AERO is starting to show a relatively complete value capture logic. In the past 30 days, Aerodrome's DEX recorded approximately $14.1B in trading volume, generating about $17.45M in fees, of which around $14.23M ultimately went to token holders. During the same period, the protocol also emitted about $8.6M in incentives. AERO isn’t just about pure TVL or governance narratives—real trading revenue is already coming through. Currently, Base has around 188 stock tokens with a total supply of approximately $26.5M. Over the past week, these assets generated about $57.7M in trading volume on DEXs, with Aerodrome alone accounting for roughly $56M—nearly 97%. This number might seem small now, but it’s precisely because it’s small that it’s worth paying attention to. If stock tokenization truly scales in the future, Aerodrome won’t just benefit from the rise of a single token or stock—it’ll benefit from the expansion of the entire trading layer. Stocks, stablecoins, memes, RWA—anything that eventually needs to be traded on Base could translate into trading volume, fees, and veAERO revenue. So, AERO is more like a liquidity infrastructure rather than a single-sector token. That said, stock token trading on Base hasn’t really taken off yet. Let’s see how the big players push this forward. Keep a close eye on Base’s data—if things improve, there’s definitely a lot of potential opportunities here.