The Aero token migration is now live on Coinbase. Starting November 2 and running through November 4, the exchange will convert Aerodrome Finance (AERO) balances into the new Aero token at a 1:1 ratio, and Velodrome Finance (VELO) balances at roughly 0.044 AERO per VELO. VELO trading is disabled on Coinbase from today, November 2, while AERO trading continues without interruption. This is the exchange-side half of a merger that folds Aerodrome and Velodrome into a single cross-chain decentralized exchange called Aero.
Aerodrome Finance and Velodrome Finance previously announced a merger into Aero with a new AERO token. Coinbase will support the migration of Aerodrome Finance (AERO) and Velodrome Finance (VELO) to the new Aero (AERO) token from November 2-4, 2026.
— Coinbase Markets 🇺🇸 (@CoinbaseMarkets) October 1, 2026
What Is Actually Changing
Aerodrome and Velodrome are two separate automated market makers built by the same team on the MetaDEX design. Aerodrome anchors most of Base’s decentralized trading, while Velodrome holds the same role on the Optimism Superchain. The two protocols have “processed $342 billion in trading volume, distributed over $1.3 billion in onchain value to active participants, and captured a leading market share of volume on nearly every chain where they are deployed,” according to the Aero team’s economic case.
The merge splits the new supply unevenly: 94.5% of new AERO goes to Aerodrome holders and veAERO voters, and 5.5% goes to Velodrome holders and veVELO voters. That asymmetry is not arbitrary. Aerodrome generated about $260 million in protocol revenue while Velodrome generated about $15 million, a ratio that explains why AERO migrates 1:1 while VELO converts at only 0.044 AERO. Aerodrome and Velodrome first announced the Aero merger in October, and the unified protocol went live across seven chains on October 21.
The Coinbase Migration, Step by Step
Coinbase is handling the conversion automatically for balances held on the exchange. For AERO, the process is one-to-one. The exchange’s token migration page states: “Coinbase will complete the migration to the new AERO token from November 2 – 4, 2026. Balances will be converted 1:1, with no transaction fees. No action is required.”
For VELO, the page is explicit about the rate and the deadline: “Coinbase will convert all VELO held on Coinbase to AERO from November 2 – 4, 2026, at a rate of approximately 0.044 AERO per VELO, with no transaction fees.” VELO’s trading deadline on Coinbase is November 2, 2026. Coinbase Markets confirmed on X that “trading of VELO will be disabled on November 2, 2026,” while AERO trading “will not be impacted.”
Two operational details matter for anyone moving funds. First, AERO and VELO sends and receives are paused on Coinbase during the three-day window. Second, after the migration the legacy AERO token is retired on the exchange: “After the migration, Coinbase will no longer support deposits of the legacy AERO token.” Sending legacy AERO to a Coinbase deposit address after the cutoff may not be recoverable. Coinbase also flags that the automatic conversion may carry tax consequences.
The Conversion Math
The VELO rate is where most of the confusion sits, so the arithmetic is worth running by hand. At 0.044 AERO per VELO, a position of 10,000 VELO becomes 440 AERO. With AERO at $0.6185 at the time of writing, that is $272.16 before fees. VELO itself traded at $0.02703, so 10,000 VELO was worth about $270.30, a gap of under one percent between the spot value and the conversion value.
| Input | Rate | Output |
|---|---|---|
| 1 AERO | 1:1 | 1 new AERO |
| 10,000 VELO | 0.044 | 440 new AERO |
| 10,000 VELO at $0.02703 | spot value | $270.30 |
| 440 AERO at $0.6185 | conversion value | $272.16 |
That near-parity is itself the interesting finding. The implied conversion value of one VELO is 0.044 multiplied by $0.6185, which equals $0.0272, against a market price of $0.02703. The two numbers sit within roughly 0.7% of each other, which means traders have already priced the merger into VELO. There is no obvious free money left in holding VELO through the migration, only the mechanics of the swap itself.
The market-cap view runs the same direction. AERO carried a market cap of about $494 million and a fully diluted valuation near $1.24 billion on November 2, per CoinGecko. A 2x from here returns AERO to roughly the $1 billion market cap it approached before the October 21 launch, while a 10x would imply a $4.94 billion valuation. Neither is a forecast; both are simply the arithmetic a holder should have in front of them.
Where AERO Trades Right Now
Across the majors, Bitcoin traded at $77,719 and Ethereum at $2,283.91 as of 15:40 UTC on November 2, both roughly flat on the day. AERO sat at $0.6185, down about 3.1% over 24 hours and 7.6% over seven days, while VELO traded at $0.02703, down about 3.0% on the day. The seven-day AERO chart below shows the token easing from about $0.684 on October 26 to the $0.62 area ahead of the Coinbase migration window.
Why AERO Is the Coin to Watch
The migration is a technical event, but the thesis behind Aero is the part that determines whether the new token matters beyond the swap. The combined protocol positions itself as “the unified liquidity layer for all of Ethereum,” per the Aero documentation, rather than two competing venues on separate chains. When Aero launched on October 21, it consolidated liquidity across Base, Optimism, and five additional networks under one ticker.
Two economics changes sit underneath the rebrand. First, Aerodrome crossed the point of earning more than $1 of revenue for every $1 of emissions, reaching $1.08 in the fourth quarter of 2025 and $1.10 in the first quarter of 2026, which the Aero team frames as fully offsetting dilution. Second, the new MetaDEX03 design replaces weekly epoch voting with a live allocation system called Predictive Allocation, where token operators stream revenue as it accrues instead of waiting for a lump-sum distribution. Both shifts change how AERO emissions behave relative to the old tokens.
Aero’s home base is Base, the Ethereum Layer 2 that has grown alongside Aerodrome for over two years. The economic case points to cbBTC as the proof point: when Coinbase introduced cbBTC in 2024, Base had something no other chain did, a native AERO token, and the Aerodrome Foundation and Coinbase Ventures used voting positions to seed liquidity early. Base went on to dominate cbBTC volumes in the following year, a pattern the Aero team argues can now repeat at the scale of seven chains.
What Breaks the Trade
The risks are operational rather than directional. Anyone who wants to opt out of the automatic conversion had to move AERO or VELO to a self-custody wallet before November 2, a deadline that has already passed for AERO sends and receives now that the pause is active. After the window closes, Coinbase will not accept deposits of the legacy AERO token, and such deposits may not be recoverable. The 0.044 VELO rate is also labeled approximate because the precise figure depends on Velodrome’s total supply at launch, so a holder should treat the exact number as slightly movable rather than fixed. Finally, the automatic conversion may trigger a taxable event depending on jurisdiction.
Frequently Asked Questions
What is the AERO to VELO conversion rate?
AERO converts at a 1:1 ratio to the new Aero token. VELO converts at approximately 0.044 new AERO per VELO, a rate Coinbase applies automatically for balances held on the exchange.
When does the Coinbase Aero migration end?
The migration window runs from November 2 through November 4, 2026. AERO and VELO sends and receives are paused during those three days, and VELO trading is disabled from November 2.
Do I need to do anything if I hold AERO or VELO on Coinbase?
No. Coinbase converts eligible balances automatically with no transaction fees. The only action is for holders who did not want the conversion, who needed to move tokens to a self-custody wallet before November 2.
Can I still deposit legacy AERO after the migration?
No. Coinbase will no longer support deposits of the legacy AERO token after the migration. Sending legacy AERO to a Coinbase deposit address afterward may not be recoverable.
Why does VELO convert at 0.044 instead of 1:1?
The rate reflects the revenue split between the two protocols. Aerodrome generated about $260 million in revenue versus roughly $15 million for Velodrome, so new AERO supply is allocated 94.5% to Aerodrome holders and 5.5% to Velodrome holders.
Data: CoinGecko, Coinbase, Aero.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decision.
