Aerodrome Finance’s token AERO has been performing well recently, becoming one of the market’s largest altcoins in September. This growth is mainly due to the launch of wrapped Bitcoin (cbBTC) by Coinbase, which attracted the attention of a large number of speculators.
Since September 6, AERO’s price has increased from $0.49 to $0.72, erasing its previous losses. Coinbase’s cbBTC launch brings significant liquidity to Aerodrome, boosting its competitive position in the decentralized exchange (DEX) market.
Coinbase mentioned in its announcement that DeFi applications such as Aerodrome, Curve and Uniswap will support cbBTC, making AERO the biggest beneficiary. The price of AERO rose from $0.55 to $0.61 on the day of launch, before climbing further to $0.72 within 24 hours.
Aerodrome’s total value locked (TVL) has increased by 23% in the past seven days to $687.68 million, according to DeFiLlama data. Despite fierce competition in the DEX market, Aerodrome maintained a market share of 5.17%.
AERO is currently trading at $0.684, up 22% in the past seven days. Analysts predict that AERO has the potential to rise further to $1.25 if Bitcoin continues to be bullish. Overall, the launch of cbBTC and Aerodrome’s growth trend keep AERO’s upside potential in the short term.
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