Back to DeFi Protocols
Aerodrome Finance
DEX / AMM$AEROTVL: $1B+

Aerodrome Finance

About Aerodrome Finance

Aerodrome is the leading DEX on Base (Coinbase's L2), forked from Velodrome on Optimism. It uses the ve(3,3) model where voters direct emissions to liquidity pools, creating flywheel incentives for deep liquidity. Aerodrome has captured the majority of Base's DEX volume and TVL since launch.

Supported Networks

Key Features

  • ve(3
  • 3) tokenomics
  • Concentrated and stable liquidity pools
  • Vote-directed emissions
  • Protocol revenue sharing with veAERO holders
  • Low Base L2 fees
  • LP incentives

Risks

  • Base network dependency
  • Smart contract risk
  • Emission dilution
  • Vote centralisation
  • Dependency on Base ecosystem growth

Community & Socials

More DEX / AMM Protocols

Curve Finance

Curve Finance

DEX / AMM · TVL: $2B+

Curve Finance specialises in low-slippage swaps between similarly priced assets — stablecoins (USDT/USDC/DAI), wrapped tokens (WBTC/renBTC), and liquid staking derivatives (stETH/ETH). Its StableSwap invariant formula is specifically designed for pegged assets, offering much tighter spreads than constant-product AMMs. The CRV wars and vote-escrow tokenomics (veCRV) created an influential governance and bribery meta-game across DeFi.

Uniswap

Uniswap

DEX / AMM · TVL: $5B+

Uniswap is the largest decentralised exchange by volume and the pioneer of the Automated Market Maker (AMM) model. Uniswap V3 introduced concentrated liquidity, allowing LPs to allocate capital within custom price ranges for dramatically improved capital efficiency. Uniswap V4 (upcoming) introduces hooks — plugins that allow developers to customise pool behaviour.

Balancer

Balancer

DEX / AMM · TVL: $1B+

Balancer is a flexible AMM that supports multi-asset pools with customisable weightings (not just 50/50). This allows index-like funds, portfolio rebalancing, and innovative pool designs. Balancer V2 introduced a single vault architecture for capital efficiency. The protocol powers many of DeFi's most complex liquidity strategies.

Orca

Orca

DEX / AMM · TVL: $500M+

Orca is a user-friendly DEX on Solana known for its clean interface and concentrated liquidity pools (Whirlpools). It prioritises capital efficiency and ease of use over complexity. Orca has become one of the most-used DEXs on Solana by volume.