Aerodrome Finance, the biggest decentralized exchange (DEX) network in the Base Blockchain, rose for five consecutive days, reaching its highest level since October 20, as demand for its ecosystem rose.
Aerodrome’s rally has coincided with the ongoing jump in assets in its ecosystem. Data compiled by DeFi Llama shows that the total value locked (TVL) jumped by 22% in the last 30 days to $1.5 billion. 24-hour fees in the network jumped to $404,000, a trend that will likely continue.
More data shows that its network is as busy as ever as the volume traded in its ecosystem jumped to $706 million in the last 24 hours. It has handled transactions worth $4.5 billion in the last seven days, propelling Base into the third-biggest chain for DEX networks after Solana and Ethereum.
According to Dune, Aerodrome has processed over $56 billion in tokens since its inception in 2023, while the amount of swap fees has soared.
Traders love Aerodrome for its stability, low transaction fees, and the fact that all protocol incentives go to voters. In a post, the developers noted that the total rewards in the last 12 months jumped to $167.3 million. $6 million tokens will be distributed soon, which explains why the token has recovered.
Aerodrome has continued to take market share in the DEX industry, and is now the fourth-biggest network after Uniswap, Raydium, and PancakeSwap. It is the second-biggest single-chain DEX after Raydium. Uniswap and PancakeSwap exist in 20 and 9 chains, respectively.
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Aerodrome Finance price is recovering
AERO chart by TradingView
The daily chart shows that the AERO token price rebounded after falling to the important support level of $1.0582 on Oct. 25. This was a crucial price since it was its highest point on July 18.
Aerodrome has remained slightly above the 50-day and 100-day moving averages as bulls target the key resistance point at $1.4845, its highest level on October 14. It has also risen above the 50% Fibonacci Retracement point.
Therefore, the AERO price will likely continue rising as bulls target the psychological point at $2, which is about 56% above the current level.
