How Aerodrome Dominated DeFi on Base

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For this week’s Tuesday episode, I interviewed Alexander Cutler, CEO of Dromos Labs and core contributor to Aerodrome, the largest decentralized exchange on Base. Alexander breaks down how Aerodrome launched with zero VC funding and no token sale, with a focus on rewarding users directly by reshaping DeFi incentives and becoming the number one DEX by volume and fees on Base.

The episode explores why the team focused on value redistribution and public goods, the hurdles of building for open participation, their unique community launch mechanics, and what it takes to maintain dominance as Base and Coinbase’s on-chain ecosystem grows. Alexander offers insights on how the Aerodrome model contrasts with extractive DeFi projects, the long-term role of infrastructure, and what’s next for the protocol amid rapid ecosystem changes.

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Money and people moves

1. Coinbase got busy this week:

   1. It acquired Echo, an onchain capital raising platform, for $375M

   2. It bought the ‘Up Only’ NFT for $25M, bringing back the podcast from last bull market

2. Stripe-backed blockchain startup Tempo raises $500 million round led by Joshua Kushner’s Thrive Capital and Greenoaks (Fortune)

3. SharpLink Gaming adds 3 new senior leaders to its team:

   1. Mandy Campbell as Chief Marketing Officer

   2. Matthew Sheffield as Chief Investment Officer

   3. Michael Camarda as Chief Development Officer

4. Michael Gronager, former Chainalysis CEO, joins Project Eleven as an advisor

5. Yadira Blocker, NEAR Foundation’s former interim head of marketing, departs after five years

6. Arjun Arora joins LayerZero as its head of crypto to help expand its BD reach

Talking points for the road

Crypto-focused headlines or research that caught my eye…and should catch yours, too.

1. Crypto Miners Riding the AI Wave Are Leaving Bitcoin Behind (Bloomberg)

2. OpenSea sets SEA token launch for Q1 2026, with 50% of revenue at launch earmarked for buybacks (The Block)

3. AWS outage: How Coinbase, Roblox, Reddit are affected (Axios)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.