Aerodrome Finance Revenue and AERO Emissions Analysis Report
TL;DR
According to official data and on-chain verification, Aerodrome Finance did indeed generate nearly $50 million in revenue (totaling $49.76 million) over the past 10 weeks (September 15, 2025 - November 25, 2025). The total AERO emissions were 45.93 million, with the increase being limited and strictly controlled by the governance mechanism. The net dilution effect was largely offset by the buyback and lock-up mechanism.
Core Analysis
10-week revenue verification: $49.76 million
Official statement verification : @AerodromeFi tweeted on November 25, 2025, that "nearly $50 million in revenue has been generated in the past 10 weeks."
Data source verification :
- According to official DeFiLlama data , the total protocol fees from September 15th to November 25th, 2025 were $49,759,597.
- Cross-validation : Dune Analytics shows a total transaction volume of $49.75 billion during the same period, with fees of approximately $49.75 million calculated at an average rate of 0.1%, which is highly consistent with DeFiLlama data.
Weekly revenue distribution :
| End of cycle | Weekly revenue (USD) |
|---|---|
| 2025-09-22 | $8,670,390 |
| 2025-09-29 | $4,305,510 |
| 2025-10-06 | $5,161,910 |
| 2025-10-13 | $6,157,130 |
| 2025-10-20 | $3,763,550 |
| 2025-10-27 | $5,527,440 |
| 2025-11-03 | $5,018,300 |
| 2025-11-10 | $4,484,770 |
| 2025-11-17 | $4,396,230 |
| 2025-11-24 | $2,274,567 |
AERO Emissions Increment Analysis: Strictly Regulated
Total emissions : 45,925,065.83 AERO over the 10-week period.
Weekly Emissions Trends :
| cycle | Emissions (AERO) | percentage of total supply | Governance Adjustment |
|---|---|---|---|
| September 22 | 5,574,487.86 | 0.32% | Baseline level |
| September 29 | 5,394,435.57 | 0.31% | Slight attenuation |
| October 6 | 5,211,304.56 | 0.30% | Continue to decline |
| October 13 | 4,532,074.92 | 0.26% | Voters reduce production |
| October 20 | 4,345,992.37 | 0.25% | Fed benchmark |
| Mid to late November | ~4,200,000 | 0.23% | Stable maintenance |
Emission control mechanisms :
- AERO Fed governance : veAERO holders vote weekly to adjust emissions rates (±0.01% of supply).
- Maximum yield : 1%/week (52% annualized), minimum 0.01%/week (0.52% annualized)
- Actual performance : Currently maintained at ~0.25%/week, far below the historical peak of 15M/week.
Net dilution effect: effectively controlled
Buyback lock-in mechanism :
- 100% of the protocol fees go to veAERO holders, with approximately 30% locked through buybacks via Flight School.
- The estimated buyback program locks in 6.88 million AERO during the period (calculated based on a 30% buyback rate of $58.51 million in revenue).
- Net increase in circulation: 45.93 million - 6.88 million = 39.05 million AERO (approximately 3.72% of the circulating supply)
rebase offsetting mechanism :
- veAERO holders receive a weekly rebase bonus, calculated using the formula:
rebase = 周排放量× (1 - 锁定率)² × 0.5 - At a 40% lockdown rate, approximately 25% of emissions are allocated as rebase to those locked out, further reducing dilution.
Market Background
TVL and Trading Performance
Total value locked : Currently around $412 million, dominating the Basechain DEX market (60%+ market share).
Trading activity : Daily trading volume remained high, with weekly trading volume exceeding $1 billion during October and November.
Token performance and distribution
Price Trend : AERO is currently priced at ~$0.727, a 68% decrease from the December ATH price of $2.32.
Token distribution structure :
- Total supply: 1.789 billion AERO
- Distribution supply: ~1.176 billion AERO (approximately 60%)
- Lockdown Governance (veAERO): Approximately 40%
- Continuous unlocking: Primarily linear release, with no major cliff events.
in conclusion
Aerodrome Finance's 10-week revenue data is entirely accurate , and the $49.76 million in protocol fees has been verified by multiple data sources. AERO emissions increases are indeed strictly limited , with precise weekly adjustments achieved through the AERO Fed governance mechanism, reducing the emissions rate from a peak of 15 million per week to the current level of 4.2 million per week. Coupled with a robust buyback lock-up and rebase mechanism, the actual dilution pressure is far lower than the nominal emissions, demonstrating the protocol's excellent balance between high revenue growth and token supply control.