Scale capital.
Optimize voting-power yield.
Explore how a $10M, $25M or $50M fund could allocate capital across Aerodrome, Hydrex and UP33. The strategy models maximum acquisition of existing locked voting positions in the smaller protocols first, with remaining capital allocated to Aerodrome.
Modeled voting-power capacity
Caps are theoretical spot-equivalent values of positions, not verified for-sale inventory. In particular, Hydrex voting units may not equal underlying tokens 1:1.
AERO
HYDX
UP
Inputs: 992.94M veAERO at $0.676; 247M reported veHYDX units at $0.021; 48M reported veUP units at $0.2661. Indicative figures carried from the preliminary October 2026 analysis. Actual voting-power accounting, prices and eligibility must be independently verified.
Three fund structures
Each fund seeks the maximum modeled $1.0374M HYDX and $2.55456M UP allocation, then fills the remainder with Aerodrome. The high-yielding assets shrink as a share of capital when fund AUM increases.
Interactive fund model
Adjust fund size, maximum acquisition percentages, and assumed yields. Portfolio allocations and rewards recalculate instantly. You can also copy a customized scenario.
| Protocol | Allocation | Fund Share | Gross Yield | Annual Gross Rewards |
|---|
No live price feed or on-chain inventory is connected. Changing a yield assumption does not simulate how incentive APRs compress as voting power grows. Gross returns exclude fund fees, costs, taxes, token-price movements, and reward-sale slippage.
Investment interpretation & risks
At the modeled 20% UP position, a 400% rate implies roughly $10.22M in annual rewards from UP alone. That requires verification of actual recurring, monetizable incentive pools. The return may decline as more voting power competes for rewards, and reward tokens may be illiquid.
Acquisition capacity
15% and 20% caps are theoretical ownership targets, not guaranteed accessible inventory. Sellers, lock terms and negotiated prices determine realizable capacity.
Vote accounting
Existing ve positions can carry different weights and durations. A voting unit is not automatically the same as one underlying token. HYDX inputs especially require reconciliation.
Realizable returns
Modeled gross yields are not fund distributions or total returns. Token price volatility, changing incentives, lock expiries, smart-contract risk and exit illiquidity matter.
Core thesis: Use Aerodrome as the scale vehicle while selectively acquiring the highest-quality locked positions available in smaller, potentially higher-yield protocols. Verify actual transferable veNFT inventory and reward-pool sustainability before fundraising or committing investor assets.