Aerodrome accounted for 59% of the increase in stablecoin DEX trading volume across eight leading venues over the latest seven-day window, according to a RWA Foundation analysis citing Token Terminal’s stablecoin trading data. The figure measures Aerodrome’s contribution to incremental weekly volume rather than its share of all stablecoin trading, making it a narrower indicator of where recent growth occurred.
The eight venues collectively added about $1.06 billion in stablecoin DEX volume during the measured period. Applying the reported 59% share implies roughly $625 million of that increase came through Aerodrome. The data therefore point to unusually concentrated growth at one venue, but not to $625 million of new liquidity or capital entering Aerodrome, because trading volume can repeatedly turn over the same underlying assets.
Stablecoin Growth Concentrates on Aerodrome
Token Terminal defines stablecoin DEX volume as the value of trades involving a stablecoin, broken down by the venue where execution occurs. Its coverage includes Aerodrome, Uniswap, PancakeSwap, Fluid and other exchanges. Volume records executed turnover rather than liquidity depth, unique traders or net inflows, so the weekly increase establishes higher trading activity without identifying the capital or users behind it.
The concentration is consistent with Aerodrome’s established position on Base. The protocol has previously captured a large share of tokenized-stock trading on the network, while its liquidity model has used pool-specific AERO emissions to influence where liquidity providers allocate capital. Those mechanisms can affect pool depth and routing competitiveness, but the latest dataset does not isolate incentives as the cause of the stablecoin-volume increase.
Aerodrome’s concentrated-liquidity infrastructure remains substantial. DefiLlama currently records more than $2 billion in seven-day volume through Aerodrome Slipstream alone, with stablecoin pairs including USDC/USDT among its active markets. That broader trading footprint provides context for the weekly stablecoin growth without proving that the 59% share will persist into subsequent periods.
Aero Transition Complicates the Weekly Snapshot
The measurement also overlaps a major protocol transition. Aerodrome and Velodrome formally combined into Aero at 00:00 UTC on October 22, creating a liquidity layer spanning Base, Ethereum, OP Mainnet, Arc, Ink, Robinhood Chain and Arbitrum. The seven-day stablecoin-growth window therefore straddles the launch of the new Aero architecture, while Token Terminal continues to expose Aerodrome and Aero as distinct tracked projects.
The new structure replaces Aerodrome’s previous weekly gauge-voting system with continuous Predictive Allocation, as detailed in the Aero launch and Aerodrome-Velodrome merger. That change could alter how incentives and liquidity develop going forward, meaning historical Aerodrome activity should not automatically be extrapolated into the new multichain system.
Aerodrome had already been expanding its liquidity role beyond its original Base markets, including a commitment to provide launch-day liquidity infrastructure on Arc. The move toward Aero broadens the protocol’s potential routing surface, but deployment across additional chains does not itself guarantee equivalent stablecoin volume or liquidity on those networks.
The strongest conclusion from the Token Terminal snapshot is that Aerodrome captured a majority of the measured week-over-week increase in stablecoin DEX turnover among the eight tracked venues. Whether that concentration reflects a lasting routing advantage, temporary market conditions or the transition into Aero will require subsequent weekly data on volume, liquidity depth and venue share.