Aerodrome Supply Splits Between sAERO and Liquid AERO
A Nov. 5 snapshot shows roughly half of AERO's 2.13 billion total supply sits in staked sAERO, with the rest liquid.
Updated on Nov. 7, 2026 in Economic Indicators
Aerodrome Finance's Nov. 5 snapshot listed 2.13 billion AERO in total supply, with 49.5% held as sAERO and 50.5% as liquid AERO. The split follows a migration that opened Oct. 21, converting liquid AERO and veAERO into new AERO and sAERO.
Why it matters
The breakdown shows how much of the decentralized exchange's token supply is locked versus freely tradable, which bears on liquidity and holder incentives. The migration changes how holders earn and allocate rewards compared with the earlier veAERO voting model.
The Nov. 5 snapshot, taken at 07:16 UTC, reported 2.13 billion total AERO with 49.5% in sAERO and 50.5% liquid, under a migration that set 1-to-1 conversion ratios. It does not show how supply will shift as participation in the migration develops.
The players
Aerodrome Finance
Aerodrome Finance is a decentralized exchange on the Base network whose token supply and migration are the subject of this report.
The details
Under the current system, sAERO holders allocate rewards in real time and receive revenue from the pools they support. Under the earlier veAERO model, holders voted weekly on liquidity-pool emissions, a mechanism the migration replaces.
Timeline
Oct. 21, 2026, 8 p.m. ET (Oct. 22, 00:00 UTC): Aerodrome's migration opened.
Nov. 5, 2026, 2:16 a.m. ET (07:16 UTC): Supply snapshot was taken.
Market Dynamics
The migration marks a departure from the earlier veAERO vote-escrow model, which tied emissions to weekly holder votes. Under the new sAERO structure, rewards are allocated in real time instead.
Holders of AERO can see whether their tokens sit in staked sAERO or liquid form, which determines how they earn and allocate rewards. Liquid holders can trade immediately, while sAERO holders receive revenue from the pools they support.
The takeaway
The split between staked and liquid AERO determines both reward flow and trading flexibility for holders. Checking which form your tokens are in is the first practical step.
Further reading
For more on the supply measures behind this report, see Economic Indicators.
