Aerodrome Finance Tops Base Chain DeFi with $450M TVL

By BaseChain.news Staff | July 10, 2025

In June 2025, Aerodrome Finance cemented its position as the preeminent DeFi protocol on Coinbase’s Base chain, registering a total value locked (TVL) of approximately $450 million—nearly three times that of its nearest Base-native rival (DefiLlama). This article examines the on-chain metrics and governance dynamics underpinning Aerodrome’s dominant run and considers potential headwinds.

On-Chain Metrics: TVL, Volume, and User Growth

According to DefiLlama, Aerodrome’s TVL surged by 35 percent between March and June 2025, outpacing Compound Base (TVL: $155 million) and Yearn Base ($95 million). A Dune Analytics dashboard tracking Base chain swaps shows daily trade volume on Aerodrome averaging $60 million in June, compared with $18 million on Compound Base.

Key Differentiators

• ve-Tokenomics: Aerodrome’s vote-escrowed (ve) model locks tokens for governance and boosts emission rewards. On-chain data shows over 60 percent of ARD tokens are currently locked for 16+ weeks (Dune Analytics).
• Low-Fee, Fast UX: Leveraging Base’s sub-cent fees and sub-second finality, Aerodrome handles large liquidity pools without the slippage issues observed on Ethereum mainnet DEXes.
• Governance Participation: A recent on-chain snapshot indicated over 4,200 unique addresses voted on the latest emission proposal, reflecting higher engagement than many Layer 1 protocols.
• Security and Audits: Smart contracts have undergone three public audits (Quantstamp, OpenZeppelin, and PeckShield) with no critical findings to date, according to official reports.

Community Insights

“We’ve seen a 40 percent increase in new LPs since April,” said Sara Liu, a core developer at Aerodrome Finance. “The ve-token model and Base’s infrastructure create a compelling value proposition that’s hard to replicate.”

Comparative Landscape

As of mid-2025, Base’s DeFi ecosystem hosts roughly $1.2 billion in aggregate TVL. Aerodrome accounts for 37 percent of that sum, while lending protocols like Compound Base and yield aggregators such as Yearn Base hold 13 percent and 8 percent, respectively. Non-native DEXes (Uniswap V3, PancakeSwap) capture just 2–3 percent each due to higher latencies and routing inefficiencies on the L2.

Risks and Future Outlook

Critics warn that Aerodrome’s current lead may hinge on emission-heavy incentives that could taper down in H2 2025. There is also the concentration risk: the top 20 ve-token holders control over 45 percent of voting power, per on-chain data.

Looking ahead, cross-chain DEXs powered by LayerZero or Cosmos IBC, and the maturation of AI-driven yields, could fragment liquidity. Meanwhile, any slowdown in Base’s user growth—now at roughly 280,000 daily active wallets (Dune Analytics)—would test Aerodrome’s resilience.

Conclusion

Aerodrome Finance’s rapid accumulation of TVL and user engagement underscores its central role in Base’s DeFi narrative. While its ve-tokenomics and security posture offer strong foundations, the protocol must navigate emission cliffs and rising competition to sustain its lead. For now, Aerodrome remains the benchmark for Base-native DeFi activity—but the evolving landscape will demand continued innovation.