Core Viewpoint - The real power struggle in the crypto industry is occurring in decentralized exchanges (DEXs), rather than in stablecoins or tokenized treasuries [1] Company Developments - Dromos Labs is set to launch Aero, a unified DEX that will combine its Aerodrome and Velodrome protocols, targeting established competitors like Uniswap and Curve [2] - The rollout of Aero is planned for the second quarter of 2026 and will expand Dromos Labs' presence to the Ethereum mainnet, positioning the company against the largest DEXs [2] Market Position - Aerodrome currently holds a significant share of trading activity on Coinbase's Base network, with nearly $500 million in total value locked (TVL) and previously surpassing $1 billion in December 2025, representing about 25% of Base's total TVL [3] - Velodrome serves a similar role on Optimism's Superchain, indicating the company's strong market presence [3] Industry Insights - Despite a perceived decline in decentralized finance's media presence, it is suggested that this reflects consolidation rather than stagnation, as foundational infrastructure remains critical for crypto adoption [4] - The essential pillars of the onchain economy are identified as the chain layer and the exchange layer, with exchanges expected to become primary footholds for value as more assets transition onchain [5] Competitive Landscape - The question of who controls the exchange layer is anticipated to be a significant narrative in the coming year, especially in light of Uniswap's governance advancing a proposal that may weaken its relationship with liquidity providers [6]

Decentralized Finance (DeFi) Protocol Performance - Aerodrome experienced deflation in September 2025 [1] - Aerodrome generated $408 million in fees with a $958 million market cap [1] - Aerodrome's revenue exceeded emissions, a first for DEXs [1] - Aerodrome pays 100% of revenue to veaero lockers, resulting in a 40% APR [1] Comparative Analysis - Uniswap, with an $8.7 billion market cap, generates zero revenue for holders [1] - Aerodrome trades at 2.5x revenue, while other top 10 DeFi protocols trade at 10x+ or have no revenue [1] - Curve's value is fragmented across gauges [1] Institutional Investment & Governance - Coinbase owns mid-8 figures (tens of millions) worth of Aerodrome [1] - Animoca has max locked Aerodrome [1] - ve(3,3) model has disrupted the governance token model [1]

jpmorgan values base token at $34b but aerodrome only at $1.2b. aero processes $1.8b daily volume, captures actual sequencer value. if base launches at even $15b, aero reprices to $3-5b minimum. every base ecosystem token trading like base token doesn't exist. coinbase engineers coding allocations right now. ...