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Aerodrome (veAERO)

Aerodrome is Base's largest DEX by TVL, built on the ve(3,3) model. veAERO holders direct AERO emissions to liquidity pools and earn trading fees, bribes, and rebases in return.

What is veAERO?​

When you lock AERO tokens, you receive a veAERO NFT representing your locked position. This grants:

  • Voting power to direct AERO emissions to liquidity pools
  • Trading fees from pools you vote for (proportional to your votes)
  • Bribes from protocols competing for your votes
  • Rebases to maintain your share of voting power against inflation

Lock periods range from 1 week to 4 years, with permanent locks available for maximum voting power.

What Makes Aerodrome Different​

  • Largest Base DEX - Highest TVL and trading volume on Base
  • Deep bribe market - Dozens of protocols actively compete for veAERO votes each epoch
  • Boosted LP rewards - veAERO holders can boost their own liquidity positions
  • Established ecosystem - Mature protocol with proven tokenomics

Voting Power Decay​

Voting power decays linearly toward your lock end date. A 4-year lock starts at full power; a 1-year lock starts at ~25% power. Permanent locks maintain maximum power forever.

Example with 1,000 AERO locked:

  • 1 week lock: ~19 veAERO voting power
  • 1 year lock: ~250 veAERO voting power
  • 4 year / permanent lock: ~1,000 veAERO voting power

Discounts and Fees​

Discounts change with Aerodrome's token price, market demand, and lock duration; live average and best discounts are on the veX analytics page. veX charges 1% on Aerodrome sales, paid by the seller only.

Things to Know​

Rebases transfer with the NFT. When you buy veAERO, any unclaimed rebases come with it. Check for accumulated rebases before buying - they can add meaningful extra value.

Active management matters. veAERO requires weekly voting for optimal returns. Missing an epoch means missing that week's fees and bribes. If you can't vote weekly, consider this before buying.

Epoch flips on Thursdays. New voting periods start each Thursday. More listings tend to appear around epoch flips, and buying before Thursday lets you vote immediately.

Delist Before Merging

If you merge a listed veAERO with another position, the listing stays active at the original price but now includes the combined amount. Always delist first, then merge, then relist.

How do I sell a locked veAERO position?​

You can sell a locked veAERO position on veX without waiting for the lock to expire. The buyer takes over the locked AERO and the remaining lock time.

Connect the wallet holding the veAERO and open your veX dashboard. The position appears under Positions, where you can list it. Set a price, or set a discount to the locked value and let veX work out the price. You approve the NFT once, then confirm the listing.

That approval only lets the marketplace move the NFT when someone buys it. veX is non-custodial, so the position stays in your wallet, keeps earning and voting, and you can delist whenever you want. veX charges 1% on Aerodrome sales, paid by the seller.

What is a locked veAERO position worth?​

A veAERO position usually sells for less than the AERO locked inside it, because the buyer is taking on the rest of the lock. The seller chooses that discount.

Live Aerodrome discounts are on the veX analytics page.

Contracts​

  • veAERO contract: 0xeBf418Fe2512e7E6bd9b87a8F0f294aCDC67e6B4
  • AERO contract: 0x940181a94A35A4569E4529A3CDfB74e38FD98631

These render from the live veX registry:

Browse Aerodrome listings on veX