Medici Level Up with Alex Cutler, Co-Founder of Aerodrome

In this episode of Level Up, David and Sean speak with Alex Cutler, Co-Founder of Aerodrome, and Austin Barack, Founder of Relayer Capital. They examine Aerodrome’s unique approach to decentralized exchange (DEX) design and token economics. They cover the Medex model, emissions, token locking mechanics, and Aerodrome’s role as a core infrastructure layer on Base. Austin also shares Relayer’s investment thesis and why Aerodrome stands out in a competitive landscape.

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Key Points From This Episode:

[00:00:00] Introduction to Aerodrome’s aligned incentives and yield focus

[00:06:03] Overview of revenue growth, transaction volume, and emissions

[00:12:15] Comparing token performance with DEX competitors

[00:18:25] Austin shares how he discovered and researched Aerodrome

[00:24:33] Addressing the DEX trilemma with the Medex model

[00:30:39] Token valuation and return of revenue to holders

[00:36:43] The team’s alignment through token utility and no vesting

[00:42:45] Real-world assets and institutional adoption pathways

[00:49:00] How Aerodrome retains liquidity and displaces competitors

[00:55:07] Early skepticism around Base and Coinbase’s decentralization

[01:01:27] DEX routing from Coinbase expands access to new tokens

[01:07:32] Token locking behavior across funds, teams, and protocols

[01:13:36] Potential for scaling execution across massive volume

[01:20:07] Token supply, inflation, and immutability versus emissions

[01:26:27] Case study: bootstrapping a dominant BTC pool on Base

[01:32:27] On-chain governance and voting power dynamics

[01:38:30] Protocol functionality controlled by token holders

[01:44:58] Margin of safety in Aerodrome’s current valuation

[01:51:13] Coinbase’s strategy as a front end for the onchain economy

[01:57:34] Austin’s price projection based on revenue and growth multiple

[02:03:36] Wrap-up and closing remarks

Links:

The Medici Network: https://www.medici.network/ 

Podcast Site: https://levelup.medici.network/ 

Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham 

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guests   

Alex Cutler - https://x.com/wagmialexander

Austin Barack - https://x.com/austinbarack

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/