AERO & VELO Token Migration Guide: Swap Ratios, sAERO, and What to Do Next

 

Aerodrome and Velodrome have merged and upgraded into Aero. Per the official upgrade page, migration began at 8:00 p.m. Eastern on October 21, which is 00:00 Coordinated Universal Time on October 22 and 08:00 Singapore time the same day, with emissions from both original protocols stopping at that moment.

 

Holders need three things established first.

 

First, what merged. The two protocols unified into Aero using a single AERO token, operating across seven chains: Base, Ethereum Mainnet, OP Mainnet, Arc, Ink, Robinhood Chain and Arbitrum. The previous weekly voting mechanism is replaced by a new model called Predictive Allocation.

 

Second, who is affected. Three groups face different handling: holders of liquid AERO or VELO, holders of locked veAERO or veVELO positions, and liquidity providers in either protocol.

 

Third, whether it completes automatically. The official page is unambiguous: nothing converts automatically. Self-custodied tokens must be upgraded manually through the upgrade portal at aerodrome.finance or velodrome.finance, and the upgrade is irreversible, with the official wording stating that once you upgrade, you cannot convert back. Exchange-held assets are a separate matter, with the official page saying Aero coordinated details and timelines with major exchanges while each exchange sets its own process and timing, so holders must check with their own platform.

 

On ratios, 1 old AERO becomes 1 new AERO and 1 VELO becomes 0.044 new AERO, with those ratios applying to both liquid tokens and tokens locked inside veNFTs.

 

 

 

Start time. 8:00 p.m. Eastern on October 21, which is 08:00 Singapore time on October 22, with emissions from both original protocols stopping simultaneously.

 

Swap ratios. 1 old AERO becomes 1 new AERO, and 1 VELO becomes 0.044 new AERO, applying to both liquid tokens and tokens inside veNFTs.

 

Nothing converts automatically. Self-custodied tokens must be upgraded manually through the official portal, and the upgrade is irreversible.

 

There is no unified deadline. The official page sets no upgrade deadline but says legacy front ends may be shut down later.

 

Locked positions upgrade to sAERO. Remaining lock time carries over rounded up to the next full week, permanent locks become maximum stake duration, and rewards must be claimed and votes reset before upgrading.

 

Exchange arrangements differ. Aero says it coordinated with major exchanges while each platform sets its own process and timing, so holders must check with their own platform.

 

 

Converting the ratios into concrete numbers prevents reading a change in token count as a change in value.

 

 

On supply allocation, Velodrome holders receive 5.5% of the new AERO supply and Aerodrome holders 94.5%. The official page states the rate is calculated from projected supplies, while media coverage generally describes the VELO ratio as approximate because it depends on actual supply at launch.

 

Current market data allows a check on whether that ratio is already reflected in prices. AERO trades at $0.7945 and VELO at $0.03519. By our calculation, 0.044 multiplied by $0.7945 equals roughly $0.0350, about 1% from VELO's actual price. The conversion ratio has therefore been thoroughly arbitraged, with VELO's price essentially equal to the AERO value it converts into.

 

That supports a practical conclusion: a change in token count is not a change in position value. One thousand VELO becoming 44 new AERO is a sharp reduction in count, yet at current prices the dollar values are close, roughly $35.19 against $34.96. Reading the 0.044 ratio as a devaluation is a mistake, since it simply reflects the difference in unit price between the two tokens.

 

Worth stating alongside this is that the ratio is a fixed conversion rule while the market price of the new AERO after launch is set by supply and demand independently of it. For background on AERO and the original protocol, see What Is Aerodrome Finance.

 

 

This is the part of the guide that most needs separating out, because the required actions differ substantially.

 

 

 

The path is opening the upgrade portal at aerodrome.finance or velodrome.finance and completing the upgrade. Three prerequisites apply: a Base-compatible wallet is needed; a small amount of ETH is needed for network fees, Base ETH on the Aerodrome side and OP Mainnet ETH on the Velodrome side; and Velodrome upgrades start on OP Mainnet and settle on Base, requiring a cross-chain fee paid in ETH. Multisig users must provide a Base-compatible destination wallet address.

 

 

veAERO and veVELO upgrade to sAERO, the original veNFT ID is retired, and each upgrade creates a new sAERO position. Remaining lock time carries over rounded up to the next full week, while permanent locks become sAERO at maximum stake duration.

 

Two actions are mandatory before upgrading: claiming rewards and resetting current votes. The official page states that a veNFT with active votes cannot upgrade, and per media coverage unclaimed rewards and rebases cannot be recovered after upgrading. Additionally, veNFTs held in a Relay, vault or other protocol must first return to the owner's wallet, which the official page asked to be completed by October 20.

 

One timing detail also applies: veNFTs that voted in the final epoch can upgrade from 9:00 p.m. Eastern on October 21, which is 01:00 Coordinated Universal Time on October 22, one hour after the portal opens.

 

 

Liquidity does not migrate automatically. The official page requires withdrawing from active liquidity management tools on Aerodrome and Velodrome first, then using the upgrade portal to migrate deposits into matching Aero pools, with deposits lacking a matching pool needing manual withdrawal and new pools creatable on the Liquidity tab. For VELO-paired pools the sequence is withdraw, upgrade VELO, bridge it back to OP Mainnet, and only then provide liquidity in an upgraded pool. VELO gauges on chains other than OP Mainnet and Ink needed unstaking before launch. Lisk deposits must also be withdrawn before October 31.

 

Liquidity in eligible Aero pools can earn AERO Rewards from 00:00 Coordinated Universal Time on October 22. For background on liquidity pools, trading fees and market-making mechanics, see Automated Market Maker Explained.

 

 

This category calls for particular caution. The official page says Aero coordinated upgrade details and timelines with major exchanges while each exchange sets its own process and timeline, so holders should check with their own exchange. The one specific case that can be confirmed is Binance stating on October 16 that it would support the swap for its users. Media coverage after launch has characterised exchange-held tokens as converted automatically by the platform, but that is a general description and does not confirm any specific platform's arrangement or timing.

 

In practice one standard applies: rely on the official announcement of the platform you use. Neither a trading pair displaying normally nor trading remaining available constitutes evidence that migration has completed.

 

 

sAERO replaces the former veAERO and veVELO, differing from the old mechanism in three substantive ways and representing a different kind of asset from liquid AERO.

 

Functionally, sAERO is staked AERO. Holders can direct AERO Rewards to liquidity pools on any Aero chain in a single transaction, paying gas on Base, and earn a pro rata share of revenue from the pools they direct rewards to. That replaces the former weekly voting process.

 

Three differences from the old veAERO need stating. First, it no longer rebases, whereas locked positions under the old mechanism grew automatically. Second, it is transferable, unlike a veNFT. Third, staking cannot be unwound until expiration, so the constraint on liquidity has not changed.

 

Against liquid AERO, three distinctions apply: liquid AERO can be freely traded and transferred while sAERO remains staked until expiry; liquid AERO does not participate in reward direction or revenue sharing while sAERO carries those rights; and liquid AERO can be used to provide liquidity or trade while sAERO's utility concentrates in allocation and yield.

 

Two operational limits are worth remembering. Each sAERO position carries a 47-hour cooldown between allocation changes, which the official page says is subject to change with notice. And at launch, sAERO positions can be merged but not split.

 

On timing, Autopilot's first allocation occurred at 12:00 p.m. Eastern on October 22, which is 16:00 Coordinated Universal Time, and sAERO deposited before then does not earn until that allocation, while per media coverage the first Predictive Allocation round began at 00:00 on October 23.

 

Other elements of the new model provide background for understanding where sAERO's value comes from. Weekly voting is replaced by Predictive Allocation with rewards flowing continuously to all pools, and emissions track revenue through Gauge Caps that limit each pool's rewards to a multiple of its projected revenue. Per media coverage, current annual AERO issuance runs at roughly 11% of supply, or roughly 8% when capped at 1.2 times current revenue, against an annualised inflation cap of 20%. For scale, combined revenue across both protocols reached roughly $580 million as of mid-October 2026, while $14.9 million was paid to veAERO holders over four weeks in September.

 

View the AERO/USDT spot market on MEXC. Worth stating plainly is that the existence of a spot trading pair does not indicate that any migration arrangement has been completed, and holders should rely on their platform's official announcements.

 

 

This section concerns asset safety and warrants checking item by item before acting.

 

The channels for obtaining contract addresses are specified. The official upgrade page lists no contract addresses, stating instead that they will be published in Aero's public GitHub repositories, followed by a security page in the Aero docs, with the AERO token address shared through official Aero channels on launch day. Media coverage adds that any address should be confirmed against those official channels before approving a transaction.

 

Worth noting in particular is that an address displayed on market data sites may still be the legacy token address, since old AERO converts one for one and the ticker is unchanged while data sources update at different times. Address verification should therefore rely solely on official channels rather than on what a market data page displays. This article prints no addresses for exactly that reason.

 

Irreversibility is the point most needing advance confirmation. The official page states that once an upgrade completes it cannot be converted back, so the swap ratio, destination wallet address and network selection should all be verified beforehand. Multisig users in particular need a Base-compatible destination wallet prepared in advance.

 

The status of the deadline needs accurate understanding. The official page sets no unified upgrade deadline but says legacy front ends may be shut down later. There is therefore no hard time limit, but neither is there an indefinite guarantee, since the difficulty of acting rises substantially once front ends close. For self-custodied holders the sensible approach is completing the upgrade early rather than waiting for a deadline to be announced.

 

Prerequisite dates that have already passed warrant a self-check. Per the official steps, xVELO on chains other than OP Mainnet and Ink needed bridging back to OP Mainnet before October 15, with Ink xVELO bridged before launch; veNFTs needed withdrawing from Relays or vaults before October 20; and the final voting round closed at 6:59 p.m. Eastern on October 21. Positions where those steps were not completed on time may require separate enquiry through official channels.

 

Liquidity providers face two further rules affecting returns. Per media coverage, rewards are minted only when claimed, and providers who withdraw before completing the minimum staking period forfeit those rewards, which are not minted. Concentrated liquidity pools adopt dynamic fees that rise during volatility and fall during calm periods. And a mechanism applying gradually to transactions with priority fees above the standard retail threshold directs its revenue to liquidity providers or sAERO holders as trading fees.

 

 

For James Mitchell, what most needs repeating about this migration is not the ratio but the line that nothing converts automatically. In most token merger events, exchange-held balances get handled by the platform and holders need do nothing, which breeds a habit of waiting. Here the official page states that self-custodied tokens must be upgraded manually, that the upgrade is irreversible, and that there is no unified deadline though legacy front ends may close. Those three conditions together create an unusual risk shape: no clear time pressure alongside a clear requirement to act, and the absence of a deadline is precisely what invites delay.

 

On the 0.044 ratio, the market has already answered. AERO trades at $0.7945 and VELO at $0.03519, while the implied value from the ratio is roughly $0.0350, about 1% apart. The ratio has been thoroughly arbitraged, so VELO holders face no obvious gain or loss in the migration itself, with 1,000 VELO becoming 44 new AERO at a sharply lower count but essentially unchanged dollar value. Reading a lower token count as a loss is the most common misreading in conversions of this kind.

 

Mechanically, I regard the change in sAERO's design as more notable than the token merger itself. The old veAERO was non-transferable but rebased, while the new sAERO is transferable but no longer rebases, with staking still unable to be unwound before expiry. That is a trade-off: transferability raises the flexibility of a position while removing the rebase shifts the source of return from automatic growth to revenue sharing earned through active allocation. Combined with weekly voting being replaced by Predictive Allocation and emissions tracking revenue through Gauge Caps, the whole mechanism moves from distributing subsidies by vote to distributing them by projected revenue. The significance of that direction is binding token issuance to actual protocol revenue, and with current annual issuance near 11% of supply, roughly 8% after the cap and a 20% ceiling, those figures define the boundary of dilution pressure.

 

The practical recommendation for holders is to handle each holding type separately rather than looking for one unified answer. Self-custodied liquid tokens should be upgraded early through the official portal. Locked positions require claiming rewards and resetting votes first, without which the upgrade cannot proceed, and unclaimed rewards cannot be recovered afterward. Liquidity positions carry the most complex sequence of withdrawal, upgrade and bridging, with requirements differing by chain. And for exchange-held balances, the only reliable basis is that platform's own announcement.

 

One final point on safety. The official page lists no contract addresses, pointing instead to public GitHub repositories and the documentation security page, with the new token address published through official channels on launch day. An address shown on a market data page may still be the legacy one and should not serve as a reference. In any token migration, the return on verifying an address far exceeds the return on acting quickly, and that holds especially where the upgrade is irreversible.

 

 

 

The official page sets no unified upgrade deadline but says legacy front ends may be shut down later. There is therefore no hard time limit, though neither is there an indefinite guarantee, since acting becomes substantially harder once front ends close. For self-custodied holders the sensible approach is completing the upgrade early rather than waiting for a deadline announcement. Exchange-held assets follow their own schedules, which must be confirmed with the platform used.

 

 

Not if self-custodied. The official page states explicitly that nothing converts automatically, so self-custodied tokens must be upgraded manually through the portal at aerodrome.finance or velodrome.finance, and the upgrade is irreversible. Exchange-held assets follow each platform's own process and timing, with the official page saying Aero coordinated with major exchanges and Binance stating on October 16 that it would support the swap for its users, while other platforms must be confirmed individually.

 

 

One old AERO becomes one new AERO and one VELO becomes 0.044 new AERO, with the ratios applying to both liquid tokens and tokens locked inside veNFTs. On that basis 1,000 VELO becomes 44 new AERO. Velodrome holders collectively receive 5.5% of the new AERO supply and Aerodrome holders 94.5%, with the official page stating the rate is calculated from projected supplies.

 

 

No. It simply reflects the difference in unit price between the two tokens. At current market data AERO trades at $0.7945 and VELO at $0.03519, while 0.044 multiplied by $0.7945 equals roughly $0.0350, about 1% from VELO's actual price, indicating the ratio has been thoroughly arbitraged. One thousand VELO is worth roughly $35.19 while the 44 new AERO received are worth roughly $34.96, a sharply lower count at essentially unchanged value.

 

 

They upgrade to sAERO, the original veNFT ID is retired, and each upgrade creates a new sAERO position. Remaining lock time carries over rounded up to the next full week, and permanent locks become maximum stake duration. Rewards must be claimed and current votes reset before upgrading, a veNFT with active votes cannot upgrade, and per media coverage unclaimed rewards and rebases cannot be recovered afterward. veNFTs held in a Relay or vault must first return to the owner's wallet.

 

 

They are different in kind. sAERO is staked AERO whose holders can direct AERO Rewards to liquidity pools on any Aero chain in one transaction and earn a pro rata share of revenue, though staking cannot be unwound before expiry, each position carries a 47-hour cooldown between allocation changes, and positions can be merged but not split at launch. Liquid AERO can be freely traded and transferred but does not participate in reward direction or revenue sharing. Against the old veAERO, sAERO no longer rebases but is transferable.

 

 

Rely solely on official channels. The official upgrade page lists no contract addresses, stating that they will be published in Aero's public GitHub repositories followed by a security page in the Aero docs, with the AERO token address shared through official Aero channels on launch day. Note that an address displayed on market data sites may still be the legacy token address and should not serve as a reference. Any address should be confirmed against official channels before approving a transaction.

 

 

The information above is provided for general information and procedural explanation only and does not constitute investment advice, financial advice, legal advice, tax advice or a recommendation to trade, nor does it constitute technical guidance for performing any migration. Digital asset prices can fluctuate sharply and past performance does not guarantee future results. The swap ratios, timings, mechanism descriptions and market data cited here reflect publicly available information at the time of publication, certain parameters may be adjusted by the official team with notice, and final arrangements are governed by Aero's official pages and channels together with the formal announcements of the relevant exchanges. Token upgrades are irreversible, with the official page stating that once upgraded tokens cannot be converted back, so the swap ratio, destination wallet address and network selection should be verified beforehand. Contract addresses should be verified solely through official channels, an address shown on a market data page may be the legacy one, and this article provides no contract addresses. Regarding exchange-held assets, the official page states each exchange sets its own process and timing, this article cannot confirm any specific platform's migration arrangement or completion status, the existence of a spot trading pair is not evidence that migration has completed, and holders should rely on the official announcements of the platform they use. Failing to complete prerequisite steps per the official instructions may affect how the relevant positions are handled, and unclaimed rewards may not be recoverable after upgrading. Readers should conduct their own research and verify official information before making any decision or executing any on-chain action, consulting a qualified professional where appropriate. The MEXC Crypto Pulse team accepts no liability for any direct or indirect loss arising from the use of this information.

 

 

James Mitchell specializes in technical analysis, market trends, and trading strategies for both Bitcoin and altcoins. Based in London, he has over 10 years of experience in financial markets. Before joining MEXC Learn, James worked as a senior analyst at a leading European investment firm, where he developed expertise in risk management and quantitative trading. His transition to cryptocurrency markets began in 2017, and he has since become recognized for his data-driven approach. He holds a Master's degree in Financial Economics from the London School of Economics. His analytical approach combines traditional technical analysis with on-chain metrics to provide readers with actionable insights.

 

Areas of Expertise: Technical Analysis, Market Trends and Cycles, Trading Strategies, Bitcoin and Altcoin Analysis, Risk Management.

 

 

 

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