Aerodrome tops $1b in TVL amid dominance on Base

Aerodrome surpassed $1 billion in total value locked, driven by increased deposits placed on its liquidity protocol.

Data from DeFiLlama shows that Aerodrome, a decentralized exchange platform on Base, saw its TVL increase by 22% to $1 billion last week. This also coincided with AERO price changing hands around $1.27, up 23% in the last 24 hours and 50% in the past week.

Launched in August 2023, Aerodrome has become the top DEX platform on the Ethereum (ETH) layer-2 chain Base. The protocol helped Base’s TVL exceed $400 million within a few weeks of launch. Growth accelerated in 2024, driven by the Base ecosystem fund launched in February.

As of September 27, 2024, DeFiLlama data showed that Aerodrome Finance’s $1.02 billion total locked value was the highest among all protocols on Base.

Base TVL was at $2.5 billion at the time of writing and has increased by more than 400% since it was around $490 million in February 2024.

More than a third of Base TVL at the airport

As an automated market maker, Aerodrome provides a decentralized trading environment where users deposit tokens into liquidity pools. When users deposit crypto pairs, they receive liquidity provider tokens or LP tokens.

Staking LP tokens allows users to earn both AERO and governance tokens andAERO.

1 Billion Dollar TVL ✈️

Airport Total Value eclipses $1 billion in Locked; @basisIt provides the total TVL of ‘s and facilitates pools with the highest on-chain transaction volumes in ETH, BTC, USDC and EURC.

Airport is the locomotive of the economy @basis. It’s still day one. 🥇 pic.twitter.com/PusuPwQa2g

— Airport (@AerodromeFi) September 27, 2024

The growth has seen Aerodrome become the protocol with the highest on-chain transaction volume for pools in Ethereum, Bitcoin (BTC), USDC (USDC) and EURC.

While Aerodrome dominates, over a third of Base TVL is in assets locked to the DEX protocol. According to DeFiLlama data, the next four highest protocols in terms of deposits still account for $1 billion in TVL when combined.

Decentralized finance protocol Aave (AAVE) V3 currently has $236 million in assets locked, while DEX platform Uniswap (UNI) ranks third with $222 million. Meanwhile, lending protocols Moonwell and Morpho Blue rounded out the top five in TVL with $192 million and $151 million, respectively.