Coinbase Ventures, through its Base Ecosystem Fund, has amassed a significant stake in vote-escrowed Aerodrome Finance (veAERO) tokens, reinforcing the strategic alignment between the prominent decentralized exchange and Coinbase's Layer 2 blockchain, Base. This substantial investment underscores a shared vision for growth within the burgeoning Base ecosystem, as highlighted by crypto observer CBduck. "Coinbase venture owns a sizable $veAERO. Iykyk. Aerodrome win is a Coinbase win. Coinbase win is base win, base win is an @AerodromeFi win," stated CBduck on social media, emphasizing the intertwined success of the three entities.
The investment, estimated at approximately $20 million, represents Coinbase Ventures' largest single investment in a liquid token to date. Acquired via the public market, this strategic move grants Coinbase Ventures considerable governance influence within Aerodrome Finance. By locking AERO tokens to obtain veAERO, the venture arm gains voting power to direct token emissions and participate in key protocol decisions, further integrating Aerodrome into the broader Coinbase and Base strategy.
Aerodrome Finance has firmly established itself as the leading decentralized exchange (DEX) on the Base network, an Ethereum Layer 2 solution developed by Coinbase. As of June 2025, the protocol has surpassed $1.2 billion in Total Value Locked (TVL) and processes over $125 million in daily trading volume, making it the top platform by trading volume, active wallets, and TVL on Base. Its ve(3,3) model allows veAERO holders to earn 100% of trading fees and vote on liquidity incentives.
The symbiotic relationship between Aerodrome, Base, and Coinbase is evident in their mutual growth trajectory. Base has seen steadily rising daily active users (DAUs) and transaction volumes, partly fueled by Coinbase's initiatives, such as the launch of cbBTC on the network. This increased activity directly benefits Aerodrome, positioning it as a cornerstone financial infrastructure for the Base L2.
Coinbase Ventures' active participation in Aerodrome's governance, including directing AERO's token issuance towards the cbBTC pool, solidifies this integration. The strategic backing and potential for future integrations, such as direct access to Aerodrome within the main Coinbase application, are expected to further drive user adoption and liquidity, ensuring that the success of Aerodrome Finance continues to translate into significant wins for both Coinbase and the Base blockchain.