Hoe Aerodrome token ($AERO) waarde accumuleert

## $AERO Value Accrual $AERO accumulates value primarily through **100% protocol revenue capture by veAERO holders**, **rebase rewards**, **programmatic buybacks**, and **supply dynamics** from decaying emissions. As Base's central DEX (>$450M TVL, $474M MCAP as of recent data), Aerodrome generates substantial fees (~$4M/epoch recently) fully redistributed to lockers. ### Key Mechanisms - **Trading Fees (Primary Revenue)**: 100% of swap fees (0.25% per trade) from voted pools go to veAERO holders proportional to voting weight. LPs get emissions instead of fees, creating a flywheel: high-volume pools attract votes → more emissions → deeper liquidity → higher fees → more rewards. Annualized revenue: ~$300M+ (recent epochs $2-4M). - **Voter Incentives (Bribes)**: Protocols pay veAERO holders to vote emissions toward their pools; 100% passed to voters. Adds to fee yields (e.g., annual bribes ~$28M). - **Rebase Rewards**: veAERO gets weekly AERO rebases = `emissions × (1 - veAERO/AERO ratio)^2 × 0.5`. Counters dilution; ~$33M annualized recently. Rewards long-term lockers most when lock ratios drop. - **Buybacks & Locks**: Public Goods Fund (PGF) uses ~30% fees for AERO buybacks, all 4y-locked as veAERO (>150M AERO locked via PGF/Flight School/Relay). Locks exceed emissions (e.g., recent epochs net -3M circulating supply). | Revenue Stream | Annualized Value | Distributed To | | -------------- | ---------------- | -------------- | | Trading Fees | $163M | veAERO voters | | Bribes | $28M | veAERO voters | | Rebase | $33M | All veAERO | | **Total** | **$224M** | **veAERO** | ### Tokenomics & Supply - **Total Supply**: ~1.95B; Circulating: ~1.19B. - **Emissions**: Weekly ~4-10M AERO (decaying 1%/epoch post-Epoch 14); 5% to team. veAERO governs via Aero Fed post-Epoch 67. - **Locks**: ~53% AERO locked; APR ~16-32% for veAERO (fees + rebase). - Unlocks: Ongoing gauge emissions (~94% allocation); next 6mo: +214M incremental. ### Implications High Base volumes ($300B+ cumulative) drive fees; Coinbase alignment (Base Fund holds/locks AERO) boosts adoption. Risks: Emission dilution, Base dependency, lockups (up to 4y). **Bottom line**: $AERO captures full DEX revenue via ve-model (P/S ~2.5x vs peers ~11x), with buybacks/rebase enhancing scarcity. Monitor lock/emission ratio (>1x bullish) and Base TVL growth.