What changed
Compared with the 2026-09-04 11:26 JST DeFi Terminal reading of 1,838.00% APY (93.90% base + 1,744.11% reward) and about $702.3K TVL, the 2026-09-05 18:56 JST reading is 581.51% (79.29% base + 502.22% reward) with about $857.6K TVL. Total APY fell 1,256.49 percentage points, or about 68.4%; the reward component fell 1,241.89 points, or about 71.2%; and the base component fell 14.61 points. TVL increased by about $155.3K, or 22.1%. The DefiLlama exact-pool page retrieved in this patrol shows 603.88% APY (52.68% base + 551.20% AERO reward) and $904,280 TVL, leaving only a 22.37-point APY gap versus DeFi Terminal.
Why it matters
The previous four-digit headline APY was driven primarily by a sharp expansion in the AERO reward component rather than swap-fee base yield. The reward display has now contracted substantially and the headline APY has returned near its 30-day average, adding evidence that the spike was transient and sensitive to reward allocation, annualization and update timing. For tokenized-stock LPs, base yield, reward yield, TVL, data surface and observation time need to be tracked separately rather than treating a single headline APY as a persistent rate.
Evidence
- DeFi Terminal — Aerodrome Slipstream USDC-METAc — Displayed APY is 581.51%, consisting of 79.29% base yield and 502.22% reward yield, with a 30-day average of 594.14% and about $857.6K TVL. The page identifies DefiLlama as its data source.
- DefiLlama — Aerodrome Slipstream USDC-METAc exact pool — The exact-pool page retrieved during this patrol shows 603.88% supply APY, 52.68% base yield, 551.20% AERO reward yield and $904,280 TVL.
- SC Markets Research — prior public METAc observation package — The prior observation recorded DeFi Terminal at 1,838.00% APY (93.90% base + 1,744.11% reward) with about $702.3K TVL, while the DefiLlama exact pool showed 603.88% and $904,280 TVL.
Limitations
DeFi Terminal displays data sourced from DefiLlama, so the DeFi Terminal and DefiLlama exact-pool surfaces are not fully independent providers. The update time of the DefiLlama exact-pool page could not be independently established from this retrieval and may reflect cache or asynchronous timing. Displayed APY can change sharply with swap volume, active concentrated-liquidity range, TVL, AERO gauge allocation and annualization methodology. METAc also carries issuer/custody, mint/redemption and eligibility constraints, 24/5 reference-market versus 24/7 DEX timing risk, range and impermanent-loss risk, and smart-contract risk.
Disclosure
This is a public-market observation and does not constitute investment advice.