Aerodrome is frequently criticized for emitting more than it earns.

But much of this supply is locked away and doesn’t reach the market.

Aerodrome pays for its liquidity in newly minted AERO, which used to be a fixed weekly amount. The AER Engine changes that by tying emissions to the fees each pool generates. Under this, spending moves with revenue rather than staying flat regardless of what the protocol earns.

It also matters where those emissions land. Nearly a quarter of total supply is permanently locked by the protocol, including the team, Flight School, and its aligned funds. Emissions that are re-locked into these positions don't reach the market.

However, the lock rate rises and falls as outside holders decide whether to stay locked when their positions expire. The protocol-controlled locked share never moves and sets a real floor. Everything above that floor is an assumption.

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