DeFi’s biggest players are starting to band together. On the day the merger went live, the token price fell 7%.
Aerodrome and Velodrome officially merged last night (US Eastern Time) to form Aero, launching across seven chains: Base, Ethereum mainnet, Arbitrum, OP Mainnet, Ink, Arc, and Robinhood Chain. According to the terms disclosed by the team, old AERO tokens can be exchanged for new ones at a 1:1 ratio, while around 0.044 VELO gets you 1 new AERO. Aerodrome’s side gets 94.5% of the new supply, with Velodrome accounting for just 5.5%. Their combined TVL is about $422 million.
The team’s slogan is ambitious: to become the Hyperliquid of spot trading. One hundred percent of platform revenue will go to sAERO stakers. The weekly ve voting system is being retired and replaced with real-time distributions.
But the market tells it like it is: $AERO is currently at 0.8185, down 7.18% in 24 hours, with a high/low of 0.8856/0.8106. A 7% drop on the day the good news landed suggests some holders used the merger as an excuse to sell. Put simply, the market is pricing in “token swap dilution + migration execution risk” much faster than it is pricing in the grand “DEX across seven chains” narrative.
One reminder: the token swap won’t happen automatically. If you self-custody, you’ll need to use the upgrade portal on the official website yourself. Claim your rewards and clear your votes before swapping—don’t just sit around waiting.
This DEX merger is a drama, and Hyperliquid’s playbook won’t be easy to copy.
Aerodrome and Velodrome officially merged last night (US Eastern Time) to form Aero, launching across seven chains: Base, Ethereum mainnet, Arbitrum, OP Mainnet, Ink, Arc, and Robinhood Chain. According to the terms disclosed by the team, old AERO tokens can be exchanged for new ones at a 1:1 ratio, while around 0.044 VELO gets you 1 new AERO. Aerodrome’s side gets 94.5% of the new supply, with Velodrome accounting for just 5.5%. Their combined TVL is about $422 million.
The team’s slogan is ambitious: to become the Hyperliquid of spot trading. One hundred percent of platform revenue will go to sAERO stakers. The weekly ve voting system is being retired and replaced with real-time distributions.
But the market tells it like it is: $AERO is currently at 0.8185, down 7.18% in 24 hours, with a high/low of 0.8856/0.8106. A 7% drop on the day the good news landed suggests some holders used the merger as an excuse to sell. Put simply, the market is pricing in “token swap dilution + migration execution risk” much faster than it is pricing in the grand “DEX across seven chains” narrative.
One reminder: the token swap won’t happen automatically. If you self-custody, you’ll need to use the upgrade portal on the official website yourself. Claim your rewards and clear your votes before swapping—don’t just sit around waiting.
This DEX merger is a drama, and Hyperliquid’s playbook won’t be easy to copy.