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
Typical Discounts
| Lock Remaining | Typical Discount |
|---|---|
| Under 3 months | 5–10% |
| 3–12 months | 10–25% |
| 1–4 years | 20–35% |
| Permanent | 30–45% |
Discounts fluctuate with AERO price, bribe activity, and market demand. Check current listings for real-time pricing.
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.
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.