Coinbase Ventures and U.S. Representative Michael Collins Win Aerodrome’s AERO Token

AERO, which is distributed to liquidity providers and can be locked up to give holders governance rights, has seen its price rise nearly 20% in the past seven days, hitting 61.8 cents.

Aerodrome holds the top spot as the largest DeFi protocol on Coinbase’s Base Layer 2 network, with $514 million locked in crypto.

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Published on July 12, 2024 at 6:24 PM EST.

AERO, the native cryptocurrency for decentralized exchange Aerodromehas more than 120,000 ownerswhich includes Coinbase Ventures and U.S. Representative Michael Collins.

On Thursday, a wallet linked to Coinbase Ventures withdrew 1.5 million AERO tokens worth about $925,000 from Definitive, an onchain trading platform founded by former Coinbase employees, according to data from the blockchain analytics firm Nansen Shows.

On the same day, Michael Collins, a representative from Georgia’s 10th congressional district, disclosed three transactions showing his exposure to AERO, according to a periodic transaction report. archived with the Clerk of the House of Representatives. Two of the transactions were each valued between $1,001 and $15,000, while the remaining one was valued between $15,001 and $50,000.

The report also highlighted how Collins has traded other altcoins such as The Graph and Velodrome. (Secretary of the House of Representatives)

To know more: Ethereum Earns $2.7 Billion in Fees Every Year: Lookonchain

Collins’ last AERO transaction was on July 6, before the token’s recent price surge last week. Six days ago, when Collins last traded AERO, the token was trading at 51.8 cents, and has since risen nearly 20% to 61.8 cents, increasing its market cap to $327.9 million and its fully diluted valuation to $710.7 million.

Coinbase Ventures’ delisting of AERO from Definitive’s smart contracts on Thursday wasn’t the first time the firm has conducted that type of onchain transaction. According to Nansen, Coinbase Ventures has delisted AERO from Definitive multiple times over the past year. For example, the firm’s associated wallet address delisted more than 2.5 million AERO tokens in April, currently valued at nearly $1.56 million.

AERO is distributed to liquidity providers and can be locked to give holders governance rights for Aerodrome, the largest decentralized finance protocol on the layer 2 network incubated by Coinbase Basefor the total amount of cryptocurrency locked on the platform with $514 million. Aerodrome is also part of the Coinbase Ventures portfolio, according to the company website.

Coinbase Ventures and U.S. politician Michael Collins did not immediately respond to Unchained’s request for comment.

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