Using BlackRock’s The Machine-Native Economy as a framework, this essay separates demand for agentic payments and compute from the harder question of value capture by specific digital assets.
For the USDC incentive on Base tokenized-stock LPs routed through Revert on Aerodrome, Merkl's public listing shows 70.51% APR, about $1.0M TVL and roughly $1.92K in daily rewards. The public observation at 2026-09-24 14:01 JST recorded 97.48%, $724.74K and about $1.93K/day, implying an approximate 38% increase in displayed TVL while APR fell 26.97 percentage points.
Aerodrome Slipstream's USDC-SPCXc pool on Base showed 237.10% displayed APY and about $1.07 million of TVL at the 2026-09-24 19:13 JST observation. The same pool had shown 1,017.04% and about $1.03 million of TVL at the 11:16 JST observation, so displayed APY fell by 779.94 percentage points, or about 76.7%, while TVL remained broadly stable.
For the USDC incentive on Base tokenized-stock LPs routed through Revert on Aerodrome, Merkl's listing shows 97.48% APR, $724.74K TVL and about $1.93K in daily rewards. Compared with the public observation at 2026-09-23 14:19 JST of 138.93% APR and $508.5K TVL, displayed TVL is up about 42.5% while APR is down 41.45 percentage points. Merkl's direct opportunity page shows 91.61% APR and $771.17K TVL in the same observation window, indicating a refresh or aggregation gap within the same provider.
On Base, Aerodrome Slipstream's USDC-SPCXc CL10 pool shows 1,017.04% APY and $1.03M TVL on DefiLlama's pool page. The split is 41.96% base plus 975.09% AERO rewards, so most of the displayed yield is incentive-driven. Beefy's Moo USDC-SPCXc wrapper shows 27.59% APY and $233,180 TVL in the same observation window, leaving a large gap between the direct LP and wrapper headline yields.
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