iAero Protocol Review 2026: Liquid veAERO on Base

iAero Protocol is a liquid staking protocol on Base built around Aerodrome's veAERO system. Its stated aim is to automate voting optimisation and reward harvesting for veAERO holders. It also provides liquidity to holders who need it.

DefiLlama lists it under Liquid Staking, with about $3.15 million in TVL, a 7.7% drop over seven days, and a listing date of 24 November 2025. Two audits are listed and the protocol token is LIQ. The homepage tagline is "Liquid by design", and it promises a clear view of iAERO, LIQ, protocol income and rewards.

The docs reference an Aero migration dated 22 October 2026, but public sources we reviewed do not explain what it involves. Anyone considering the protocol should read that page first.

Aerodrome, a major automated market maker on Base, uses veAERO, a vote-escrowed token. Holders lock AERO, vote on which liquidity pools receive emissions, and earn rewards in return. The lock makes the position illiquid and the voting takes ongoing effort.

iAero Protocol sits on top of that system. It automates voting optimisation and reward harvesting for veAERO holders. It also provides liquidity for holders who need it, and it internalises the yield from that liquidity to other iAero stakers. The docs name iAERO and stiAERO as the key tokens, and LIQ is the protocol's own token.

Yields come from Aerodrome voting incentives and protocol income, so they move with market conditions. The project does not give the exact split between users and the protocol, so that detail is best confirmed in the docs.

Fees are not published publicly we reviewed. That includes any performance fee on harvested rewards, any swap or exit cost, and the share of yield kept by the protocol. Users should check the official docs and the app interface for the current fee structure before depositing.

A third-party listing cites a high APY, but that is a variable gross figure and not a fee disclosure. Gas on Base is normally low, but network costs still apply to every transaction.

DefiLlama lists two audits for iAero Protocol. The project does not name the auditors or say what they found, so read the reports in the docs. No hacks or exploits appear we reviewed, but the protocol has only been tracked since November 2025.

Main risks are smart-contract bugs, dependence on Aerodrome and veAERO mechanics, thin liquidity in iAERO pairs and a possible price gap between iAERO and AERO. Check that you are on the official app, confirm contract addresses in the docs, and never share seed phrases. This is not financial advice.

iAero Protocol is for DeFi users on Base who hold or want veAERO exposure and accept smart-contract and platform-dependency risk. It is less suitable for beginners who want a long, established track record, or for anyone who needs fully transparent fee numbers before depositing.