After two years of operation, Flight School is coming to an end.

The program will wrap up with its 35th and final flight on April 8, 2026, marking the successful conclusion of its mandate within the Aerodrome economy. The Aerodrome Foundation designed Flight School to bootstrap long-term alignment, grow the veAERO community, and reduce floating AERO supply. It achieved those objectives decisively.

As Aerodrome prepares for its next phase, the Flight School veNFT will transition into a more comprehensive, permanent capital allocation framework: the Momentum Fund.

Final Flight School Timeline

• April 8, 2026: The final Flight School epoch ends, completing the program’s 35th flight.

• April 8, 2026 (23:59 UTC): Deadline for eligible veAERO locks to receive the standard Flight School bonus.

• April 9, 2026 (00:00 UTC): Flight School formally concludes and merges with the Public Goods Fund (PGF) to form the Momentum Fund.

Flight School demonstrated that disciplined use of veAERO voting power could simultaneously grow alignment and shrink liquid supply. Over its lifetime, it distributed more than 60 million AERO in locked rewards and helped grow the veAERO holder base to over 30,000 participants.

In parallel, the Public Goods Fund (PGF) acted as a catalyst for ecosystem resilience. By using its voting power to bootstrap liquidity for essential assets like USDC, EURC, and cbBTC, the PGF created the deepest pools onchain. Since October 2025, it further evolved to include market-aware buybacks, purchasing AERO during market weakness to increase protocol-level governance capacity.

The Momentum Fund unifies these strategies into a single, mandate-driven capital engine. By consolidating Flight School and PGF, the Fund gains the scale necessary to act as a permanent support engine for the AERO economy.

As of the migration, the Momentum Fund will control approximately 25% of total veAERO voting power and a powerful initial capital base, comprised of:

• 165M veAERO (~16%) from PGF

• 75M veAERO (~7%) from Flight School

• 2M veAERO (~2%) from the Velodrome Foundation (PGF)

• Initial Capital Base: All existing PGF reserves (~$5.5M USDC) and ongoing voting rewards.

Under the new mandate, any buybacks will follow a rules-based, market-aware approach, deploying more capital when AERO trades at a discount relative to its historical range. This ensures reserves are used opportunistically and efficiently. Following the launch of Aero in Q2 2026, the Fund may also strategically acquire veNFTs (veAERO) when pricing inefficiencies between AERO and veAERO are sufficiently attractive.

The Momentum Fund is designed to function as a sophisticated capital allocator, ensuring that the Fund's resources are deployed with maximum efficiency to benefit all AERO holders:

• Market-Aware Programmatic Buybacks: The Fund’s mandate allows it to utilize a rules-based framework to execute buybacks during periods of market fluctuations.

• Strategic Growth: The Momentum Fund will direct its power toward the most productive and high-potential liquidity pools, maximizing the protocol’s long-term growth potential and creating a more attractive environment for liquidity providers.

• Total Value Retention: The Momentum Fund operates on a principle of 100% value retention. All rewards generated by the Fund’s position are redirected back into the ecosystem, ensuring that growth is compounded for the benefit of the entire community.

• Systemic Supply Reduction: By giving the Fund the capability to remove AERO from the circulating supply, the Fund’s mandate allows it to act as a deflationary force.

The Momentum Fund plans to follow three general postures depending on market environment and protocol performance:

1. Supply Reduction

The Fund may enter a supply reduction posture, under which additional AERO or veAERO acquired is, by default, burned. This permanently reduces circulating supply and reinforces long-term protocol health.

2. veAERO Lock Bonus

Where appropriate, the Fund may deploy targeted veAERO bonus-locking programs to encourage community participation, drawing on mechanisms previously validated through Flight School. 3. veAERO Voting Power Growth

The Fund may increase its veAERO voting power to maintain or boost its ability to support protocol growth and economic health. Target levels are evaluated over time and may adjust as conditions evolve.

The Fund will continuously monitor outcomes and market conditions, and will only consider strategic adjustments if warranted, with the objective of preserving clarity, discipline, and long-term protocol alignment.

The Foundation’s programmatic buyback model is battle tested. Beginning in October 2025, the PGF operated under programmatic Momentum Fund rules, deploying capital countercyclically. Over 13 epochs, it acquired 8.7M AERO (averaging 670K AERO per epoch). This consistently represented 15-25% of the total emissions distributed each epoch, providing a deflationary counter to inflation through emissions during a time of market, and protocol revenue, volatility.

With consolidated voting power and reserves, the Momentum Fund will meaningfully amplify this impact.

As Aerodrome approaches the launch of Aero in Q2 2026, the protocol is moving from a growth phase into a position of dominance. The Momentum Fund is the engine that will allow Aerodrome to scale efficiently and compete to become the largest liquidity marketplace in DeFi.

We are grateful to every participant who helped make Flight School a success. We look forward to this next chapter of protocol-led growth and supply discipline.

After two years of operation, Flight School is coming to an end.

The program will wrap up with its 35th and final flight on April 8, 2026, marking the successful conclusion of its mandate within the Aerodrome economy. The Aerodrome Foundation designed Flight School to bootstrap long-term alignment, grow the veAERO community, and reduce floating AERO supply. It achieved those objectives decisively.

As Aerodrome prepares for its next phase, the Flight School veNFT will transition into a more comprehensive, permanent capital allocation framework: the Momentum Fund.

Final Flight School Timeline

• April 8, 2026: The final Flight School epoch ends, completing the program’s 35th flight.

• April 8, 2026 (23:59 UTC): Deadline for eligible veAERO locks to receive the standard Flight School bonus.

• April 9, 2026 (00:00 UTC): Flight School formally concludes and merges with the Public Goods Fund (PGF) to form the Momentum Fund.

Flight School demonstrated that disciplined use of veAERO voting power could simultaneously grow alignment and shrink liquid supply. Over its lifetime, it distributed more than 60 million AERO in locked rewards and helped grow the veAERO holder base to over 30,000 participants.

In parallel, the Public Goods Fund (PGF) acted as a catalyst for ecosystem resilience. By using its voting power to bootstrap liquidity for essential assets like USDC, EURC, and cbBTC, the PGF created the deepest pools onchain. Since October 2025, it further evolved to include market-aware buybacks, purchasing AERO during market weakness to increase protocol-level governance capacity.

The Momentum Fund unifies these strategies into a single, mandate-driven capital engine. By consolidating Flight School and PGF, the Fund gains the scale necessary to act as a permanent support engine for the AERO economy.

As of the migration, the Momentum Fund will control approximately 25% of total veAERO voting power and a powerful initial capital base, comprised of:

• 165M veAERO (~16%) from PGF

• 75M veAERO (~7%) from Flight School

• 2M veAERO (~2%) from the Velodrome Foundation (PGF)

• Initial Capital Base: All existing PGF reserves (~$5.5M USDC) and ongoing voting rewards.

Under the new mandate, any buybacks will follow a rules-based, market-aware approach, deploying more capital when AERO trades at a discount relative to its historical range. This ensures reserves are used opportunistically and efficiently. Following the launch of Aero in Q2 2026, the Fund may also strategically acquire veNFTs (veAERO) when pricing inefficiencies between AERO and veAERO are sufficiently attractive.

The Momentum Fund is designed to function as a sophisticated capital allocator, ensuring that the Fund's resources are deployed with maximum efficiency to benefit all AERO holders:

• Market-Aware Programmatic Buybacks: The Fund’s mandate allows it to utilize a rules-based framework to execute buybacks during periods of market fluctuations.

• Strategic Growth: The Momentum Fund will direct its power toward the most productive and high-potential liquidity pools, maximizing the protocol’s long-term growth potential and creating a more attractive environment for liquidity providers.

• Total Value Retention: The Momentum Fund operates on a principle of 100% value retention. All rewards generated by the Fund’s position are redirected back into the ecosystem, ensuring that growth is compounded for the benefit of the entire community.

• Systemic Supply Reduction: By giving the Fund the capability to remove AERO from the circulating supply, the Fund’s mandate allows it to act as a deflationary force.

The Momentum Fund plans to follow three general postures depending on market environment and protocol performance:

1. Supply Reduction

The Fund may enter a supply reduction posture, under which additional AERO or veAERO acquired is, by default, burned. This permanently reduces circulating supply and reinforces long-term protocol health.

2. veAERO Lock Bonus

Where appropriate, the Fund may deploy targeted veAERO bonus-locking programs to encourage community participation, drawing on mechanisms previously validated through Flight School. 3. veAERO Voting Power Growth

The Fund may increase its veAERO voting power to maintain or boost its ability to support protocol growth and economic health. Target levels are evaluated over time and may adjust as conditions evolve.

The Fund will continuously monitor outcomes and market conditions, and will only consider strategic adjustments if warranted, with the objective of preserving clarity, discipline, and long-term protocol alignment.

The Foundation’s programmatic buyback model is battle tested. Beginning in October 2025, the PGF operated under programmatic Momentum Fund rules, deploying capital countercyclically. Over 13 epochs, it acquired 8.7M AERO (averaging 670K AERO per epoch). This consistently represented 15-25% of the total emissions distributed each epoch, providing a deflationary counter to inflation through emissions during a time of market, and protocol revenue, volatility.

With consolidated voting power and reserves, the Momentum Fund will meaningfully amplify this impact.

As Aerodrome approaches the launch of Aero in Q2 2026, the protocol is moving from a growth phase into a position of dominance. The Momentum Fund is the engine that will allow Aerodrome to scale efficiently and compete to become the largest liquidity marketplace in DeFi.

We are grateful to every participant who helped make Flight School a success. We look forward to this next chapter of protocol-led growth and supply discipline.