Aerodrome Tailwinds: Coinbase DEX Integration

Embedding Base DEXs inside Coinbase lowers friction for millions of verified users to trade assets on Aerodrome that they previously did not have access to on Coinbase. With Aerodrome being the dominant DEX on Base, it is thus positioned to absorb disproportionate flow due to its lead over other Base DEXs. Specifically, there are many smaller market cap tokens in the AI Agents and Meme categories doing substantial volume that Coinbase users will have immediate access to trade.

Coinbase has done $68.3B in trailing 30D spot volume, while Aerodrome has done $14.9B. Thus, Aerodrome has around 22% volume share when compared with Coinbase. 

It is reasonable to assume that this ratio will trend higher as users take advantage of this integration. Although the largest Aerodrome pools are Bitcoin and Ethereum, it still does significant volume in other Base categories. For instance, Aerodrome does 62.5% of volume for project tokens, 37.0% of volume for AI Agents, 99.7% for tokenized assets, and 7.5% of all memecoin volume. In total, Aerodrome accounts for 61.3% of all Base volume. 

The Aerodrome team is still waiting on details around how Coinbase will deal with liquidity routing (as of now, Coinbase orderbook liquidity is completely separate from DEX pool liquidity), but even with complete separation, there is room for substantial growth. The Aerodrome ETH/USDC pool is liquid enough, for instance, that at various points in time (although sparingly) it has offered better execution than the ETH-USD pair on Coinbase, per the Aerodrome team.