Aerodrome and Velodrome merge into Aero: 6 key changes

Aerodrome and Velodrome, the leading decentralized exchanges on Base and OP Mainnet, have merged into a single exchange called Aero, which went live at 00:00 UTC on Thursday (8 p.m. EDT Wednesday) across seven networks, The Block reported, citing the team's statement. Details below come from the project's upgrade hub and launch post.

Seven chains, one exchange

Aero launched on Base, Ethereum mainnet, OP Mainnet, Arbitrum, Robinhood Chain, Ink and Arc. The pitch is shared liquidity: a pool on one chain can fill orders from traders on others where cross-chain swaps are supported, so liquidity does not have to be split into many small pools. The project says these chains handle about $120 billion a month in DEX volume.

How the token swap works

• AERO converts to the new AERO 1:1.
• VELO converts at 0.044 new AERO per token.
• veAERO and veVELO lock positions become sAERO, which is transferable and does not rebase. Converted positions keep their remaining lock term, rounded up to a whole week.
• The conversion cannot be reversed. Self-custody holders must use the upgrade portals on aerodrome.finance and velodrome.finance; exchanges handle it for tokens held on their platforms, according to TokenPost.

Who gets the new supply

All of the new AERO goes to existing AERO, VELO and locked holders, split 94.5% to the Aerodrome community and 5.5% to Velodrome, matching each side's share of combined revenue in the 52 weeks before the merger was announced. The team says there is no venture round or token sale behind the new token.

Weekly votes are replaced

The old ve(3,3) model, in which lockers voted every week on where emissions went, gives way to Predictive Allocation: sAERO holders point AERO rewards at pools and earn revenue from the pools they choose. The project says 100% of pool exchange revenue goes to sAERO holders. TokenPost reported that each position must initially wait 47 hours between allocation changes.

Old emissions have stopped

AERO and VELO emissions on the old apps ended at launch and all gauges were switched off. To keep earning rewards as a liquidity provider, or revenue as a staker, you need to upgrade. Both old front ends stay up to handle migrations, and Velodrome keeps basic trading on Celo, Fraxtal, Soneium and Unichain without its token system.

Why it matters

In the third quarter Aerodrome handled 58% of DEX volume on Base and Velodrome 60% on OP Mainnet, per the statement. Merging them is one of the biggest consolidations in DeFi this year. New to the mechanics? Start with what is DeFi and our CEX vs DEX comparison. If you are migrating from a self-custody wallet, only use the official portals linked from the project's own site; launch days attract phishing clones, as our scam-spotting guide explains.