Aerodrome

Aerodrome is Base's own DEX, and the largest by both liquidity and volume. It uses the ve(3,3) model: holders lock the AERO token to vote each week on which pools receive emissions, and pools bid for those votes by offering fees and bribes back to voters. Liquidity follows the incentives rather than the other way round.

DefiLlama tracks three parts separately. Slipstream is the concentrated liquidity design and holds most of the total, V1 is the original pool design, and Ignition is the launchpad. Aerodrome is effectively Base-only, which makes it unusual here: nearly every other large protocol in the directory treats Base as one deployment among many.