What changed
At the public observation on 2026-09-05 03:43 JST, active Aerodrome USDC pools with trading were confirmed for three of the six second-wave names: AMZNc, MSTRc and SPCXc. The current observation adds MSFTc/USDC at $129,249.02 liquidity, $926,740 of 24-hour volume and a 0.018% fee; SNDKc/USDC at $182,843.45 liquidity, $319,100 of 24-hour volume and a 0.025% fee; and TSLAc/USDC at $142,701.29 liquidity, $325,860 of 24-hour volume and a 0.005% fee. The existing SPCXc/USDC pool now shows $170,351.44 of liquidity and about $1.9 million of 24-hour volume, compared with $44,954.13 and $225,747.04 respectively in the prior observation.
Why it matters
Base tokenized-stock liquidity has progressed from the original four names and a partial second wave to Aerodrome USDC markets covering all six newly added names: AMZNc, MSFTc, MSTRc, SNDKc, SPCXc and TSLAc. This broadens the substrate available for LP strategies and any future gauge, emissions or vault composition. For the three newly observed pools, the directly verified revenue element is the pool swap fee; AERO emissions or other rewards are not assumed without pool-specific gauge confirmation.
Evidence
- GeckoTerminal — MSFTc/USDC on Aerodrome Slipstream 3 — MSFTc/USDC displayed $129,249.02 of liquidity, $926,740 of 24-hour volume, 8,047 transactions, a pool age of about two days, and a 0.018% trading fee.
- GeckoTerminal — SNDKc/USDC on Aerodrome Slipstream 3 — SNDKc/USDC displayed $182,843.45 of liquidity, $319,100 of 24-hour volume, 1,420 transactions, a pool age of about two days, and a 0.025% trading fee.
- GeckoTerminal — TSLAc/USDC on Aerodrome Slipstream 3 — TSLAc/USDC displayed $142,701.29 of liquidity, $325,860 of 24-hour volume, 1,323 transactions, a pool age of about two days, and a 0.005% trading fee.
- GeckoTerminal — SPCXc/USDC on Aerodrome Slipstream 3 — SPCXc/USDC displayed $170,351.44 of liquidity, about $1.9 million of 24-hour volume, 7,726 transactions and a 0.009% trading fee.
- SIGNA ET STRUCTURA — prior second-wave observation — The prior public observation confirmed Aerodrome Slipstream 3 USDC pools for AMZNc, MSTRc and SPCXc among the six second-wave assets; MSFTc, SNDKc and TSLAc were not confirmed in that observation.
- Aerodrome Finance documentation — Aerodrome documents that LPs may stake for AERO emissions or remain unstaked to earn swap fees, and that a pool must have a gauge to qualify for votes and emissions.
Limitations
All three newly observed pools are about two days old and therefore have short histories. Current liquidity and volume metrics are snapshots from a single GeckoTerminal surface and were not cross-checked against a second provider at the same timestamp. In concentrated liquidity, displayed liquidity can differ from active in-range liquidity and realized fee accrual. Pool-specific AERO gauges/emissions, Merkl rewards, Beefy vaults and durable APY were not independently confirmed for MSFTc, SNDKc or TSLAc, so this brief does not annualize yield beyond documenting trading-fee settings. Coinbase Tokenized Stocks also carry issuer/custody, redemption, transfer-eligibility and 24/5 underlying-market versus 24/7 DEX price-formation constraints, while LPs face impermanent-loss and range-out risk.
Disclosure
This is a public-market observation and does not constitute investment advice.