Aerodrome：链上流动性引擎

Aerodrome 结合了以前 DEX 的最佳功能——受 Curve/Convex 启发的代币经济学，用于改善治理和排放；受 Uni v3 启发的集中式自动化做市商 (clAMM)，用于资本效率高的交易所；以及对 Solidly 代码库的增强。

Original Title: "Aerodrome: The Onchain Liquidity Engine"

原标题：《机场：链上流动性引擎》

Authors: Bryan Tan & Arthur Cheong

作者：Bryan Tan 和 Arthur Cheong

Compiled by: Felix, PANews

编译：Felix、PANews

Before discussing Aerodrome, let's understand some background knowledge about DEXs.

在讨论 Aerodrome 之前，我们先了解一些有关 DEX 的背景知识。

Breaking the Stalemate of DEXs: Why Traditional Models Fall Short

打破 DEX 僵局：传统模式为何无法达标

The development of DEXs has been accompanied by a fundamental struggle: balancing the interests of multiple stakeholders while maintaining sustainable growth. Two key challenges have plagued traditional DEX models:

DEX 的发展伴随着一个根本性的斗争：平衡多个利益相关者的利益，同时保持可持续增长。传统 DEX 模式面临两个关键挑战：

1. Balancing Interests:

1. 平衡利益：

DEXs must serve three different groups simultaneously: traders seeking efficient markets, liquidity providers (LPs) pursuing yields, and token holders demanding appreciation.

DEX 必须同时服务三个不同的群体：寻求有效市场的交易者、追求收益率的流动性提供者（LP）以及要求升值的代币持有者。

Uniswap, as a typical representative, directs 100% of the fees to LPs, leaving UNI holders without direct protocol revenue. Meanwhile, Curve adopts a neutral stance, splitting CRV between LPs and veCRV holders. However, as the release volume decreases, this model faces sustainability issues.

Uniswap 作为典型代表，将 100% 的费用直接交给 LP，使得 UNI 持有者没有直接的协议收入。与此同时，Curve 采取中立立场，将 CRV 分配给 LP 和 veCRV 持有者。然而，随着释放量的减少，这种模式面临可持续性问题。

The result is a continuous tug-of-war, leading to suboptimal returns for all parties involved.

其结果是一场持续的拉锯战，导致所有相关方的回报都不佳。

2. Issuance Dilemma:

2. 发行困境：

The summer of DeFi in 2020/21 exposed the flaws of strict issuance plans, with countless Uniswap v2 forks attracting liquidity through token inflation, resulting in fierce competition.

2020/21年的DeFi夏天暴露了严格发行计划的缺陷，无数的Uniswap v2分叉通过代币通胀吸引流动性，导致激烈的竞争。

Curve's innovative veCRV system introduced bribery as a mechanism to guide liquidity, but it produced unintended consequences: voters maximized personal interests through bribery rather than supporting pools that generated sustainable protocol revenue.

Curve 的创新 veCRV 系统引入了贿赂作为引导流动性的机制，但它产生了意想不到的后果：选民通过贿赂实现个人利益最大化，而不是支持产生可持续协议收入的矿池。

Even Andre Cronje's Solidly, which attempted to address these issues, fell victim to its design flaws—early issuance and token whitelisting ultimately undermined its effectiveness.

即使是 Andre Cronje 的 Solidly 试图解决这些问题，也因其设计缺陷而成为受害者——早期发行和代币白名单最终削弱了其有效性。

Every iteration of DEX design has attempted to tackle these fundamental challenges, but none have fully resolved them to date.

DEX 设计的每一次迭代都试图解决这些基本挑战，但迄今为止还没有一个能够完全解决这些挑战。

Aerodrome: The MetaDEX Revolution

机场：MetaDEX 革命

Aerodrome combines the best features of previous DEXs—tokenomics inspired by Curve/Convex for improved governance and emissions, centralized automated market makers (clAMM) inspired by Uni v3 for capital-efficient exchanges, and enhancements to the Solidly codebase.

Aerodrome 结合了以前 DEX 的最佳功能——受 Curve/Convex 启发的代币经济学，用于改善治理和排放；受 Uni v3 启发的集中式自动化做市商 (clAMM)，用于资本效率高的交易所；以及对 Solidly 代码库的增强。

These features provide a solution to align incentives across parties and position it as the preferred venue for user trading.

这些功能提供了一种解决方案，可以协调各方的激励措施，并将其定位为用户交易的首选场所。

veAERO holders can earn 100% of the fees and bribes from the pools they vote on as compensation. This incentivizes them to direct emissions and fees toward the pools with the highest returns, ultimately benefiting the protocol.

veAERO 持有者可以从他们投票的矿池中获得 100% 的费用和贿赂作为补偿。这激励他们将排放和费用直接流向回报率最高的矿池，最终使协议受益。

LPs will receive 100% of AERO emission incentives and will fund the pools with the highest yields.

LP 将获得 100% 的 AERO 排放激励，并将为收益率最高的池提供资金。

Traders benefit from the high liquidity of the DEX, allowing for better execution compared to other exchanges.

交易者受益于 DEX 的高流动性，与其他交易所相比，可以实现更好的执行。

Notably, since the launch of Aerodrome Slipstream (Uni v3-style clAMM) in April this year, Aerodrome's market share in the Base DEX market has surged to 63%, effectively replacing Uniswap.

值得注意的是，自今年4月推出Aerodrome Slipstream（Uni v3式clAMM）以来，Aerodrome在Base DEX市场的市场份额已飙升至63％，有效取代了Uniswap。

Compared to Uniswap V3 on Base, Aerodrome Slipstream has achieved absolute growth in numbers while overall achieving higher capital efficiency. This dominance becomes even more apparent considering the numerous scam tokens present on Uniswap.

与 Base 上的 Uniswap V3 相比，Aerodrome Slipstream 实现了数量绝对增长，同时整体实现了更高的资本效率。考虑到 Uniswap 上存在大量诈骗代币，这种主导地位变得更加明显。

Moreover, Aerodrome is also the highest fee-generating application among all dApps on Base.

此外，Aerodrome 也是 Base 上所有 dApp 中收费最高的应用程序。

The Rapid Rise of Aerodrome

机场的迅速崛起

In the past year, Aerodrome's TVL has skyrocketed 12 times to $1.3 billion, accounting for nearly 50% of Base's TVL. Notably, from March to September, Aerodrome's TVL continued to grow amidst a turbulent market, demonstrating resilience.

过去一年，Aerodrome 的 TVL 飙升了 12 倍，达到 13 亿美元，占 Base TVL 的近 50%。值得注意的是，3月至9月，Aerodrome的TVL在动荡的市场中持续增长，展现了韧性。

At the same time, Aerodrome's monthly trading volume surged 111 times, reaching $16.5 billion by the end of October. Additionally, Aerodrome's share of total DEX trading volume has risen to 8.5%. In recent months, despite an overall decline in DEX trading volume, Aerodrome's trading volume has continued to grow.

与此同时，Aerodrome 的月交易量激增 111 倍，截至 10 月底达到 165 亿美元。此外，Aerodrome 在 DEX 总交易量中的份额已上升至 8.5%。近几个月来，尽管DEX交易量整体下降，但Aerodrome的交易量却持续增长。

The Coinbase Effect

Coinbase 效应

Base plays a key role in Coinbase's strategy to promote crypto utility and reduce on-chain transaction complexity. They have pioneered several ecosystem initiatives, such as integrating Base into the Coinbase smart wallet, hosting hackathons, and partnering with institutions like Stripe for fiat-to-crypto conversions on Base. As a result, Base is currently the largest rollup by TVL, with approximately $2.7 billion.

Base 在 Coinbase 促进加密实用性和降低链上交易复杂性的战略中发挥着关键作用。他们开创了多项生态系统计划，例如将 Base 集成到 Coinbase 智能钱包中、举办黑客马拉松，以及与 Stripe 等机构合作在 Base 上进行法币到加密货币的转换。因此，Base 是目前 TVL 最大的汇总，价值约 27 亿美元。

As the largest dApp on Base, Aerodrome is benefiting from Base's rapid expansion. Base's DAU and daily trading volume have steadily increased over the year, contributing to the usage of Aerodrome.

作为 Base 上最大的 dApp，Aerodrome 正受益于 Base 的快速扩张。 Base的DAU和日交易量在过去一年中稳步增长，为Aerodrome的使用做出了贡献。

Protocols on Base hold nearly 10% of veAERO, aiming to enhance the liquidity of their governance tokens by locking AERO and voting to direct issued tokens to their own pools. With the growth of users and economic activity on Base, it is expected that future protocols launched on Base will follow suit, stimulating demand for the $AERO token.

Base 上的协议持有近 10% 的 veAERO，旨在通过锁定 AERO 并投票将发行的代币直接放入自己的池中来增强其治理代币的流动性。随着 Base 上用户和经济活动的增长，预计 Base 上未来推出的协议也将效仿，刺激对 $AERO 代币的需求。

With Coinbase's decision to launch cbBTC to challenge WBTC, economic activity on Base is

随着 Coinbase 决定推出 cbBTC 挑战 WBTC，Base 上的经济活动