What changed
The public observation in this series at 2026-09-09 06:21 JST recorded DefiLlama at 202.92% APY, split into 43.00% base and 159.92% AERO rewards, with about $2.3 million in TVL after the earlier four-digit spike had normalized. The current DefiLlama reading is 1,693.43%, up 1,490.51 percentage points, while the AERO reward component alone increased from 159.92% to 1,610.62%, a gain of 1,450.70 points. TVL only slipped from about $2.3 million to about $2.2 million. At the same observation time, DeFi Terminal displayed 97.30% for the same pool, reopening a large provider gap.
Why it matters
Roughly 95% of the current four-digit DefiLlama headline APY is attributed to AERO rewards, and the reward annualization expanded sharply without a comparable collapse in TVL. DeFi Terminal, which labels its source as DefiLlama, shows the same pool at a rate roughly 17.4 times lower. The recurrence after the September 9 normalization reinforces that headline APY in this market is highly sensitive to AERO emission allocation, annualization windows and data-update timing rather than representing a stable tokenized-equity carry rate.
Evidence
- DefiLlama — Aerodrome Slipstream USDC-NVDAc — Displayed supply APY of 1,693.43%, including 82.81% base and 1,610.62% AERO rewards, with about $2.2 million in TVL.
- DeFi Terminal — Aerodrome Slipstream USDC-NVDAc — Displayed 97.30% APY, including 14.95% base and 82.35% rewards, with about $2.6 million in TVL; the page showed 'Updated 2m ago' and source 'defillama'.
- SIGNA ET STRUCTURA — Base Tokenized Stock Yield Watch — The September 9 public observation recorded DefiLlama normalizing from 2,293.52% to 202.92% while TVL increased from about $2.04 million to $2.30 million.
- Aerodrome Finance — Aerodrome describes liquidity providers as staking deposits to earn token emissions.
Limitations
APY is a variable annualized metric that can change sharply with reward allocation, observation windows, update timing and aggregation methods. DefiLlama and DeFi Terminal currently show materially different readings for the same pool, so the headline APY should not be treated as a single executable yield. Concentrated liquidity adds range-out and IL/LVR risk, while gauge and weekly emission allocations can change. NVDAc also carries issuer, custody, redemption, eligibility and jurisdictional constraints, plus a timing mismatch between 24/5 underlying equity trading and 24/7 Base markets.
Disclosure
This is a public-market observation and does not constitute investment advice.