aerodrome's AERO token rose roughly 48% over 30 days, beating Bitcoin and Ether. The Base-based DEX is set to merge with Velodrome on Oct. 21, 2026, forming a new protocol called Aero. The combined TVL was about $422 million as of Oct. 9, with Aerodrome stakeholders receiving 94.5% of new supply.
Aerodrome began on Base in August 2023 and grew into a major liquidity venue there. Its planned combination with Velodrome was first announced in November 2025, originally slated for the second quarter of 2026 before slipping to October 21. At that point, the two protocols’ pooled TVL was roughly $422 million, with Aerodrome alone accounting for about $393 million.
Under the conversion, AERO becomes new AERO one-for-one, while VELO holders get about 0.044 new AERO each. Aerodrome stakeholders receive 94.5% of the new supply; Velodrome stakeholders get 5.5%. Legacy emissions end, and sAERO holders are set to receive continuous rewards instead of weekly votes, with the full revenue stream routed to participants.
The merger could reshape incentives for traders and liquidity providers on Base and other EVM chains. If liquidity consolidates, users may see deeper markets and different fee or reward dynamics, while governance influence shifts toward Aerodrome participants. It may also draw more attention to token migrations and cross-chain DeFi, though outcomes depend on execution and adoption.