aerodrome crossed into deflation september 2025. first dex where revenue exceeded emissions. $408m fees generated, $958m market cap. uniswap at $8.7b generates zero for holders. curve fragments value across gauges. aerodrome pays 100% to veaero lockers getting 40% apr. coinbase owns mid 8 figures worth. animoca just max locked. the only top 10 defi protocol trading at 2.5x revenue. everything else trades 10x+ or has no revenue at all. ve(3,3) just killed the governance token model. ...

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. ...