Liquidity Protocol's Token AERO Surges 77% After CB Ventures Invests in Aerodrome Finance
Aerodrome Finance is the largest protocol on Base with more than 30% of a market share.
Feb 27, 2024 at 1:06 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZRYVV2CHRNH6DITB7L52J253NM.png)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
- The Base Ecosystem fund, led by CB Ventures, acquired an undisclosed position in AERO.
- The token rose from 10 cents to nearly 18 cents on Tuesday.
AERO, the native token of liquidity protocol Aerodrome Finance, jumped by 77% on Tuesday after a position was acquired by Base Ecosystem Fund, which is led by CB Ventures.
Aerodrome is the largest protocol on the Base blockchain, boasting a market share of more than 30% with $132 million in total value locked (TVL), according to DefiLlama.
“The Base Ecosystem Fund, led by CB Ventures, was launched to invest in the next generation of on-chain projects building on Base,” Aerodrome wrote in a tweet. “We’re excited to announce that the Base Ecosystem Fund has market-acquired an AERO position. Together, we’ll build the future of Base.”
AERO is currently changing hands over 17 cents having begun Monday trading below 10 cents, according to CoinMarketCap. The CD20 Index rose by 5.4% during the same period.
The investment, the size of which remains undisclosed, follows a series of investments by the Base Ecosystem Fund in Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation in October.
Base is a layer-2 network that was set up by Coinbase, it has amassed $420 million in TVL since it went live in June.
:format(webp)/www.coindesk.com/resizer/fczAGHsWLFXiMV23oZZmkW19Ots=/arc-photo-coindesk/arc2-prod/public/D4HEG34XFVFVJHPXEEJAEFZ3SI.jpg)
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.