Aerodrome Q2 Performance Defense

Aerodrome: 1 Uniswap: 0 That's Q2 on-chain FX volume where @AerodromeFi handled ~48% across every chain, against @Uniswap's ~34%. What else happened in Q2? Let's take a look. > $AERO traded 31% more volume last quarter, yet booked 19% less revenue doing it. > They also cut fees across its major lanes to win back Base share, which had slipped to a 42% trough in Q1. Doesn't read well on its own. What matters is that it worked: > Base share recovered to 56%, volume back to $45B, ~83% of daily traders returning > Gross trading fees fell only 5.5% against that 31% volume jump > veAERO hit a record 1.03B $AERO across an all-time-high 47k holders, and governance de-concentrated for a fourth straight quarter I don't see any reasons to be worried about what slipped in Q2, since I viewed it as the monetisation-transition quarter. The increase in veAERO locks displays the conviction in the new model despite yield compression, while returning users signal the demand for yield found in Aerodrome's pools. Predictive allocation and AER engine will tighten the fee to emissions pool moving forward. I called the expansion the model's first real test back in Q1, and the data shows that the thesis still holds.