DEX · AERO · $0.33B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth B. Base-chain liquidity hub; single-chain concentration.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1B | $0.33B |
| 12-month TVL change | -25% | -41% |
| Worst 90-day drawdown | 40% | 27% |
| Drawdown scored | 40% (90-day only, v1.0) | 41% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 64.8 | BBB · 64.8 |
| Growth | B · 38.3 | B · 38.3 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (64.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 27% and 12-month TVL change is -41%. TVL stability is scored on the 12-month decline of 41%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (5%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (68.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (38.3 / 100), unchanged from the July 27, 2026 screen. TVL is $0.33B, -41% over twelve months (it was -25% at the previous screen). Category share (8%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is BBB and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Aerodrome survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Aerodrome (this page) | BBB | BBB | B |
| Uniswap | AA | AA | BB |
| Curve | BBB | A | B |
| PancakeSwap | A | BBB | BB |
| Raydium | BBB | BBB | B |
| Balancer | BB | A | CCC |
| SushiSwap | BB | BB | CCC |
Aerodrome is the liquidity center of gravity on Base — a refined ve(3,3) DEX that became its chain's default venue with Coinbase's L2 as tailwind. The screen scores an execution success wearing a concentration constraint.
Solvency screens at BBB. Fee coverage (~2x) through the epoch-incentive flywheel is real, unlocks are moderate, and the AMM inherits proven Velodrome architecture. The 40% drawdown and single-chain deposit base temper the score.
Legitimacy screens at BBB: proven team (Velodrome lineage), consistent delivery, adequate audits. Governance (5/10) is veAERO plumbing — functional incentive-routing more than deliberative control.
Growth screens at B on the screen's inputs: 8% of the whole DEX category, -25% TVL, fair momentum. The number the screen can't capture: its growth is a call option on Base itself, including Coinbase's on-chain ambitions.
Composite B. Best-in-class chain-DEX execution, entirely long one L2. A full rating would treat Base concentration the way EM debt analysts treat single-country exposure.
