Resistance of various (copper) wire gauges over distance:

The bigger the wire you run, the less the line loss. The longer the run, the higher the line loss.
I have 50A 220VAC running to my LMB pond, daisy chained through two barns, over about 300 feet of 4 gauge and 250 feet of 6 gauge copper. I chose a 220VAC compressor for the aerator as the higher voltage cuts the needed amperage in half and also helps cut line loss. The compressor has run fine for about 12 years over this supply chain, and resistive loads (light bulbs and an electric baseboard) also have no trouble, but cheap 110VAC motors (blower on a milk house heater) don't like starting at that distance unless there is a matching load on the other 110VAC phase.
If I were running 500 feet to start with and buying all the wire, I'd go 4 gauge exclusively. And stick with a 220VAC compressor.