Delphi Digital argues AERO inflation is overstated, saying much of its supply remains permanently locked as the AER Engine aligns emissions with protocol revenue

Tying AERO emissions to pool fees turns incentives into CAC against active flow, and DefiLlama has Aerodrome at $491M 24h volume. The fragile variable is non-protocol veAERO rollover, because Curve's veCRV model kept working only while fee and bribe APR made renewals rational, and Delphi pegs the immutable Aerodrome lock base at nearly 25% of supply. On current run-rate, the engine is pricing a DEX doing $288.6k fees, $160.8k revenue, and $4.54M 30d revenue.

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