Crypto News – Decentralized exchange Aerodrome’s liquidity mining incentives helped DeFi deposits on the Base network reach a new record high.
DeFi Deposits on Base Network Hit All-Time High on Aerodrome Liquidity Mining Activity
According to DeFiLlama data, the total amount transferred into different DeFi contracts on the Base network, which Coinbase incubated, rose by 53% overnight to a new record high of $301.2 million. The liquidity mining incentives on the recently launched Aerodrome decentralized exchange are to blame for the increase in deposits on the Ethereum layer-2 network.
The incentives a project offers for new users to sign up for the platform are referred to as liquidity mining, sometimes known as yield farming. In this situation, Areodrome is basically compensating users for using the platform to execute transactions.
About Aerodrome
A prominent decentralized exchange on Optimism, Velodrome, is the parent of Aerodrome. The same team also implemented liquidity mining for Aerodrome’s native governance token, AERO, when it debuted on August 29. 10% of Aerodrome’s initial 500 million token supply was set aside by the project for liquidity mining. Additionally, the team gave holders of VELO tokens from Velodrome an airdrop of 40% of the initial supply.
On August 30, the AERO emissions began. According to DeFiLama data, when users hurried to farm AERO tokens, Aerodrom’s total liquidity soon increased from about $3 million to $144 million.
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