prop AMMs like tessera, elfomofi, and wasabi pushed $1.68b over 30 days on base and hit 22% of DEX flow on a single day. aerodrome’s ve(3,3) flywheel needs volume → fees → bribes → locks → deeper liquidity. permanently strip out 10–15% of volume and that loop weakens. AERO is priced like base’s DEX monopoly is a given. these three just proved it isn’t. the negative reflexivity of a ve(3,3) system losing share is a scenario most holders haven’t actually modeled. // zero illusion
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