How Aerodrome Dominated DeFi on Base: The Zero VC Approach with Alexander Cutler

On this episode of Talking Tokens, host Jacquelyn Melinek sits down with Alexander Cutler, CEO of Dromos Labs and core contributor to Aerodrome, the largest decentralized exchange on Base. Alexander breaks down how Aerodrome launched with zero VC funding and no token sale, with a focus on rewarding users directly by reshaping DeFi incentives and becoming the number one DEX by volume and fees on Base. The episode explores why the team focused on value redistribution and public goods, the hurdles of building for open participation, their unique community launch mechanics, and what it takes to maintain dominance as Base and Coinbase’s on-chain ecosystem grows. Alexander offers insights on how the Aerodrome model contrasts with extractive DeFi projects, the long-term role of infrastructure, and what’s next for the protocol amid rapid ecosystem changes.

Sponsored by Fireblocks, infrastructure for secure tokenized assets. Learn more at fireblocks.com.

Timestamps

(00:00) - Intro

(01:02) - What tokenization really means and how it works in practice

(02:16) - Inside FG Nexus and Securitize’s partnership to tokenize equity

(03:54) - The significance of being a Nasdaq-listed firm with onchain shares

(05:21) - What “natively tokenized” means vs wrapped or synthetic assets

(07:11) - Why corporate participation matters for legitimacy and adoption

(09:45) - How tokenization can expand liquidity, transparency, and access

(11:17) - How Wall Street and major banks are now exploring stablecoins

(12:46) - The path to adoption: regulation, revenue models, and marketplaces

(14:32) - “Not all tokenization is created equal:” structural vs surface innovation

(16:40) - Removing intermediaries: why smart contracts shift cost and trust

(18:22) - The future of how AI and blockchain change corporate roles

(20:59) - Why tokenized equities are the next evolution of capital markets

(22:21) - Why FG Nexus chose Ethereum over other L1s

(24:45) - Neutrality, decentralization, and Ethereum’s institutional alignment

(26:09) - How FG Nexus fits into Ethereum’s ecosystem and future plans

(27:46) - The Clarity Act and what it means for DeFi participation

(29:57) - Challenges in tokenization: liquidity, interoperability & accounting gaps

(31:48) - How blockchain will reshape corporate finance in 5–10 years

(33:45) - “Rewriting Wall Street:” programmable finance for global markets

(35:02) - The funniest and most interesting tokenization requests she’s received

(36:57) - Closing thoughts: improving, not replacing, the existing financial system

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Note: This podcast is for informational purposes only. Guests may have a financial interest in discussed entities or assets. Not investment advice.