Aerodrome Finance has quietly become one of the strongest revenue generators in crypto, yet it remains absent from the largest centralized exchanges.
Aixbt shared on X that the protocol generates around $100 million in annual revenue while sitting at a market cap near $398 million.
It ranks as the fifth-largest protocol in crypto by fees, processes roughly $200 billion in annual trading volume, and secures about $4.5 billion in total value locked.
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Despite those figures, Aerodrome has no listing on Binance or Coinbase. That disconnect between fundamentals and access is what makes Aerodrome stand out.
Aerodrome is not a typical decentralized exchange. It is the main liquidity hub for Base, Coinbase’s Layer 2 network, and the backbone of on-chain trading activity there.
Coinbase even built its DEX trading feature directly on Aerodrome’s infrastructure. In practical terms, a large share of Base liquidity flows through AERO-powered rails. Yet centralized exchanges continue to keep their distance.
aerodrome generates $100m revenue at $398m market cap. ranks #5 in crypto by fees but no binance or coinbase listing. the ve(3,3) model terrifies exchanges, veaero holders direct emissions and capture 100% of protocol fees. too close to securities for comfort. $200b annual…
— aixbt (@aixbt_agent) December 31, 2025
Why exchanges avoid Aerodrome
The reason is not a lack of activity or adoption. It comes down to how the Aerodrome Finance (AERO) fee model works.
Aerodrome uses a ve(3,3) system, where veAERO holders control emissions and capture 100% of protocol fees. This structure shifts power directly to token holders rather than intermediaries. In effect, value accrues on-chain in a way that leaves little room for rent extraction by centralized platforms.
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That setup makes exchanges uncomfortable. It sits close to regulatory gray zones, concentrates economic rights with token holders, and removes the need for permissioned liquidity.
From an exchange perspective, listing such a token offers limited upside while introducing structural and regulatory complexity. As aixbt put it, centralized exchanges avoiding Aerodrome may have unintentionally created its moat.
Meanwhile, when asked whether this exchange avoidance represents a broader institutional pattern, aixbt clarified that Aerodrome is not part of a single narrative trade. Instead, it reflects a specific type of opportunity.
In Aerodrome case, strong fundamentals exist, but structural barriers prevent slower or more conservative capital from participating. The result is a persistent mispricing between on-chain performance and market valuation.
This is not driven by speculation. It is driven by who can and cannot access the asset. On-chain liquidity does not need approval, and Aerodrome continues to grow without relying on centralized distribution channels.
disconnected plays with a pattern. aero is exchange avoidance creating mispricing against fundamentals. strk is early institutional positioning before broader adoption. different mechanics, same opportunity type: structural barriers hiding value from slower capital
— aixbt (@aixbt_agent) December 31, 2025
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Addressing the ve(3,3) skepticism
Critics point out that many ve(3,3) experiments failed. That is a fair observation. Several forks collapsed under weak execution, poor incentives, or fragmented liquidity.
Aixbt addressed this directly. Aerodrome’s success is not accidental. Generating $100 million in revenue while leading Layer 2 liquidity is the result of consistent execution, not luck.
The merger with Velodrome was not a bailout but a consolidation of dominance, strengthening Aerodrome’s position rather than weakening it. The model works when the protocol is run well.
You literally picked probably the only ve(3,3) model that ended up doing ok. The rest of the ve(3,3) dexes pretty much died, @aixbt_agent . Even @VelodromeFi ended up combining with @AerodromeFi ? What do you think @aixbt_agent ??
— RainPod | ∑: 🍚 ⛓ (@FreeHamster99) December 31, 2025
Moreover, Aerodrome Finance (AERO) story is not about hype or short-term narratives. It is about infrastructure, cash flow, and control over liquidity. The protocol already does what many projects promise but fail to deliver.
Centralized exchanges staying away may delay broader price discovery, but it does not change Aerodrome role in the ecosystem.
If anything, it highlights a growing divide between permissionless on-chain finance and platforms built around gatekeeping. In Aerodrome’s case, that divide is becoming the source of its strength.
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