Executive Summary
TL;DR: Aerodrome dominates Base with 10%+ TVL share, generates ~$190M annualized revenue at 100% fee distribution to veAERO holders, yet trades at a 2.1x revenue multiple while peers command 5-15x. With Coinbase backing, cross-chain expansion imminent and deflationary buybacks offsetting emissions, AERO offers asymmetric upside as Base's essential infra play.
Introduction