According to ChainCatcher, Aero has released the token swap terms and timeline for the merger of Aerodrome and Velodrome.
The merger will begin at 8:00 p.m. Eastern Time on Oct. 21. At that point, token emissions on both legacy platforms will stop. Existing AERO will convert into the new AERO on a 1:1 basis, while each VELO will convert into about 0.044 AERO. The same rate will apply to both circulating tokens and locked tokens.
Aero said the VELO conversion rate will depend on supply at launch. Under the arrangement, Aerodrome holders will receive 94.5% of the new supply, while Velodrome holders will receive 5.5%. DefiLlama data showed that, as of Oct. 9, the two exchanges had a combined total value locked of about $422 million.
The merger was announced in November 2025, and developer Dromos Labs had originally planned to complete it in the second quarter of 2026. Under the new model, real-time allocation will replace the previous weekly voting cycle. Staked AERO, or sAERO, holders will be able to direct rewards straight to liquidity pools and accrue returns from exchange revenue. A 47-hour cooldown period will apply during the initial adjustment phase.
Existing veAERO and veVELO positions will be converted into new sAERO positions. Any remaining lockup time will carry over and be rounded up to full weeks, while permanent locks will be converted into the maximum-term stake.
Tokens will not be swapped automatically. Self-custodied assets must be upgraded through the portals on aerodrome.finance or velodrome.finance. Users also need to claim rewards and rebase first, and clear any active votes before proceeding.