Aerodrome (AERO) perpetual market

Aerodrome is the native token of the largest decentralized exchange and liquidity hub on Base, the Ethereum layer-2 network incubated by Coinbase. Launched in 2023, Aerodrome is a central marketplace where users swap tokens and supply liquidity, and it uses a vote-escrow model adapted from earlier designs: holders lock AERO to receive voting power, direct token emissions toward the liquidity pools they support and earn the fees and incentives from those pools. This mechanism is meant to align long-term holders with the exchange's growth and to make it the venue where new Base projects bootstrap liquidity. Aerodrome quickly became core infrastructure for the Base ecosystem, capturing a large share of that chain's on-chain trading volume and total value locked. Its fortunes are closely tied to activity on Base, making it a proxy for the health of Coinbase's layer-2.