$AERO is fully minted at 2,008M. At $0.6069 that's $1,219M against $91M annualized voter revenue. A 13.5x multiple paid only to lockers. $365K in 24h fees, 11% of Base DEX volume while Uniswap clears 19%. Unlocked holders get nothing but dilution. If emissions outrun fees, the spot bag costs more every epoch.
VALAIShare
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