You guys at Aero are “too mean” and “disrespectful” for drawing fact-based performance-driven comparisons with other projects.

I'll leave you with this. When backtesting all of the tools available in Metadex 03, net realized inflation is a full 85% lower than the initial emissions schedule. A stepwise improvement in MetaDEX economics. More to come on how we simulate this will affect AERO after launch.

MetaDEX03 will supercharge economic sustainability with the REV and AER Engine. REV = more revenue in from new streams. AER = reduce emissions out while maintaining competitiveness. It adds up to a 2.8x better outcome for token operators on top of the stability of AERO today.

And don't take our word for it. But why stop there.

Our critics would have you believe Aerodrome is the inflation-only chart on the left when in reality its the more sustainable chart on the right. The AERO economy has found a balance of using emissions to accelerate growth while using locks and revenue to offset inflation.

Following this thinking, over the last year, Aerodrome has consistently produced more revenue than net emissions, creating a sustainable system to reward LPs in excess of weekly fees. This means that token operators earned $74M more in rev than was distributed in net emissions.

This is why the MetaDEX economic system is so powerful. It can consistently reward LPs excess value while still producing net value for the token operators. And it only works because the token has a purpose: an immutable claim on all future revenues.

In week 73, veAERO token operators received $8.6M in rev, and the protocol produced $11.2M in emissions to LPs (a net deficit). That's all you see if you look at Fees v. Incentives. But, with $6.5M locked, there was a $3.8M deflationary effect on the liquid token economy.

Together, these stabilizers bought back and locked ~14% of the circulating supply (150M+ $AERO), reducing the *net* inflationary effect of emissions. In some projects, buybacks are offset by sell pressure from unlocks, so let's take a closer look at how they work for Aerodrome:

DEX economies must align the interests of three stakeholders. So in MetaDEXs, token holders transparently face dilution as a cost. The real questions is how well these costs are balanced with other forces. Which is why, in MetaDEX02, we introduced automatic stabilizers 👇

While many protocols *look* infinitely profitable, most *tokens* are infinitely unprofitable. Their primary purpose is to be hyped and sold to fund expenses. In MetaDEXs, the token and the protocol share the same economics, so revenue and costs both show up in the open.

You might see a chart like this on Defi Llama and think: 1. Aerodrome is really unprofitable 2. This other protocol is… infinitely profitable? This can't be the full picture. Since tokens aren't core to the economies of most projects, operational costs don't show up at all.

To evaluate a protocol's economics, you have to first understand how token economies work. For most projects, revenue and incentives come from separate entities: - Protocol generates fees - Foundation/DAO accrues costs So, at a glance, MetaDEXs are at a disadvantage...

Last week at the Dromos event, I shared that the REV and AER Engines in MetaDEX03 would result in 2.8x more net value to token operators. How is this possible? It starts with understanding revenue in vs. value in emissions out.👇

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I see that it’s use the market wide risk off to dunk on projects you don’t like pretending that their price is down for the reason you don’t like them season. Lots of brilliant predictions coming to fruition. Congrats everyone for your genius and foresight.

i am talking numbers that would make the current liquid funds landscape look genuinely impoverished BUT they need actually investable stuff

Them: “your project is an abomination of solidly and uni v3 with no real tech innovation” Us: “but have you heard Alex talk about our theory of weightless firms for 20 minutes” Can’t believe that wasn’t persuasive.

I for one am shocked that people who already hated Aero didn’t like the Dromos event. I’m bummed. We genuinely thought putting @wagmiAlexander on stage for 5 hours would win em over.