The DEX born from the Aerodrome and Velodrome merger handled 28.3% of on-chain tokenized equity trades over the past seven days
Tokenized stocks just had a very busy week on decentralized exchanges. Over the past seven days, they generated $2.7 billion in DEX trading volume.
One venue took the biggest slice. Aero, the DEX formed when Aerodrome and Velodrome merged, captured 28.3% of that total. In a market that barely existed a few months ago, that makes it the clear front-runner.
Wall Street, now open on weekends
Most of this activity traces back to a single date: August 24, 2026. That was when Coinbase launched tokenized stocks on Base, its Ethereum layer-2 network.
These tokens are Coinbase-backed on-chain versions of popular US equities. Think NVIDIA trading as NVDAc and Apple as AAPLc.
That 24/7 availability is the pitch. Traditional exchanges close at 4 p.m. Eastern and stay dark all weekend. Tokenized versions keep trading whenever someone wants to buy or sell.
Traders appear to have taken the offer seriously. Weekly DEX volume for tokenized equities has reached a range of $2.7 to $3 billion. Weekend trading has sometimes pushed volumes into the billions, which is exactly when the Nasdaq is asleep.
The growth curve is steep. Back in September 2026, daily trading records for tokenized equities were approaching $100 million. A $2.7 billion week is a different league entirely.
How Aero got the lead
Aero’s position did not appear overnight. Aerodrome, one of its predecessor protocols, captured 70-90% of on-chain volume for tokenized stocks on Base shortly after they launched.
The longer-term numbers back this up. In the 30 days ending around November 3, 2026, Aero handled about $2.5 billion in tokenized stock trades. The full category logged $12.4 billion in total DEX volume over that same window.
The merger of Aerodrome and Velodrome did more than combine two balance sheets. It consolidated their market positions and pushed Aero’s operations across multiple chains. Those include newer venues such as the Robinhood Chain.
The AERO token’s ride
The protocol’s native token has tracked the trading boom. In September, the AERO token saw gains of 11-20% that correlated with surges in tokenized stock volume.
Why tokenized stocks are catching on
Coinbase’s launch changed the equation by attaching a major, regulated brand to the product. A recognizable issuer plus a fast, cheap layer-2 network gave traders a reason to show up. The volume figures since August reflect that.
There is also a structural angle. In a legal environment where traditional stock trading may be restricted for some US investors, on-chain alternatives occupy an interesting space.
What this means for traders and DEXs
For traders, the immediate takeaway is access. Tokenized stocks let crypto-native users gain exposure to names like NVIDIA and Apple without leaving the on-chain ecosystem. They can also react to news on a Saturday instead of waiting for Monday’s opening bell.
That convenience comes with tradeoffs worth understanding. Liquidity on DEXs can be thinner than on major stock exchanges, especially during off-hours. Prices on a weekend token may drift from where the underlying stock eventually opens.
For the DEX landscape, Aero’s 28.3% weekly share signals that the category is becoming competitive rather than captured. Aerodrome once handled the overwhelming majority of on-chain volume for these assets on Base. A share closer to a quarter suggests rival venues are pulling in meaningful flow, even as Aero stays on top.
