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AERO

Aero (Aerodrome + Velodrome) · MetaDEX on Base and six other chains (merged Aerodrome + Velodrome)

43 /100
T5Impaired · #55 of 77
Cash flow routeCould move up ↑low likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
24 of 4512 of 407 of 15

Key facts

SupplyFloat 42% of issued supply
  • Circulating 848.0M, 42%
  • Locked or unvested 1.16B, 58%
  • No cap: supply can keep growing, see Supply discipline
FDV / market cap
2.4x
$1.5B / $618.3M
Market cap
$618.3M
Price $0.729, 7d −16.8%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Aero's engine is cash flow: since the Oct 22, 2026 merger of Aerodrome and Velodrome, 100% of pool revenue from LPs who take AERO rewards goes to sAERO stakers, about $87.7M over the trailing year, with Q3 2026 up to $24.2M from $16.1M. Distribution is clean: no VC or sale, ~17% to team, foundation and grants, and 69% through gauge emissions. Pools and voting escrow inherit non-upgradeable code, but the merged system is days old. What holds it back is supply: there is no hard cap, and the operator Safe can move emissions toward a 20%/yr ceiling, plus a 5% team share, without a holder vote.

How value reaches holders

Since the Oct 22, 2026 merger of Aerodrome and Velodrome into Aero (7 chains; AERO upgrades 1:1, VELO at ~0.044), sAERO stakers receive 100% of pool revenue (fees from LPs who take AERO rewards, an unstaked-fee cut of 0-5% by chain, launch payments). Holder revenue ~$87.7M over the trailing year (Q3 2026 $24.2M vs Q2 $16.1M). Emissions follow revenue-capped per-pool limits under a 20%/yr on-chain ceiling plus a 5% team share

Score anatomy

Demand

24 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
4

Since the Oct 22, 2026 merger, 100% of pool revenue goes to sAERO stakers, but only fees from LPs who take AERO rewards (plus a 0-5% cut of unstaked fees) are routed; ~75% of fees reached holders in the last 90 days, and the new system is days old

Plumbing at 50%+, or 100% via contract but governance-revocableHow this is scored

Revenue reality engine input
3

~$87.7M of holder revenue over the trailing year (DefiLlama, to Oct 19, 2026); Q3 2026 $24.2M, up from $16.1M in Q2

$25-100M/yrHow this is scored

Monetary usage engine input
0

sAERO staking and voting only; ~$2M of AERO posted at third-party Base lenders (Moonwell, Morpho, Euler).

Trading onlyhigh confidenceHow this is scored

Adoption ×3
3

Aero did $171B volume TTM (5% share, #4 DEX, #1 on Base), -33% vs market -31%, 6% of the last 30 days; fees $129M TTM down 58% YoY

Established: a meaningful, steady share of its categorymedium confidenceHow this is scored

Two routes, the stronger counts

0123452.50cash flowmoney
Revenue 3, minus 0.5 for routing 4 = cash flow 2.5. Money use 0. The engine is the stronger route: 2.5.

Soundness

12 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
0

No hard cap: the minter's on-chain ceiling is 20%/yr of launch supply plus a 5% team share, and an operator Safe can move the rate toward it without a holder vote (~8-12% expected).

Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancemedium confidenceHow this is scored

Float and unlocks ×1
4

Most non-circulating AERO is user-staked sAERO (former veAERO locks), not insider vesting; the new token and merger split are days old (Oct 22, 2026).

Small tails only, or 85%+ of supply liquidlow confidenceHow this is scored

Distribution ×2
2

No VC or sale: team/foundation 7.8%, ecosystem pairs and public goods 4.8%, protocol grants 2.3%, voter incentives 1.8% (~17%); 69% via gauge emissions, plus a 5% team mint on emissions since Oct 2026

Insiders received 10-25%, or one organization directs 3-10%medium confidenceHow this is scored

Decentralization and security ×2
2

Capped by Base (Stage 1, 2): the Velodrome v2 lineage keeps pools and voting escrow non-upgradeable, but the merged system launched Oct 22, 2026 is days old and its operator Safe powers are not yet verified

Attack cost $10-100M, an unexploited soundness bug in the last 24 months, or upgrades by a security council or governance with under a 7-day exit windowlow confidenceHow this is scored

Durability

7 / 15

Is it big, proven and reachable by institutions?

Scale ×1
3

$645.4M market cap (band 3), $56.4M/day median volume (band 4), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1
2

Counted from AERO's Aug 28, 2023 launch (3.2 years), carried through the 1:1 upgrade into the merged Aero token on Oct 22, 2026.

3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearsmedium confidenceHow this is scored

Institutional access ×1
2

Valour Aerodrome ETP in Europe (pre-merger token); spot on Binance, Coinbase, Kraken, Bybit and Upbit.

OTC trust, non-US product, or a pending US filingmedium confidenceHow this is scored

What would move it up

To reach T4 Speculative, one gate is still open:

  • Supply 0needs 1(open)

Tier outlook · next trigger Nov 19, 2026

Could move up ↑low likelihood

  • Supply rises off 0 if the operator Safe's emission ceiling is cut to 15%/yr or below, or moved behind a holder vote
  • Supply evidence: minted issuance over the four weeks to Nov 19, 2026 against the ~8-12% estimate and the 20% ceiling
  • Holder routing holds at 4 only while most fees reach sAERO as LPs choose between fees and AERO rewards (~75% over the last 90 days)
  • Revenue holds the $25-100M band if the Q3 2026 pace of $24.2M a quarter holds

Compare with

How the ranking works and how AERO compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=AERO