Aerodrome, the top decentralized exchange on Coinbase's Base network, has launched onchain trading pools for tokenized shares of Nvidia, Apple, Meta, and Alphabet. The pools drew roughly $103 million in volume within days of their August 24 launch, and Aerodrome's AERO token jumped about 11% on the news. The tokens exclude US residents, though Coinbase says more assets are coming.
Aerodrome, the leading decentralized exchange on Base, went live with tokenized equity pools on August 24, and traders moved fast: about $103 million flowed through the pools in the days that followed. Daily volume peaked near $27 million. AERO jumped roughly 11% to about $0.53 on the launch.
How the tokenized stocks work
Each tokenized equity carries a "c" suffix — NVDAc, AAPLc, METAc, GOOGLc — and represents a 1:1 claim on shares held in regulated custody through Alpaca under the Abu Dhabi Global Market's regulatory umbrella. The tokens run on Coinbase's B20 standard, built to process stock splits and dividend distributions onchain instead of through traditional back-office systems.
The underlying shares stay in a vault while the tokenized version moves across DeFi protocols. That means the tokens can plug into lending platforms like Aave, letting holders borrow against equity positions or supply the tokens as collateral to earn yield. US residents cannot access the tokenized equities; they remain available only to eligible users outside the country.
Liquidity concentrates in Nvidia
Aerodrome positioned itself as the main liquidity venue for the new assets from launch. NVDAc opened with the deepest liquidity pool, at roughly $957,000, ahead of the other three tokens. Four days after launch, a project called Bankr rolled out an AI-agent tool that lets users manage these liquidity positions with natural-language commands instead of interacting with smart contracts directly.
A proof of concept, with a gap
The AERO price move suggests the market reads this launch as a competitive win for the protocol, and Coinbase has indicated more tokenized equities are coming, making the current four-stock lineup a starting point rather than the final roster. But the exclusion of US residents remains the biggest constraint on the model, since it cuts out the largest pool of retail equity investors from the addressable market.
Source: Crypto Briefing
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