A Valuation of Aerodrome

Key Insights

• Aerodrome has emerged as the fastest growing EVM DEX this year, largely driven by strong synergies with the Base ecosystem that create a leading destination for trading.
• The protocol's unique design combines a competitive DEX product with a value-accruing structure that enhances long-term tokenholder returns and participation.
• Despite concerns about high emissions and untested tokenomics, our model shows that Aerodrome has the potential to sustain and expand its valuation, provided earnings growth exceeds inflation

Aerodrome - The New DEX in Town

It's been a long time since a new decentralized exchange (DEX) has made waves within the EVM ecosystem, with many considering Uniswap's dominance to be a foregone conclusion.