Velodrome and Aerodrome Merge into Aero Coinbase Swaps VELO to AERO Starting November 2

Velodrome and Aerodrome, two major decentralized exchanges on Optimism and Base, are merging into a single protocol called Aero. Coinbase will automatically convert VELO holdings into the new AERO token from November 2 to 4, 2026, at a rate of approximately 0.044 AERO per VELO. However, users who self-custody their VELO must manually migrate their tokens to avoid holding a deprecated asset.

Trading restrictions on VELO at Coinbase have already begun. The exchange now only allows limit orders, and market orders are no longer accepted. This change signals the start of a two-stage wind-down process, culminating in the complete discontinuation of VELO trading. Users should plan accordingly, as deposits and withdrawals of legacy tokens will be paused during the swap window.

The swap factor of 0.044 AERO per VELO is based on the economic performance of both exchanges over the past year. Aerodrome's market capitalization significantly outweighs Velodrome's, reflecting the 94.5% to 5.5% split in the new AERO supply. For VELO holders, the conversion offers a slight premium of about 1.38% based on current prices, though this could change before the swap window opens.

Self-custodied VELO holders must use the protocol's own migration route to convert their tokens. Fraudulent migration pages pose a risk, so users should exercise caution and verify the authenticity of any migration tools before proceeding.