Aerodrome Finance Surges as Coinbase Integration Looms
Aerodrome Finance’s token, AERO, has seen a significant rise this week, hitting its highest point as May 9.The price climbed to $0.7786, marking a 177% increase from its March low. This boost has pushed its market cap to $619 million.
The surge comes as Coinbase, the largest U.S. crypto exchange, announced plans to include decentralized exchanges on its Base Blockchain. This move could expose aerodrome to Coinbase’s 10.8 million monthly users, possibly increasing its trading volume and revenue.
Similar to Coinbase’s previous integration of Morpho, this partnership could drive more adoption.Morpho, a decentralized lending platform, saw a surge after its Coinbase integration. The AERO token’s value has soared, reflecting investor optimism about the upcoming integration. Coinbase’s decision to add decentralized exchanges to its main app could attract more users to Aerodrome’s platform.
Adding decentralized exchanges to Coinbase’s app could considerably boost Aerodrome’s visibility.The platform’s growing popularity is evident in its expanding user base. Dune Analytics data reveals that over $550 million in Bitcoin has been used as collateral for USDC on the platform. This integration mirrors Coinbase’s strategy of incorporating other decentralized finance (DeFi) solutions,like Morpho,which competes with AAVE.The integration is expected to bring in more users, enhancing Aerodrome’s growth. The network’s dominance on Base is also a factor. Aerodrome has processed over $100 billion in the last year, outperforming rivals like Uniswap and PancakeSwap on Base. The network’s volume has surged tenfold in the past year, surpassing other DEXs on Base.
Aerodrome’s success is also linked to its expanding user base. Currently, there are 629,954 AERO holders, up from 200,000 in January. The token’s price reflects this growth, with its market cap soaring. The token’s price has been on an upward trend.
Technical analysis shows that AERO has formed an ascending triangle pattern. A breakout above $0.7786 could lead to further gains, potentially reaching $1.3058.The Relative Strength Index and MACD indicators support this bullish outlook.
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