What changed
Compared with the DeFi Terminal observation publicly recorded at 826.43% APY on 2026-09-03 08:31 JST, consisting of 66.24% base and 760.20% rewards with about $927,400 TVL, the current display rose by 1,011.57 percentage points to 1,838.00%. The reward component increased by 983.91 points, the base component by 27.66 points, while TVL fell by about $225,100, or 24.3%. At 2026-09-04 11:26 JST, however, the exact DefiLlama pool page showed 603.88% APY and $904,280 TVL, leaving a 1,234.12-point APY gap and roughly $201,980 TVL gap versus DeFi Terminal.
Why it matters
The headline yield on METAc/USDC remains overwhelmingly dependent on AERO rewards rather than swap-fee-derived base yield. More importantly, DeFi Terminal identifies DefiLlama as its data source, yet its current figure differs from the exact DefiLlama pool page by more than 1,200 percentage points. Reading short-horizon annualized yields for tokenized-stock LPs therefore requires separating reward allocation, TVL, observation surface and update timing rather than treating a single headline APY as the current effective yield.
Evidence
- DeFi Terminal — Aerodrome Slipstream USDC-METAc — Displayed 1,838.00% APY, with 93.90% base yield, 1,744.11% reward yield, a 30-day average of 594.14%, and about $702,300 TVL. The page identifies DefiLlama as its source.
- DefiLlama — Aerodrome Slipstream USDC-METAc exact pool — The exact pool page displayed 603.88% supply APY, consisting of 52.68% base and 551.20% AERO rewards, with $904,280 TVL.
- SIGNA ET STRUCTURA — Market Watch prior METAc observation — The published Market Watch records the 2026-09-03 observation of 826.43% on DeFi Terminal, split into 66.24% base and 760.20% rewards with about $927,400 TVL, while the DefiLlama view showed 657.17%.
Limitations
DeFi Terminal displays DefiLlama-derived data, so the two views compared here are not fully independent data providers. The gap between 1,838.00% and 603.88% may reflect cache timing, observation timing, annualization or aggregation differences, and this observation does not establish the live AERO gauge or emission rate directly. APY can change sharply with swap volume, active concentrated-liquidity ranges, TVL and AERO gauge allocation. METAc also carries issuer and custody risk, mint and redemption constraints, eligibility restrictions, price dislocations between 24/5 U.S. equity reference markets and a 24/7 DEX, range risk, impermanent loss and smart-contract risk.
Disclosure
This is a public-market observation and does not constitute investment advice.