Did you notice @AerodromeFi' Q1 2026 numbers so far look rough on the surface.
▶ Revenue down 77% YoY
▶ Volume down 52%
▶ $AERO price sitting 83% below ATH
But earnings went from -$24.2M in Q1 2025 to -$1.3M in Q1 2026.
That's a 95% improvement. Not because revenue recovered, but because token incentive expenses collapsed 81% as emissions decayed.
The protocol is approaching breakeven structurally for the first time
With Aero launching Q2 on Ethereum mainnet this is the quarter that decides if that matters.
h/t to @tokenterminal for the data

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