TLDR Tech / Crypto
$AERO Thesis: Base's Cash Cow
Aerodrome generates $85-98M annually in organic swap fees with 100% flowing to veAERO lockers, trading at 4-5x dilution-adjusted P/E on trough volume with 1.6-1.9x upside to 2025 average Base DEX volumes at current $0.30 price. Coinbase's involvement extends beyond its $20M market buy (reportedly Coinbase Ventures' largest liquid token investment) to active governance, cbBTC liquidity steering, and Coinbase One feeless trading integration. The thesis hinges on Base's announced migration from OP Stack to a unified stack, with a potential $BASE token launch representing the largest volume catalyst, though bull case projections of 3-4x at ATH volumes face structural headwinds from AERO-denominated emissions that scale linearly with price.
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