Business News Report
February 27, 2024

Aerodrome Finance’s AERO Witnesses 127% Surge after CB Ventures’ Token Acquisition

In Brief

Aerodrome’s native token AERO surged 127% within a 24-hour period, post acquisition by Fund Base Ecosystem Fund under CB Ventures.

Aerodrome Finance’s AERO Witnesses 127% Surge After Base Ecosystem Fund’s token Acquisition

Investment arm of the cryptocurrency exchange Coinbase, Coinbase Ventures’ Base Ecosystem Fund, acquired the native token AERO of the liquidity protocol Aerodrome. The specific amount of the acquisition is not disclosed. The largest protocol on the Base blockchain, Aerodrome holds a market share of over 30% and a total value locked (TVL) of $132 million.

The Base Ecosystem Fund, led by CB Ventures, was established to invest in the upcoming generation of on-chain projects developing on Base. The recent investment aligns with the shared goal of shaping the future landscape of Base through collaborative efforts, commented Aerodrome in the post on social media platform X.  

Following the investment, the native token AERO of the liquidity protocol Aerodrome Finance experienced a surge of over 127% within a 24-hour period, and it is currently being traded at $0.22, a significant increase from its value of below 10 cents yesterday morning, according to data from CoinMarketCap. 

Aerodrome Finance is an Automated Market Maker (AMM) designed to function as the central liquidity hub for the Layer 2 network Base. It integrates a liquidity incentive engine, a vote-lock governance model, and offers a user-friendly experience. Aerodrome inherits the latest features from decentralized cryptocurrency exchange and a protocol Velodrome V2.

Base Ecosystem Fund Elevates Early-Stage Projects

Base Ecosystem Fund supports early-stage projects functioning on its incubated Base network–a Layer 2 scaling solution on Ethereum with its primary goal being to function as a hub for Coinbase’s on-chain products, while maintaining an open ecosystem accessible to all developers. 

The recent investment follows a series of investments made by the Base Ecosystem Fund in various projects, including Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation throughout the previous year.

The recent acquisition of AERO from Aerodrome marks Base Ecosystem Fund’s strategic move in shaping the evolving landscape of decentralized finance (DeFi), sparking a rapid surge of its token.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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