What changed
Compared with the 2026-09-14 16:04 JST observation of roughly $2.54 million TVL and 95.26% total APY (14.72% base + 80.54% AERO reward), DefiLlama's individual pool view now showed about $2.28 million TVL and 216.97% total APY (51.07% base + 165.90% reward). TVL decreased about 10.2%, while total APY rose 121.71 percentage points; base APY increased 36.35 points and reward APY increased 85.36 points. During the same observation window, DefiLlama's NVDAc aggregate surface showed about $2.26 million and 351.07% APY (49.87% base + 301.20% reward), while DeFi Terminal's direct page showed about $2.70 million and 83.29% APY (36.69% base + 46.60% reward).
Why it matters
The yield sources remain concentrated-liquidity swap fees plus AERO incentives, and this reacceleration includes a rise in the base-fee component rather than rewards alone. However, headline APY for the same pool diverged from roughly 83% to 351% across public surfaces, indicating that short-window fee annualization, AERO allocation, update timing and aggregation methodology can materially affect displayed yield. A single headline APY remains difficult to interpret as a stable realizable rate.
Evidence
- DefiLlama — Aerodrome Slipstream USDC/NVDAc individual pool — The individual pool view showed about $2.28 million TVL, 216.97% Supply APY, 51.07% base APY and 165.90% AERO reward APY.
- DefiLlama — NVIDIA Corporation (NVDAc) RWA dashboard — The NVDAc aggregate surface showed the same Aerodrome Slipstream USDC/NVDAc pool at about $2.26 million TVL and 351.07% APY, split into 49.87% base and 301.20% rewards.
- DeFi Terminal — Aerodrome Slipstream USDC-NVDAC — The direct page showed about $2.70 million TVL and 83.29% APY, split into 36.69% base and 46.60% rewards.
- SIGNA ET STRUCTURA — prior Base tokenized stock yield observation — The comparison baseline from the 2026-09-14 16:04 JST observation was roughly $2.54 million TVL, 95.26% total APY, 14.72% base APY and 80.54% AERO reward APY.
Limitations
APY can change rapidly with short-window swap volume, concentrated-liquidity ranges and AERO gauge/emission allocation, and does not guarantee future realized yield. DefiLlama's individual pool view, its RWA aggregate view and DeFi Terminal may differ in update timing, annualization and reward-accounting methodology, producing large discrepancies for the same pool. Concentrated liquidity carries impermanent-loss, LVR and range-out risks. NVDAc also carries issuer, custody, redemption and eligibility constraints, plus potential basis and oracle mismatches when the underlying equity market is closed while Base trades continuously.
Disclosure
This is a public-market observation and does not constitute investment advice.