Provide a narrative description of the purpose of the project.
Response
Aerodrome is a decentralized spot exchange (spot DEX) designed to serve as Base's liquidity hub, combining a powerful liquidity incentive engine, vote-lock governance model, and friendly user experience.
For each existing entity, list key team members with full name, official title, and prior experience. Explicitly mark non-existent entities.
Response
Full Name | Official Title | Prior Experience |
|---|---|---|
Alexander Cutler | CEO | Designed token launches for Velodrome and Aerodrome; previously contributed to veDAO and Velodrome. Previous work in politics, at Apple, and a creative consulting organization. |
Stas Sușcov | CTO | Previously contributed to veDAO and Velodrome. 15 years of open source development and startup experience. Two-time Google Summer of Code alum, long-term OSS contributor, former local lead for Ruby on Rails, Ubuntu, and WordPress. Led tech at 10+ startups across the US and EU, with many in healthcare and fintech, and has helped bootstrap a coworking space, cafés, and an eyewear business. |
David Annis | COO | 20+ years of experience in creative production, agency leadership, and operational strategy. Has helped scale teams, design systems, and deliver brand and product launches across industries. |
Chris Boulos | President | Previously contributed to veDAO and Velodrome. Previous work across hedge funds, management consulting, and economic research. BA Columbia University, MBA University of Chicago |
Vin Perlman | VP of Communications | Decade+ of experience in marketing across a wide range of industries, from tech to food to healthcare. |
Jim Petrila | CLO | Decade+ of experience in private practice, Department of Justice, and Binance US. BA University of Michigan, JD University of Virginia |
Dan Wick | CFO | Previously contributed to veDAO and Velodrome. Previous work in education policy and analysis. MPP Princeton University |
Full Name | Official Title | Prior Experience |
|---|---|---|
Luis A. de la Cerda | Executive Director, Aerodrome Foundation | Previously contributed to veDAO and Velodrome. Prev. work at Boston Consulting Group and SwissRe. MBA University of Chicago. |
Blockworks note: Labs/DevCo (Dromos) |
Describe DAO governance, powers, economic rights, and control surfaces. If no DAO exists, state so and still address current tokenholder governance rights and economic arrangements.
Response
Dromos with license to Foundation
Per the prior filing: "There is no extraordinary mint authority" and "all emissions are generated permissionlessly and immutably, with ultimate determination by the Aero Fed."
Per the prior filing: veAERO holders can vote to direct AERO emissions, receive 100% of revenues from pools they vote for, and receive weekly rebases that offset dilution. Unlocked AERO receives no fees and has no unique rights other than that it can be locked as veAERO. Once emissions drop below 9M per epoch (approximately Epoch 67), veAERO voters take control of monetary policy through the Aero Fed system, voting each epoch to (i) increase emissions by 0.01% of total supply, (ii) decrease emissions by 0.01% of total supply, or (iii) maintain emissions, decided by simple majority, with a max rate of 1% of total supply/week and a min rate of 0.01%/week.
There is no DAO or non-economic governance rights. The protocol’s economics are controlled by veAERO holders via a direct claim on protocol revenue and the ability to direct AERO emissions. Per the prior filing: veAERO holders direct AERO emissions on a per-pool basis and receive 100% of trading fees and external incentives from the pools they vote for (no global revenue distribution). Unlocked AERO has no governance rights and no fee accrual. There are no buybacks distributed to tokenholders by governance vote currently.
With the evolution to v3, tokenholders will be able to direct AERO emissions in realtime, but otherwise there are no planned governance changes.
There is no DAO to dissolve; governance is exercised directly by veAERO holders on-chain, and the protocol contracts are immutable and continue operating independent of any entity.
Blockworks note: There is no DAO or non-economic governance rights. The protocol’s economics are controlled by veAERO holders via a direct claim on protocol revenue and the ability to direct AERO emissions.
Describe the Primary Foundation, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
Exempted Limited Guarantee Foundation Company - Cayman
The Foundation licenses intellectual property from Dromos Labs.
— Per the prior filing, the Foundation received 95M AERO (19% of supply) auto-max-locked as veAERO at genesis and operates the Public Goods Wallet (0x834C...fDa52), a Protocol Grants/Flight School wallet (0x51E1...88E4), and a buyback/locked-funds wallet (0x623C...57a1). The Foundation controls the Momentum Fund (a combination of the Public Goods Wallet and the Protocol Grants/Flight School wallet), which is a large veAERO position that can be utilized to support and grow the protocol.
Per the prior filing: "Where the Aerodrome Foundation contracts with Dromos contributors for certain services, any such contracts are the product of arms length negotiation and payment in USD or USDC." The Foundation can not directly influence Dromos decision-making beyond arm's-length service contracts.
None of these roles can upgrade the protocol code, mint outside the schedule, or move user funds. The core protocol contracts are non-upgradeable and there is no extraordinary mint authority (emissions are generated permissionlessly per the immutable schedule). A limited set of privileged roles exists, each held by a distinct controller:
Per the prior filing: "No organization, whether Dromos or the Foundations, has ever sold tokens. We fully intend [not] to sell any AERO or VELO, nor does Dromos or the Foundations maintain liquid AERO or VELO treasuries for potential future sales or grants." The Foundation's veAERO position accrues fees from pools it votes on (per the standard veAERO economics). Other operative arrangement beyond standard veAERO accrual to the Foundation is the Foundation’s ownership of a veAERO position via the Momentum Fund, which allows the Foundation to participate in the protocol’s economics in the same manner as any other veAERO holder.
Describe the Primary Developer Company, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
Delaware incorporated LLC
Dromos owns the brand and code based intellectual property that it developed/develops..
— Per the prior filing: "Dromos receives 5% of weekly AERO emissions, which it locks as veAERO." Dromos also operates the Team Wallet/AERO Pools Vote Power wallet (0xbde0...ea5a), which allows it to participate in protocol economics the same as any other veAERO holder. "There is no extraordinary mint authority." There is no control over other protocol-controlled resources.
Dromos can not directly or indirectly influence Foundation decision-making. Not addressed in the prior filing
The core protocol contracts are immutable/ non-upgradeable, and there is no extraordinary mint authority. The developer company's only protocol admin role is the Minter team role, held by the Team Wallet (a 4-of-7 Gnosis Safe), which can set the team emission rate within a hard cap and set the team address. It cannot upgrade the protocol code, mint outside the schedule, or move user funds.
Per the prior filing: Dromos contributors "have no enshrined claim on any protocol revenue. They generate value from the protocol primarily through their own veAERO positions and as such are coequal to any veAERO holder with respect to value accrual." Dromos receives 5% of weekly AERO emissions, locked as veAERO. "Where the Aerodrome Foundation contracts with Dromos contributors for certain services, any such contracts are the product of arms length negotiation and payment in USD or USDC." "No organization, whether Dromos or the Foundations, has ever sold tokens."
Identify affiliated protocol contributors and explain their control, funding, or operational relationship to the project. If none exist, state so explicitly.
Response
Hyperlane cross-chain interoperability / messaging; builds Aerodrome's cross-chain "meta-swap" functionality and related interop.
Wonderland Core protocol development.
Vending Machine External analytics & research (advisory). Provides analysis and recommendations; does not execute protocol changes.
Hyperlane None.
Wonderland None.
Vending Machine None.
Hyperlane None over Aerodrome's contracts.
Wonderland None.
Vending Machine None.
Hyperlane Foundation resources are routed. Source: Aerodrome protocol revenue. Mechanism: a revenue share referenced to a veAERO position, paid in USDC (Hyperlane foregoes direct product profit; amounts above cost accrue to the token). Frequency: ongoing, recalculated quarterly. Duration: the multi-year term of the service agreement. Work product is assigned to the Foundation.
Wonderland Foundation resources are routed. Source: protocol revenue. Mechanism: a veAERO position (sweep rights) accruing protocol revenue like any locked position; the developer company separately pays cash for development time. Frequency: continuous accrual; cash per development schedule. Duration: multi-year term. Work product is assigned to the developer company.
Vending Machine Foundation resources are routed. Source: the Momentum Fund (protocol-controlled veAERO). Mechanism: a veAERO position (sweep rights) accruing protocol revenue. Frequency: continuous accrual. Duration: Multi-year term. No other APCs exist.
Blockworks note: The protocol works with a small number of affiliated contributors. Each is engaged under a service agreement with the Aerodrome Foundation or the developer company; the commercial terms of these agreements are confidential and are not disclosed here. None of these contributors controls protocol parameters, holds on-chain administrative authority over the protocol's contracts, or has governance or treasury influence tied to its engagement. They are not granted any tokens.
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch. Include:
Response
Total genesis mint: 500M AERO. Of this, 90% (450M) was immediately locked as veAERO at TGE; the remaining 10% (50M) was minted as liquid AERO for incentives only (40M for voter incentives + 10M for genesis liquidity incentives).
No fixed price was set; AERO entered circulation at TGE and price was discovered on the market
AERO
Initial supply 500M AERO. Supply is not fixed; AERO is inflationary via permissionless, immutable weekly emissions. Weekly emissions began at 10M AERO (2% of initial supply). Take-off phase: first 14 epochs, emissions increase 3% per week.
Cruise phase: after Epoch 14, emissions decay 1% per epoch. Aero Fed phase: when emissions programmatically drop under 9M per epoch (approximately Epoch 67), Fed Governor contract took control of monetary policy and may vote each epoch to increase by 0.01% of total supply, decrease by 0.01% of total supply, or maintain emissions, with a max rate of 1%/week (52% annualized) and a min rate of 0.01%/week (0.52% annualized).
Per the prior B2 filing: "All allocated insider tokens are defined in the initial distribution; there are no 'unissued tokens', as all emissions are generated permissionlessly and immutably… All tokens are vesting on-chain, of which 97% are currently vested" (per defillama.com/unlocks/aerodrome). The 450M veAERO allocations (Airdrop, Public Goods, Foundation, Flight School) were auto-max-locked at TGE. The 50M liquid AERO allocations were unlocked at TGE for incentive use.
If there are not post-TGE token compensation plans state explicitly they do not exist. If there are then state the:
Response
Per the prior filing: "All allocated insider tokens are defined in the initial distribution; there are no 'unissued tokens', as all emissions are generated permissionlessly and immutably, with ultimate determination by the Aero Fed. There is no extraordinary mint authority. All tokens are vesting on-chain, of which 97% are currently vested." Additionally: "There is no functional distinction in permissions or functionality between any of veAERO's holders, regardless of affiliation with Dromos. That is, there are no insiders." Dromos receives 5% of weekly AERO emissions, which it locks as veAERO. There are no token grants to individual contributors of any kind.
Disclose token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury or token reserves held by the Foundation, Labs/DevCo, or similar entities. You do not need to disclose individual names, roles, salaries, or any advisors receiving fiat-only compensation. Provide:
Response
Blockworks note: None.
Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment. Use lettered sub-items:
Response
Blockworks note: No KOL or marketing activities.
Publicly label all wallets that hold Unissued Tokens (e.g., foundation, operations, treasury, investor reserve), keep each category in distinct wallets (a unique address per category), and disclose who controls each wallet (DAO multisig, foundation, labs/devco, operations, or contract controller + admin). Include one verification link per wallet (docs or explorer). Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.
Response
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
Team Wallet / AERO Pools Vote Power | Dromos team wallet; veAERO vote power for AERO pools | Base | 0xbde0c70bdc242577c52dfad53389f82fd149ea5a |
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Response
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit. If no native-token listing fees were paid, state that explicitly; cash/fiat fee amounts are not required for this item.
Response
If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
Response
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.")
Response
Blockworks note: No organization, whether Dromos or the Foundations, has ever sold tokens. We fully intend [not] to sell any AERO or VELO, nor does Dromos or the Foundations maintain liquid AERO or VELO treasuries for potential future sales or grants. No prior fundraising, OTC, or discounted MM sales have occurred.
Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.
Response
The prior filing provided one external link: https://app.blockworksresearch.com/analytics/aerodrome, defillama.com/unlocks/aerodrome—DeFiLlama vesting/unlock dashboard for AERO. Also referenced for documentation: aerodrome.finance/docs (canonical supply, emissions, governance, veAERO mechanics) and github.com/aerodrome-finance/contracts (smart contract specifications).
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
No exploits as of 2026-06-17
N/A
N/A
N/A
N/A
N/A
Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.
Response
Line Item | Amount |
|---|---|
Blockworks note: No disclosure. |
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Aerodrome is solely responsible for the content, accuracy, and legality of its disclosures.
Public Goods Wallet (Foundation) | Aerodrome Foundation public goods funding | Base | 0x834C0DA026d5F933C2c18Fa9F8Ba7f1f792fDa52 |
Protocol Grants / Flight School | Funds a lock bonus for all users (Flight School program) | Base | 0x51E171d2FDe9b37BBBb624A53Ef54959422388E4 |
Buyback / Locked Funds (delegated to Flight School) | Holds buyback and locked funds from the Public Goods Wallet, delegated to Flight School | Base | 0x623CF63A1fA7068EBBDBa9F2EB262613EaB557a1 |
Liquid AERO at TGE (Incentives) | Liquid AERO minted at TGE for voter and genesis liquidity incentives only | Base | 0x7269de76188E6597444D0859C4e5c336D3c39dDb |
Velodrome Foundation Aerodrome Airdrop (Bonus) | Velodrome Foundation's allocation from the AERO airdrop to veVELO holders | Base | 0x5b1892b546002Ff3dd508500575bD6Bf7a101431 |
Blockworks note: All allocated insider tokens are defined in the initial distribution; there are no 'unissued tokens', |
