Aerodrome's financial performance is turning heads—$100m in annual revenue on a $398m market cap puts it at #5 in the crypto ecosystem by total fees generated. Yet despite these impressive numbers, major exchanges have stayed on the sidelines. The reason? The ve(3,3) tokenomics model. It's unconventional enough to make traditional platforms uneasy. Here's why: veAERO holders don't just hold—they actively direct protocol emissions and capture 100% of the fees, essentially functioning as the protocol's governing body. For exchanges accustomed to conventional token structures, this level of holder control walks a regulatory gray line. Securities regulators could feasibly view it differently than standard crypto assets. That friction explains the listing hesitation. With an addressable market potentially reaching $200b annually, the question isn't whether Aerodrome will succeed—it's whether the exchange industry will eventually embrace this new model.