Aerodrome Finance and Velodrome Finance have officially merged to form Aero, a decentralized exchange (DEX) designed to operate across multiple blockchains. The new platform launched on October 21, 20Aerodrome Finance and Velodrome Finance have officially merged to form Aero, a decentralized exchange (DEX) designed to operate across multiple blockchains. The new platform launched on October 21, 20

Aerodrome and Velodrome Merge into Aero: Multi-Chain DEX Expands Across 7 Blockchains Targeting $120 Billion in Monthly Trading Volume

#Góc Nhìn Chuyên Gia

AERO$0.6779+0.39%

VELODROME$0.02893-2.29%

VELO$0.003733-1.76%

Tác giả: Nguyen Rin Hoang

2026/10/26 11:38

Aerodrome Finance and Velodrome Finance have officially merged to form Aero, a decentralized exchange (DEX) designed to operate across multiple blockchains. The new platform launched on October 21, 2026, U.S. time, expanding its operations across seven networks: Ethereum, Base, Robinhood Chain, Ink, OP Mainnet, Arc, and Arbitrum.

According to Dromos Labs, the developer behind Aero, these seven blockchains collectively generate approximately $120 billion in monthly DEX trading volume. This figure represents the size of the market Aero aims to serve, not the trading volume generated by Aero itself.

Before the merger, Aerodrome accounted for approximately 58% of DEX trading volume on Base in Q3 2026, while Velodrome held a 60% share on OP Mainnet. Both platforms played important roles in providing liquidity and facilitating asset trading on their respective networks.

The merger also introduces changes to the token structure. Existing AERO and VELO tokens will be converted into a new AERO token, while locked veAERO and veVELO positions will transition to the sAERO system.

This development marks a shift from two blockchain-focused protocols toward a unified multi-chain liquidity platform with integrated governance and reward distribution mechanisms.

Key Takeaways

Aerodrome and Velodrome have merged to form Aero, officially launched on October 21, 2026, U.S. time, under the development of Dromos Labs.

Aero is expanding across seven blockchains: Ethereum, Base, Robinhood Chain, Ink, OP Mainnet, Arc, and Arbitrum.

Combined monthly DEX trading volume across these networks reaches approximately $120 billion, according to project-reported figures. This is not Aero's individual trading volume.

In Q3 2026, Aerodrome captured 58% of DEX trading volume on Base, while Velodrome accounted for 60% on OP Mainnet, according to Dromos Labs.

VELO tokens will be converted into the new AERO token at a ratio of 1 VELO = 0.044 AERO, while existing AERO tokens will migrate at a 1:1 ratio.

Locked veAERO and veVELO positions will transition to sAERO, a new staking mechanism designed to participate in liquidity reward allocation and receive protocol revenue.

AERO's total supply is expected to increase from 2 billion to 2.12 billion tokens following the merger, while circulating supply will rise from approximately 1 billion to 1.07 billion tokens.

Aero introduces Predictive Allocation, Metaswaps, and Slipstream V3 to improve liquidity distribution, cross-chain trading connectivity, and fee management.

What Happened? Aerodrome and Velodrome Officially Merge into Aero

Two Major DEXs on Base and OP Mainnet Become One Platform

On October 21, 2026, Dromos Labs announced the merger of Aerodrome Finance and Velodrome Finance into Aero, a decentralized spot exchange operating across multiple blockchain networks.

Before the merger, Aerodrome focused on providing liquidity and facilitating trading on Base, an Ethereum Layer 2 network developed by Coinbase.

Meanwhile, Velodrome served a similar role on OP Mainnet, a Layer 2 blockchain within the Optimism ecosystem.

Both platforms used liquidity incentive models in which token rewards were distributed to attract liquidity providers to specific trading pairs.

According to Dromos Labs, Aerodrome accounted for 58% of DEX trading volume on Base in Q3 2026, while Velodrome captured 60% on OP Mainnet.

These figures demonstrate that both protocols had established substantial market positions on their respective networks before the merger.

Through Aero, Dromos Labs aims to extend this liquidity model to additional blockchains while unifying ecosystem governance, reward mechanisms, and token economics.

Aero Expands Across Seven Blockchains

Aero has announced its expansion across seven blockchain networks:

Blockchain	Role in Aero's Expansion
Ethereum	Access to assets and liquidity across Ethereum Mainnet
Base	Continuation of Aerodrome's existing ecosystem
OP Mainnet	Inheritance of Velodrome's established market
Arbitrum	Expansion into a major Layer 2 ecosystem
Ink	Access to the blockchain ecosystem developed by Kraken
Robinhood Chain	Expansion into blockchain infrastructure associated with Robinhood
Arc	Access to a blockchain ecosystem focused on financial applications and stablecoins

According to Dromos Labs, these seven blockchains collectively generate approximately $120 billion in monthly DEX trading volume.

This figure reflects the trading activity across the markets Aero intends to serve. It does not mean Aero has already processed $120 billion in transactions or controls most trading activity across all seven networks.

Expanding across multiple blockchains increases the protocol's potential market reach, but its actual market share will depend on liquidity availability, trader participation, and the number of projects joining each network.

AERO and VELO Transition to a Unified Token System

One of the most significant changes introduced by the merger is the consolidation of the two token ecosystems.

Previously, Aerodrome used AERO, while Velodrome used VELO. Following the merger, both ecosystems will adopt the new AERO token.

According to Binance's token upgrade announcement, the conversion mechanisms are as follows:

Existing Asset	Conversion Mechanism
Old AERO	1 old AERO converts to 1 new AERO
VELO	1 VELO converts to 0.044 new AERO
veAERO	Converts into an sAERO position
veVELO	Converts into an sAERO position

For veAERO and veVELO, conversion into sAERO depends on the mechanisms applicable to locked positions. This should not be interpreted as every position being converted at an equal token quantity.

Following the merger, AERO's total supply is expected to increase from 2 billion to 2.12 billion tokens, representing a 6% increase. Circulating supply is also expected to rise from approximately 1 billion to 1.07 billion tokens, according to Binance.

The unified token structure allows Aero to operate a common liquidity incentive and economic governance system across multiple blockchains instead of maintaining two separate tokens.

Aero Introduces New Liquidity Allocation Mechanisms

Beyond consolidating its brand and tokens, Aero has introduced several changes to its protocol design.

Predictive Allocation is a mechanism that allows AERO stakers to help direct liquidity rewards toward markets they expect to generate revenue.

Compared with the previous model of allocating rewards in recurring cycles, the new mechanism aims to enable more flexible adjustments based on expectations of liquidity pool performance.

Metaswaps are designed to connect trading activity across supported blockchains by leveraging existing liquidity on different networks.

Meanwhile, Slipstream V3 introduces dynamic fee mechanisms that adjust trading fees according to market conditions and adds capabilities for capturing maximal extractable value (MEV) on supported Layer 2 networks.

Dromos Labs has also introduced the AER Engine, a system that adjusts token rewards based on the projected revenue of liquidity pools.

These changes aim to improve how Aero attracts liquidity, processes trades, and distributes value to ecosystem participants.

However, the actual effectiveness of these new mechanisms will need to be evaluated through trading activity and revenue generated after deployment.

Background / Context: How Did Aerodrome and Velodrome Develop?

Velodrome Established a Liquidity Model on Optimism

Velodrome was developed on OP Mainnet with the goal of becoming a central liquidity hub for DeFi applications within the Optimism ecosystem.

The protocol adopted a liquidity incentive model combining trading activity, token rewards, and participation in reward allocation decisions.

Projects could use incentives to attract liquidity providers, while governance participants determined how rewards were distributed among pools.

This model helped Velodrome become one of the most important trading protocols on OP Mainnet.

According to Dromos Labs, Velodrome accounted for approximately 60% of total DEX trading volume on the network in Q3 2026.

Aerodrome Expanded the Model to Base

Aerodrome was developed by the team behind Velodrome and launched on Base in 2023.

The platform adopted a similar liquidity incentive model while introducing additional trading and liquidity management tools tailored to the Base ecosystem.

As Base expanded, Aerodrome became one of the network's major venues for trading and liquidity provision.

In Q3 2026, the protocol accounted for approximately 58% of DEX trading volume on Base, according to project-reported figures.

The success of both platforms laid the foundation for Dromos Labs to expand the model across additional blockchains.

From Two Independent Protocols to a Multi-Chain Strategy

Before the merger, Aerodrome and Velodrome shared a development foundation but operated on different blockchains.

This allowed each platform to focus on a specific ecosystem, but it also meant that liquidity, rewards, and tokens were managed through separate systems.

As DeFi activity expands across multiple Layer 2 networks and EVM-compatible blockchains, maintaining independent protocols can lead to fragmented resources and more complicated liquidity coordination.

Aero was created to address these challenges through a unified platform and economic model.

According to Dromos Labs, Aerodrome and Velodrome distributed approximately $578 million in cumulative revenue to token holders before the merger.

This is a cumulative figure reported by the project, not annual revenue or revenue generated by Aero after the merger.

Why It Matters: Why Is the Aero Merger Significant for DeFi?

Aero Aims to Address Liquidity Fragmentation Across Blockchains

One of the major challenges facing the DeFi market is liquidity fragmentation across multiple blockchains.

The same asset may be traded on Ethereum, Base, Arbitrum, and other networks, but liquidity on each blockchain is not necessarily directly connected.

This can require traders to perform additional asset transfers, while projects must establish liquidity across multiple venues.

Aero aims to address part of this problem by providing a multi-chain trading system and tools that leverage liquidity across supported networks.

If Metaswaps performs effectively, users could gain more convenient access to cross-chain liquidity.

However, cross-chain trading still depends on messaging mechanisms, transaction routing, and security infrastructure connecting different networks.

Therefore, unifying the interface and infrastructure does not automatically transform liquidity across all seven blockchains into a single shared pool.

A Unified Token System Could Improve Reward Coordination

Before the merger, AERO and VELO represented two separate liquidity incentive systems.

Following the merger, the new AERO token and sAERO mechanism will operate within a unified economic model.

This could help ecosystem participants allocate resources across multiple blockchains based on the performance of individual markets.

For example, if a liquidity pool on Base is expected to generate more revenue than another pool on OP Mainnet, the reward allocation mechanism could encourage liquidity to move toward the more attractive market.

In theory, this approach could improve reward efficiency and reduce token emissions directed toward markets that fail to generate sufficient trading activity.

However, its effectiveness will depend on forecasting accuracy, staking participant behavior, and the protocol's ability to balance short-term revenue with long-term liquidity requirements.

Aero Expands Competition Beyond Individual Blockchains

Previously, Aerodrome and Velodrome primarily competed within the blockchain ecosystems where each protocol operated.

The merger brings Aero into more competitive markets, including Ethereum and Arbitrum.

In these ecosystems, Aero will have to compete against established DEXs with existing users, liquidity, and integration networks.

Therefore, strong market share on Base or OP Mainnet does not guarantee similar results on newly supported blockchains.

The most notable aspect of Aero's strategy is its ability to apply a common product development and liquidity incentive model across multiple markets.

If successful, Aero could expand revenue and adoption without developing a completely independent protocol for each blockchain.

Impact: Implications for Aero, the AERO Token, and the DeFi Market

Impact on Aero and Its Expansion Potential

The merger allows Dromos Labs to consolidate Aerodrome and Velodrome development into a single platform.

This could reduce fragmentation in product management, technological development, and reward mechanism operations.

At the same time, Aero may gain access to more token-issuing projects and liquidity providers through its presence across seven blockchains.

However, operating across more networks also increases security requirements, smart contract monitoring responsibilities, and the complexity of managing cross-chain issues.

The merger's success will depend on Aero's ability to maintain its existing market share while generating sufficient trading activity on newly supported blockchains.

Impact on AERO and sAERO Tokens

The token merger directly changes AERO's supply structure and ecosystem participation mechanisms.

According to Binance, AERO's total supply will increase from 2 billion to 2.12 billion tokens following the upgrade, while circulating supply will rise from approximately 1 billion to 1.07 billion tokens.

This supply increase is an important consideration when evaluating AERO's post-merger tokenomics.

On the other hand, Dromos Labs has announced a mechanism designed to distribute 100% of Aero's trading revenue to AERO stakers under the protocol's launch structure.

If revenue grows alongside trading volume, the reward distribution system could become more attractive to staking participants.

However, revenue sharing does not represent guaranteed profits. The actual value received by stakers will depend on trading volumes, fee levels, the total amount of staked tokens, and changes in protocol operations.

Importantly, the merger does not guarantee that AERO's price will increase.

The token's long-term performance should be evaluated based on actual revenue, network adoption, and the balance between reward emissions and demand for holding AERO.

Impact on Liquidity Providers

Aero could provide liquidity providers with additional capital allocation opportunities across multiple blockchains.

Mechanisms such as Predictive Allocation and Slipstream V3 are designed to improve reward distribution and trading fee management.

If these mechanisms perform effectively, pools with strong trading demand may attract liquidity through more appropriate incentives.

However, liquidity providers still face common DeFi risks, including impermanent loss, smart contract vulnerabilities, market volatility, and risks associated with multi-chain infrastructure.

Therefore, expanding the platform does not eliminate the risks of providing liquidity.

Impact on the DEX Market

The Aero merger reflects a broader trend of DeFi protocols seeking to expand beyond individual blockchains.

Rather than competing solely for liquidity within specific networks, DEXs may increasingly aim to provide unified trading experiences across multiple ecosystems.

If multi-chain platforms improve transaction routing and capital efficiency, the market could experience stronger competition in trading costs, liquidity availability, and execution quality.

However, there is currently insufficient post-merger data to determine whether Aero has changed the competitive structure of the broader DEX market.

What Happens Next? Key Developments to Watch After the Aero Merger

Following Aero's launch, token migration progress and the platform's ability to expand trading activity will be among the most important factors to monitor.

Key milestones and metrics include:

November 3, 2026: Binance is scheduled to stop spot trading for VELODROME/USDT at 03:00 UTC and suspend deposits and withdrawals of VELODROME and old AERO at 03:30 UTC to facilitate the token migration.

Migration to the new AERO token: The completion of token swaps on exchanges and separate guidance for self-custody wallet holders will be important.

sAERO activity: The amount of staked tokens, distributed revenue, and performance of the Predictive Allocation mechanism will indicate the level of user participation.

Trading volume across seven blockchains: Network-specific data will help evaluate Aero's ability to expand beyond Base and OP Mainnet.

Liquidity and market share: Total value locked, liquidity depth, and trading market share will reflect the platform's competitiveness against other DEXs.

Performance of Metaswaps and Slipstream V3: Trading costs, execution quality, and adoption rates will be key metrics as the new features operate at scale.

There is currently insufficient data to determine whether the merger will allow Aero to maintain its dominant market share on existing networks while successfully expanding into additional blockchains.

Therefore, actual trading activity, revenue, and user participation after the migration process will provide a stronger basis for evaluating the merger's long-term effectiveness.

FAQ

1. What Is Aero?

Aero is a multi-chain decentralized exchange formed through the merger of Aerodrome Finance and Velodrome Finance. Developed by Dromos Labs, the platform has announced deployment across seven blockchains, focusing on spot trading, liquidity provision, and reward distribution.

2. When Did Aerodrome and Velodrome Merge?

The two protocols officially announced their merger and launched Aero on October 21, 2026, U.S. time. The merger combines Aerodrome's operations on Base and Velodrome's operations on OP Mainnet while expanding the trading model to additional blockchains.

3. What Is the VELO-to-AERO Conversion Ratio?

According to Binance's announcement, the conversion ratio is 1 VELO to 0.044 new AERO. Meanwhile, existing AERO tokens will convert to new AERO at a 1:1 ratio. The migration of veAERO and veVELO positions will be handled through the sAERO system.

4. What Is sAERO, and How Is It Different From AERO?

AERO is the native token of the Aero ecosystem, while sAERO represents a staking position under the new model. sAERO participants can participate in liquidity reward allocation and receive revenue according to protocol rules. The two assets serve different functions and should not be considered completely interchangeable.

5. Does Aero Actually Process $120 Billion in Monthly Trading Volume?

No. The $120 billion figure represents the combined monthly DEX trading volume across the seven blockchains where Aero is expanding, according to project-reported data. It does not represent trading volume processed exclusively by Aero.

6. Could the Aerodrome–Velodrome Merger Affect AERO's Price?

The merger changes AERO's supply structure, staking mechanisms, and operational reach. These factors could influence how the market values the token, but they are insufficient to determine its future price direction. The actual impact will depend on revenue, liquidity, trading activity, and demand for Aero's services after the merger.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial, investment, legal, or professional advice. Always conduct your own research, consider your financial situation, and, if necessary, consult with a licensed professional before making any decisions.

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