Coinbase Migrates AERO and VELO Into the New Aero Token, and Sending Old AERO to Coinbase May Mean Lost Funds

Coinbase is supporting the merger of Aerodrome Finance (AERO) and Velodrome Finance (VELO) into a new AERO token, with the conversion running from November 2 to 4. The two decentralized exchanges, Aerodrome on Base and Velodrome on Optimism, previously announced the merger into a single project called Aero.

Each existing AERO converts one-to-one into the new AERO, while each VELO converts into about 0.044 new AERO, Crypto Insiders reported. Coinbase’s status notice says the automatic conversion carries no transaction fees. VELO trading on Coinbase was disabled on November 2, while AERO trading was not affected. Deposits and withdrawals for both assets were suspended during the migration and are due to resume on November 4.

After the migration, Coinbase supports only the new AERO for deposits and withdrawals. Customers are warned not to send old AERO tokens to their Coinbase address, because such deposits may not be recoverable. Since the old and new tokens can share the same ticker, the contract address and network matter more than the name.

Holders who keep AERO or VELO outside Coinbase need to follow the instructions of their own wallet or exchange. Coinbase also notes that converting VELO may have tax consequences that depend on the holder’s country and personal situation, and it gives no general guidance on the outcome. Users should verify the official contract address before moving tokens during the transition period.

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Sources:

• Crypto Insiders: Coinbase voegt twee altcoins samen: oude stortingen kunnen verdwijnen

• Coinbase Assets on X: AERO and VELO migration