Coinbase will swap each VELO for 0.044 AERO during a three-day freeze starting November 2

The split is set by revenue. Aerodrome earned $260 million in the 52 weeks before the merger was announced and Velodrome earned $15 million ^[8], a combined $275 million ^[1]. Aerodrome's share of that total is 94.5% and Velodrome's is 5.5% ^[2]. Those are the same percentages of new AERO supply each set of holders receives ^[7].

Velodrome holders got nothing extra for being the original ^[2]. Aerodrome launched on Base on August 28, 2023, as a fork of Velodrome V2, the Optimism exchange ^[9]. In the year before the announcement the fork earned about 17 times what the original did ^[3]. Dromos Labs developed the ve(3,3) token design both exchanges run on, and it operates both ^[10]. Its plan folds their liquidity and governance into one exchange under the Aero name ^[11], so the team stops running two governance systems for the same design.

The market accepted the ratio to within a few percent ^[5]. At $0.89 for AERO, 0.044 of a token is worth about $0.039 ^[4]. VELO touched $0.038 intraday after the late-September news ^[14], roughly 3% below that ^[5]. The comparison is loose, since one figure is an intraday touch and the ratio itself is approximate ^[5]. According to cryptobriefing.com, both rallies (25.5% for AERO, 22.1% for VELO) followed merger news in late September 2026 ^[14], about ten months after Dromos first revealed the plan on November 12, 2025 ^[8].

Anyone holding through November 4 on Coinbase gets converted automatically ^[1] and pays nothing in fees ^[6]. The price is three days in which legacy tokens cannot be deposited or withdrawn ^[3]. A desk running AERO or VELO positions between Coinbase and on-chain venues has to close them or carry them through that pause ^[3]. VELO trading drops to limit-only orders before it shuts off ^[4], and the source does not give dates for either step. Coinbase announced its support on October 1 ^[2], 32 days before the window opens ^[6]. Holders who keep tokens in their own wallets go through the protocol's migration process instead ^[13].

The launch date is the first thing that could move. Aero is due to launch on October 21 on chains including OP Mainnet and Ink ^[12], 12 days before Coinbase starts converting ^[7]. If the launch slips, Coinbase customers would be converting into the token of an exchange that has not yet opened. The VELO order book on Coinbase could also thin once only resting orders are allowed ^[4], pushing the price under 0.044 AERO for sellers who want out before the swap. A third risk is a price gap between Coinbase and on-chain markets during the pause ^[3], with no way to move tokens across to close it.

I'd expect VELO on Coinbase to trade within a few percent of 0.044 times the AERO price into the window. The ratio is fixed, and anyone who waits collects it for free ^[5][6]. The counter-case is that the people still holding VELO would rather sell it than hold AERO, and limit-only mode leaves them fewer buyers ^[4]. If the VELO discount grows past the roughly 3% seen in late September ^[5] as November 2 approaches, the counter-case is right.