Quick answer: The Aero upgrade opened on Oct. 22, 2026, at 00:00 UTC, when Aerodrome and Velodrome merged into Aero. Old AERO converts 1:1 into new AERO and each VELO converts into 0.044 AERO, but nothing happens automatically: self-custody holders must use the official upgrade portals, per Aero’s launch hub.
Two of DeFi’s biggest decentralized exchanges are now one. Aerodrome on Base and Velodrome on OP Mainnet merged into Aero at 00:00 UTC on Oct. 22, 2026 (8:00 p.m. EDT on Oct. 21), and the upgrade portals for token holders opened at the same moment, according to the Aero Upgrade and Launch Hub.
If you hold AERO, VELO or a locked position, your tokens did not change by themselves. Here is what the Aero upgrade means, how the conversion works and what to watch before you click.
What is Aero and which chains does it run on?
Aero is a single onchain spot exchange that replaces both apps. It launched on Ethereum mainnet, Base, Robinhood Chain, Ink, OP Mainnet, Arc and Arbitrum, The Block reported on Oct. 21, 2026.
Both predecessors were leaders on their home chains. Aerodrome handled 58% of DEX trading volume on Base in the third quarter and Velodrome handled 60% on OP Mainnet, per the team statement cited by The Block. We covered the pre-launch rally in our earlier Aerodrome Velodrome merger report.
How does the AERO and VELO conversion rate work?
The rates are fixed and apply to liquid tokens and locked tokens alike:
| You hold | You receive |
|---|---|
| 1 AERO (liquid or in veAERO) | 1 new AERO (liquid or in sAERO) |
| 1 VELO (liquid or in veVELO) | 0.044 new AERO (liquid or in sAERO) |
The VELO rate comes from the supply split. Aerodrome holders get 94.5% of the new supply, about 2.01 billion AERO, while Velodrome holders get 5.5%, about 117 million AERO. Spread across roughly 2.66 billion VELO, that works out to 0.044 AERO per VELO, the hub says.
Total supply rises from about 2 billion to a maximum of about 2.127 billion, and circulating supply from about 1.01 billion to a maximum of about 1.07 billion. Tokens that never upgrade never enter circulation. Aero expects realized annual inflation of about 12%, under a 20% ceiling at launch.
How do I upgrade my tokens to the new AERO?
For self-custody wallets, the Aero upgrade runs only through the portals on aerodrome.finance and velodrome.finance. The key steps, per the launch hub:
- Liquid AERO upgrades on Base. You need a little ETH on Base for gas, and the new AERO is transferable right away.
- Liquid VELO must sit on OP Mainnet first. The upgrade starts there, needs ETH on OP Mainnet, and the new AERO lands on Base, so your wallet must support Base.
- veAERO and veVELO become sAERO (staked AERO). You must claim rewards and rebases and reset your votes first, since anything left unclaimed cannot be recovered. Locks that voted in the final epoch could upgrade from 01:00 UTC.
- Liquidity providers can move deposits through the same portals. Pools without a matching Aero pool need a manual withdrawal.
Remaining lock time carries over, rounded up to the next full week, and permanent locks become sAERO at maximum stake duration. Centralized exchanges run their own conversion schedules, so check your exchange’s notice instead of withdrawing in a rush.
What are the risks of the Aero upgrade?
The biggest one is that it cannot be undone. Once you convert, there is no path back to the old tokens.
Fake portals are the second risk. Big migrations attract phishing sites and fake token contracts, and Aero says official addresses are published only in its GitHub repositories, its docs and its official channels. Type the URL yourself and never approve a token you cannot verify.
Finally, sAERO has a 47-hour cooldown between allocation changes at launch, and Autopilot, the automated allocation tool, makes its first allocation at 16:00 UTC on Oct. 22.
What does the merger mean for AERO and VELO prices?
Prices dipped as the launch went live. CoinGecko showed AERO at $0.821, down 4.9% in 24 hours, and VELO at $0.0358, down 5.0%, at 02:56 UTC on Oct. 22, 2026. At those prices, 0.044 AERO is worth about $0.0361, so VELO traded roughly 1% below its conversion value.
That small gap is normal while holders migrate. The longer-term test is whether one exchange across seven chains can keep fees flowing to sAERO holders, which now earn exchange revenue from the pools they back. The merger also echoes other recent migrations, such as the Sophon shutdown and withdrawal deadline, where users had to act themselves.
Aero upgrade FAQ
Is there a deadline for the Aero upgrade?
No. Aero set no deadline, but it warns that the legacy Aerodrome and Velodrome front ends may close later. Old pools stay live but stopped earning token emissions at 00:00 UTC on Oct. 22, 2026.
What is the VELO to AERO conversion rate?
Each VELO converts into 0.044 new AERO, while old AERO converts 1:1. The rate gives Velodrome holders 5.5% of the new supply, about 117 million AERO, per the Aero launch hub.
Do I need to do anything if my AERO is on an exchange?
Usually not right away. Aero says it coordinated with major exchanges and each one runs its own upgrade process and timeline, so follow your exchange’s official announcement.
What is sAERO?
sAERO is staked AERO, which replaces veAERO and veVELO. Holders choose which pools receive AERO rewards and earn a share of exchange revenue from those pools.
Not financial advice. DYOR: verify every contract address and portal URL yourself before you sign a transaction.
