Tracking Aerodrome Activity: What Top LPs Are Doing on Base

A look at how top liquidity providers operate on Aerodrome Finance, Base's dominant DEX. Learn what LP wallet behavior reveals and how to monitor it.

By Ramaris Team • February 5, 2026 • 6 min read

Aerodrome Finance is the beating heart of Base DeFi. As the dominant DEX on the network, it processes the majority of swap volume and attracts the most sophisticated liquidity providers. Understanding what top LPs are doing on Aerodrome provides a window into how informed participants view the Base ecosystem.

This article breaks down Aerodrome LP behavior, what to watch for, and how to use this information in your own research.

Why Aerodrome Matters

Aerodrome isn’t just another DEX — it’s the liquidity layer for Base. Most token swaps on Base route through Aerodrome pools, which means:

LP behavior reflects market expectations. Where LPs concentrate their liquidity tells you where they expect the most trading activity.
Large LPs are often the best-informed participants. Managing significant liquidity positions requires understanding token dynamics, protocol mechanics, and market trends.
Aerodrome governance signals direction. AERO lockers vote on which pools receive emissions, effectively directing capital flows across the Base ecosystem.

How Aerodrome LPs Operate

Concentrated Liquidity Management

Aerodrome supports concentrated liquidity (CL) pools, where LPs specify a price range for their capital. This is more capital-efficient than full-range positions but requires active management.

Top LPs on Aerodrome typically:

Narrow their ranges during low-volatility periods to maximize fee capture
Widen their ranges during high-volatility periods to avoid being out of range
Rebalance frequently based on price movements, adjusting their ranges to stay in the active zone
Monitor competitor LPs and adjust positioning relative to overall pool liquidity distribution

When you see a large LP adjusting their range, it often reflects a directional view on the paired assets.

Vote-Locking and Emissions

Aerodrome uses a ve(3,3) model where AERO holders lock their tokens to vote on emissions distribution. Top LPs often:

Lock AERO for maximum duration to maximize voting power
Direct emissions to pools where they provide liquidity (earning more AERO)
Vote strategically based on expected trading volume (higher volume = more fees)

Tracking which pools receive the most votes can indicate where informed capital expects the most activity in the coming period.

Position Sizing

Sophisticated LPs size their positions based on:

Expected trading volume (more volume = more fees)
Token volatility (higher volatility = more impermanent loss risk)
Emission rates (higher AERO rewards may offset lower fee income)
Correlation between paired assets (correlated pairs have lower IL risk)

When a top LP increases their position in a specific pool, it suggests they expect favorable conditions for that pair.

What to Watch For

New Pool Entry

When established LPs add liquidity to a pool they haven’t used before, that’s noteworthy. It means they’ve evaluated the opportunity and decided it’s worth their capital. This is especially interesting for newer tokens or pairs.

Position Reduction

When top LPs start removing liquidity from a pool, investigate why:

Is the token’s fundamental picture changing?
Are emissions being redirected elsewhere?
Is volatility increasing beyond their risk threshold?
Are they rotating to a better opportunity?

Position reduction isn’t always bearish — sometimes it just means a better opportunity exists elsewhere. But it’s always worth understanding.

Range Adjustments

If an LP narrows their range downward, they may be positioning for a price decline. If they narrow upward, they may expect appreciation. These adjustments are subtle but can indicate directional views.

Emission Vote Shifts

Changes in how veAERO holders vote between epochs can signal shifting capital priorities across the Base ecosystem. If votes suddenly concentrate on pools for a specific protocol’s tokens, that protocol may be about to see increased attention.

Tracking Aerodrome Wallets on Ramaris

You can build a strategy on Ramaris specifically focused on Aerodrome activity:

Identify top LPs by looking at the largest positions on key Aerodrome pools
Add their addresses to a strategy on Ramaris
Set filters to catch meaningful moves — LP additions above a certain USD threshold, for example
Monitor the signals for patterns: are they adding to specific pools? Reducing exposure? Rotating capital?

This approach gives you a real-time view of how the most capitalized participants on Base’s dominant DEX are positioning.

Combining LP Tracking with Swap Tracking

Some of the most valuable signals come from wallets that both provide liquidity and trade actively. When an LP who provides liquidity in a token’s pool also starts accumulating that token through spot trades, the two signals reinforce each other.

On Ramaris, you can track both LP activity and spot trading from the same wallets in a single strategy, giving you a complete picture of their behavior.

Interpreting LP Data

Don’t Over-Index on Single Moves

A single LP adding or removing liquidity doesn’t necessarily signal anything. Look for patterns across multiple top LPs. When three or four unrelated LPs make similar moves, the convergence is more meaningful.

Consider the Broader Context

LP behavior exists within a context:

Emissions schedule: Behavior may shift around epoch boundaries
Protocol upgrades: New features or parameter changes affect LP strategy
Market conditions: Bull markets and bear markets produce different LP behavior
Gas costs: Even on Base, very frequent rebalancing has a cost

LP Behavior Is Not Trading Advice

Understanding what LPs do helps you understand the ecosystem. It doesn’t tell you what to buy or sell. Use LP behavior data as one input among many in your own research process.