MetaDEX dominance is simple: why LP for just 100% of fees when you can LP for a token that represents 100% of fees, liquidity payments, + launch payments. So what do you think happens when the choice on mainnet because 75% of fees vs all the existing REV streams + new ones?

DEXs generate more value than almost any other vertical of the onchain economy. And two differing visions of ideal DEX economics are now competing for dominance. MetaDEXs service just 1/5 of EVM, but are leading both in absolute REVs and relative REVs vs Emissions.

This past week, ~3.8m in $AERO was emitted to circulation while ~5.1m $AERO was removed via locks. PGF is happy to be growing its share of $veAERO to fuel the upcoming Momentum Fund -- but its not alone. Maximal token utility at work. 🛫

One error our industry makes is conflating fixed supply economics w/ good economics. In the startup world, you would never bet on a company that couldn’t issue shares to grow. But, too often in DeFi that’s seen as the gold standard. Let’s change it.

Let’s go. @defillama @tokenterminal when data?

Aerodrome doesn’t just continue to lead the DEX space in revenues, but over the past week delivered roughly what the $UNI fee switch would’ve if you assume zero LP attrition after the reward cut. And Aerodrome is just on one chain (for now).

It is such a tell that all these “DAOs” are trying to push through massive governance votes over the holidays.

Every day, we get another reminder of how far ahead MetaDEXs are on alignment issues. 100% of REVs go permissionlessly weekly to token operators via immutable contracts. Every entity that contributes earns the same way and has the same incentives.

We met in Dec 2019, just before the world shutdown — for months, we were all we had. A few years later, she didn’t even blink when I quit my job to mess around with “internet coins”. She was my partner through the worst and best days — and now, for the rest of our days. 🥂

Don’t look now, but $SOL is now the #3 highest volume asset on @aerodrome and @base.base.eth And we’re just getting started. 🛫

Let’s separate signal from noise: global EVM DEX fees are down, but Aero’s share is as healthy as ever. The aggressive incentives of competitors haven’t put so much as a dent in Aero’s @base.base.eth dominance. And only Aero is uniquely positioned to grow by entering their markets.

Big week.

DEX fees are down globally, but @base.base.eth share of them and @aerodrome share Base are steady. This is especially impressive given both Uni and Cake have been aggressive in incentivizing. The pie may grow or shrink, but only Aero has a whole lot more to eat as it expands. 🛫