Aerodrome Is Where Coinbase's Tokenized Stocks Trade, 24/7

Stocks move on chain

Cutler calls this "the moment where everyone's coming on chain," but says it is just the beginning, with only 10 tokenized stocks live so far. He argues that during off-market hours, traders could get better execution on Aerodrome than through Interactive Brokers.

He also expects on-chain spot markets to become venues for price discovery that derivatives platforms such as Hyperliquid could use as oracles, "just like the CME needs the NYSE." Banker has built an integration on Aerodrome that lets users add liquidity to stock pools and manage ranges through natural language with their own agent.

Betting on activity, not direction

The next product is predictive allocation in the Arrow system, which Cutler says applies the truth discovery and asymmetric upside of prediction markets to spot markets for the first time. Users would not need to bet on a market's direction or be exposed to either side, only that there will be demand for it. He says the public audit contest closes in about two weeks, and the next update will come then.

Built for agents

Cutler says the agentic economy is "gonna happen" and that Aerodrome was built from day one to capture and redistribute 100% of revenue through the protocol, with no off-chain dependencies.

From Optimism to Base and beyond

Velodrome launched on Optimism about four years ago, the week Luna collapsed, and by around year two it had passed Uniswap there, Cutler says. After expanding to Base, it became the largest exchange on that chain, and he now says it is the third largest DEX in the world while serving only about 10% of EVM volumes. He sees room to expand to chains such as Ethereum Mainnet.

He says Dromos Labs will stay focused on spot markets rather than compete with partners, because spot markets on chain earned about $5 billion in fees last year, against $3.5 billion for derivatives, $2.5 billion for chains and $1 billion for lending.