AERO Token

Financials

veNFT

Spot Volume

Order Flow

Traders

Liquidity

Competitive Landscape

Tracks the weekly AERO token emissions from the Minter contract, broken down by
recipient. Each week (called an "epoch," starting every Thursday 00:00 UTC) the
Minter mints new AERO and splits it across up to three recipients:

- **Gauge Rewards** — sent to the Voter contract, which routes it to Gauges based on
  veNFT voting weights. This pays LPs for providing liquidity.
- **Rebases** — sent to the RewardsDistributor for veNFT holders as anti-dilution
  compensation. The less AERO locked, the larger the rebases.
- **Team** — up to 5% sent to the team multisig. Discontinued around epoch 111
  (Sep 30, 2025); all emissions are now 100% community-directed.

The emission schedule has three phases. During **Growth** (epochs 1–15, Aug 2023 –
Nov 2023), each week's mint was 3% larger than the prior week, ramping from 10M to
~15.1M AERO/week to bootstrap liquidity. During **Decay** (epochs 16–66, Dec 2023 –
Nov 2024), each week shrank by 1%, gradually winding down from that peak. Starting
at epoch 67 (Dec 2, 2024), **Tail Emissions** activated permanently — weekly mints
switched from a fixed declining amount to ~0.67% of total AERO supply, meaning
emissions now grow with supply and never reach zero. veNFT holders can adjust the
tail rate ±0.01% per epoch via governance (range 0.01%–1.00%).

The USD valuation uses the AERO spot price on each epoch's emission day.

Token distribution from the Minter contract each epoch

Weekly AERO Emissions

per Epoch

AERO Emissions by Phase

AERO Supply

AERO Inflation

AERO holders can lock their tokens for up to 4 years in exchange for veAERO — vote-escrowed positions that grant governance power and a share of protocol revenue. The lock rate is the percentage of total AERO supply currently committed to these positions. A higher lock rate means less AERO in circulation, more concentrated governance, and stronger alignment between token holders and protocol outcomes.

The right axis shows the week-over-week change in percentage points. This is a more honest signal than it first appears: because new AERO is minted every epoch through emissions, the lock rate can fall even when more tokens are being locked in absolute terms. A positive bar means locking activity outpaced emissions that week. A negative bar means the opposite — inflation diluted the ratio faster than new locks could offset it.

Proportion of AERO supply bound to veAERO positions at each epoch and its change

AERO Lock Rate & Weekly Change

Rebases Share of Emissions

**Fully Diluted Valuation (FDV)** represents the theoretical market cap if every AERO token in existence — including locked veAERO and unvested allocations — were priced at the current spot rate.  
**Protocol Revenue** is the subset of trading fees that actually flows to veAERO voters as economic yield.

This chart divides **FDV by annualized protocol revenue** to produce a **price-to-revenue multiple**.  

At a ratio of **20×**, the market is paying **$20 for every $1 of annualized voter cash flow** — or equivalently, pricing in **20 years of current revenue**.

- ↓ **Compressing multiple** — fundamentals improving relative to price  
- ↑ **Expanding multiple** — market pricing ahead of current fee generation  

Revenue is annualized using a **4-epoch (~30 day) trailing average × 52** to smooth weekly volatility and claim-timing lumpiness.

FDV / Annualized Protocol Revenue (30-day trailing)

Aerodrome: AERO Valuation Multiple

Tracks the number of new veNFTs minted, burned (via withdrawal or merge), and the resulting net change each epoch. The cumulative line shows whether the active veNFT base is expanding or contracting. A sustained negative net change signals governance disengagement.


veNFT creation, destruction, and net count over time

Aerodrome - Lock Population

How users interact with existing vs new locks

Aerodrome: veNFT Deposit Type Breakdown

Tracks the average initial lock duration (in days) chosen by new lockers each epoch. Only includes depositType=1 with non-zero locktime (excludes permanent locks and managed NFT creation). A decline suggests shorter-term speculative locking; sustained high values near 1,460 days (4 years) indicate strong long-term commitment.


 Weighted average lock length for newly created veNFTs

Aerodrome: Average Lock Duration for new veNFT

Permanent locks eliminate voting power decay — power equals locked amount indefinitely. 


Aerodrome: Permanent Lock Adoption

Managed NFTs (relays) aggregate voting power from multiple depositors. These flows are internal reshuffling — AERO moving into or out of managed NFTs is already locked and should not be confused with new capital entering the system. 


Relay and managed NFT deposit and withdrawal activity

Aerodrome: Managed veNFT Subsystem

Merges burn one veNFT and add its balance to another. This is position consolidation, not new or exiting capital.

Markets

Sectors

Treasury Companies

Layer 1

Layer 2

Trading

Lending

Liquid Staking

Stablecoin Issuer

Consumer

DePIN

Chain Clusters

ETFS

Aerodrome