Aero (@aeroxyz) $AERO says it has become the leading exchange for tokenized stocks since its launch, with cumulative trading volume of $1.96 billion. The figure covers the period from October 22 to November 8, based on Blockworks data.

That puts the decentralized exchange ahead of Uniswap (@Uniswap) $UNI, which recorded $1.60 billion over the same window. Raydium (@Raydium) $RAY followed with $780 million, while two other venues, metric and ZeroFi, posted $720 million and $640 million respectively. Aero also claims nearly 25% of all onchain equity activity.

How Aero Reached the Top

Aero is the exchange formed by the merger of Aerodrome and Velodrome. The Block reported that the combined platform operates across seven networks: Ethereum mainnet, Base, Robinhood Chain, Ink, OP Mainnet, Arc and Arbitrum. The existing $AERO and VELO tokens migrate to a new $AERO token, while veAERO and veVELO positions convert to sAERO.

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The merger built on a strong position in tokenized equities. Crypto Briefing reported that Aerodrome, one of Aero's predecessors, captured 70% to 90% of onchain tokenized stock volume on Base shortly after those assets launched. Dromos Labs, the developer behind the exchange, said Aerodrome's share of tokenized stock trading on Ethereum and its layer-2 networks rose from about 2% in early September to 57% in October, according to CoinMarketCap.

A More Competitive Market

Other data points to a sector that is still being contested. Crypto Briefing reported that tokenized stocks generated $2.7 billion in decentralized exchange volume over seven days, with Aero handling 28.3% of the total. In the 30 days to around November 3, Aero processed about $2.5 billion of a category total of $12.4 billion. The outlet said a share closer to a quarter suggests rival venues are drawing meaningful flow even as Aero stays on top.

Rivals are also growing. A Blockworks analysis of Raydium showed its tokenized asset volume rose 90.9% quarter on quarter to $3.99 billion in the third quarter of 2026, led by equities. Because the figures cited by different providers cover different time frames and sets of venues, direct comparisons should be made with care.

Sources

The Block: Aerodrome and Velodrome merge to launch Aero across seven blockchain networks
Crypto Briefing: Aero leads tokenized stock DEX trading as weekly volume hits $2.7 billion
CoinMarketCap: Aerodrome and Velodrome Merge to Launch Aero on Seven Chains