Aerodrome has emerged as the leading decentralized exchange for tokenized-stock trading on Base, concentrating a growing share of the network’s onchain equity activity into a single liquidity venue. According to Token Terminal’s latest market update, Aerodrome processed approximately $1.9 billion in tokenized-stock trading volume on Base over the past 90 days, placing it ahead of competing decentralized exchanges serving the same asset class.
The milestone comes shortly after Coinbase Tokenized Stocks launched natively on Base in August. Base describes the products as B20 tokens backed 1:1 by underlying shares held through regulated, bankruptcy-remote custody, with access currently limited to eligible users outside the United States. Aerodrome provides the AMM infrastructure through which many of those tokenized shares can trade continuously and interact with Base’s broader DeFi ecosystem.
Aerodrome is the leading DEX for tokenized stocks on Base, with $1.9B in trading volume over the past 90 days
So what? Tokenized stocks massively expand the range of assets that can be traded on DEXs, bringing in more traders, more volume & more revenue pic.twitter.com/JP6QvXleOX
— Token Terminal 📊 (@tokenterminal) October 6, 2026
Tokenized Stock Volume Concentrates on Aerodrome
Aerodrome’s position is increasingly visible across individual stock pools and structured products. Base currently lists tokenized versions of companies including Apple, Nvidia, Microsoft, Amazon, Meta and Tesla, while Aerodrome has introduced liquidity markets and incentives around several equity-linked products. The DEX has also extended its incentive framework to products such as MAG7 tokenized-stock liquidity pools, creating additional economic incentives for liquidity providers to concentrate capital around particular markets.
That mechanism is important to understanding why trading can cluster around one venue. Aerodrome uses AERO emissions and veAERO governance to direct incentives toward liquidity pools, while trading fees and external incentives reward participants supporting those markets. Deeper liquidity can attract additional order flow, which generates more fees and can reinforce the same venue’s liquidity advantage. Aerodrome describes this feedback loop as a core element of its MetaDEX model.
Recent data suggests that concentration is already substantial. An earlier 30-day Token Terminal snapshot showed Aerodrome capturing roughly 86% of Base tokenized-stock spot DEX volume. The latest $1.9 billion 90-day figure extends the evidence that execution is clustering around Aerodrome, although the two snapshots use different rolling windows and should not be treated as directly comparable measures of growth.
Trading volume also does not establish an equivalent share of liquidity or investor capital. Gross DEX volume counts every executed swap, meaning market makers, arbitrageurs and repeated turnover of the same assets can generate large figures without producing proportional growth in holders or net investment.
Base Builds a Broader Onchain Equity Market
The development fits a wider expansion of tokenized-equity markets across multiple chains. Solana, for example, has seen Raydium and Orca capture growing tokenized-stock turnover, while Uniswap has become a major venue for equity-linked assets across several networks. The emerging market is therefore developing around competing combinations of issuers, blockchains and DEX liquidity infrastructure.
Base’s model adds another layer of composability. Coinbase Tokenized Stocks can be self-custodied and integrated with supported DeFi applications rather than remaining confined to a brokerage interface. Base currently highlights trading through Aerodrome alongside lending, borrowing and other uses of tokenized shares. That makes DEX liquidity a piece of broader financial infrastructure rather than merely a secondary trading venue.
Still, the $1.9 billion figure is primarily evidence of executed turnover. It does not establish how many unique investors produced that activity, how much trading was generated by arbitrage or market makers, or whether liquidity would remain equally deep without incentives. Similar caveats apply to the broader RWA market, where rising spot DEX volume can diverge sharply from underlying liquidity conditions.
Aerodrome’s current lead shows where Base’s tokenized-stock trading is concentrating, but durability will depend on depth, spreads, recurring users and activity across a broader range of equities. For now, the clearest development is that tokenized stocks have moved beyond issuance on Base and are generating measurable secondary-market activity, with Aerodrome serving as the principal execution venue.