Aerodrome Pumps 16% Even As Its Books Show a Record Loss

AERO Pumps While the Balance Sheet Bleeds

Aerodrome's native token AERO jumped 16% in the past 24 hours and is now up a wild 84% over six months. Solid numbers — except the protocol's own financials tell a rougher story underneath the rally.

Aerodrome just posted a Q3 loss of $8.15 million, its worst quarterly result since Q3 2025. Token Holder Net Income also slid to just $10.16 million for the quarter, a steep drop from the $60.25 million holders were seeing a year earlier.

So What's Actually Driving the Price?

Not everything is bad news. Total value locked climbed from $306.72 million to $337.73 million, and DEX volume nearly doubled since early August, jumping from roughly $306 million to $521 million. That's real usage growth even while the P&L looks ugly.

Exchange inflows have also turned slightly positive, which some traders read as early signs of distribution. AERO is still sitting 73% below its all-time high, so there's plenty of room left either way this goes.