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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.
Updated Mar 8, 2024, 10:14 p.m. Published Feb 27, 2024, 1:06 p.m.
- 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.
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“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.”
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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.
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