Liquidity providers deposit funds into Aerodrome and stake their LP tokens to receive AERO tokens in proportion to their share of the votes (token incentives).

Aerodrome is a non-custodial exchange protocol built on Base. Aerodrome was launched by the Velodrome team in 2023.

AERO tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue), while the pools' unstaked liquidity providers earn the remainder of the trading fees (supply-side fees).

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Aerodrome

# Aerodrome Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of on-chain deposits made into Aerodrome. It is used as a leading indicator for liquidity and trading activity on the platform. Deposits are covered across Stable Pools, Volatile Pools, and Slipstream.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `Factory` and `CLPoolFactory` contracts, `Sync` and `Swap` events from `Pool` contracts, and `Mint`, `Flash`, `Swap`, `Collect`, and `CollectFees` events from `CLPool` contracts, covering Base and Arc
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Pool identification and classification

- **Purpose**: Identify active liquidity pools and classify them into products
- **Logic**: `PoolCreated` events from `Factory` and `CLPoolFactory` contracts are parsed to extract pool addresses, asset addresses, and pool configurations. Pools are classified into Stable Pools (where the Stable Pools flag is true), Volatile Pools (where the Stable Pools flag is false), or Slipstream (for concentrated liquidity pools).
- **Key fields**: `pool_address`, `token0_address`, `token1_address`, `is_stable`

### Component B: Stable Pools and Volatile Pools asset flow tracking

- **Purpose**: Track daily asset balance changes for Stable Pools and Volatile Pools
- **Logic**: `Sync` events from `Pool` contracts are parsed to extract reserve balances. Daily asset flows are calculated by taking the difference between the last recorded reserve balance of the day and the reserve balance of the preceding day.
- **Key fields**: `reserve0_amount`, `reserve1_amount`

### Component C: Slipstream asset flow tracking

- **Purpose**: Track daily asset balance changes for Slipstream pools
- **Logic**: `Mint`, `Flash`, `Swap`, `Collect`, and `CollectFees` events from `CLPool` contracts are parsed. Daily asset flows are calculated by summing deposits from `Mint` events, trades from `Swap` events, and fees from `Flash` events, and subtracting withdrawals from `Collect` and `CollectFees` events.
- **Key fields**: `token0_amount`, `token1_amount`

### Component D: Denylist filtering and cumulative balance calculation

- **Purpose**: Exclude outlier pools and calculate cumulative asset balances
- **Logic**: Pools matching the denylist address `0x6446021f4e396da3df4235c62537431372195d38` are filtered out to prevent liquidity outliers. Daily asset flows are normalized by decimal precision using asset metadata. Cumulative balances are calculated by summing daily flows over time, and a zero-floor guard is applied to prevent negative balances.
- **Key fields**: `delta_tvl`, `pool_address`, `token_address`

### Component E: USD conversion and final aggregation

- **Purpose**: Convert asset balances to USD and aggregate to the project level
- **Logic**: Cumulative asset balances are multiplied by end-of-day asset prices. Missing daily values are filled forward to ensure continuity. The final metric is aggregated by day, chain, and product.
- **Key fields**: `tvl`, `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

AerodromeAERO

Total value locked

Total value locked

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