@abcwap
Aerodrome turned deflationary in September 2025, becoming the first DEX where revenue exceeded emissions.
It has generated $408M in fees against a $958M market cap, while Uniswap sits at $8.7B with zero holder revenue, and Curve continues fragmenting value across gauges.
Aerodrome distributes 100% of fees to veAERO lockers, currently earning around 40% APR. Coinbase holds a mid–eight-figure stake, and Animoca recently max-locked their position.
At just 2.5x revenue, Aerodrome is the only top 10 DeFi protocol with real cash flow — everything else trades 10x+ or has none.
The ve(3,3) model just replaced the old governance token paradigm.
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