What changed
The prior patrol observed USDC-NVDAc at 58.36% APY and about $2.0 million TVL. DeFi Terminal later showed 351.08% APY, split into 68.91% base and 282.17% rewards, with about $1.70 million TVL. DefiLlama showed 314.43%, split into 60.72% base and 253.71% AERO rewards, with about $1.65 million TVL. Headline APY therefore rebounded about 5.4-6.0 times while TVL declined roughly 15-17.5%.
Why it matters
A tokenized-stock LP moving from tens of percent to above 300% within hours shows why headline APY cannot be treated as a persistent yield level. NVDAc remained reward-heavy, but base fees also recovered into the 60% range, so organic trading activity and incentives need to be separated. The roughly 37-point gap between data providers also makes timestamp and aggregation path important.
Evidence
- DeFi Terminal — Aerodrome Slipstream USDC-NVDAC — USDC-NVDAC showed 351.08% APY, including 68.91% base and 282.17% rewards, with about $1.70 million TVL.
- DefiLlama — Aerodrome Slipstream USDC-NVDAc — The exact pool page showed 314.43% Supply APY, including 60.72% base and 253.71% AERO rewards, with about $1.65 million TVL.
Limitations
APY is an annualized variable that can move sharply with swap volume, active concentrated-liquidity ranges, TVL and AERO reward allocation. DeFi Terminal and DefiLlama were not fully synchronized and showed 351.08% versus 314.43%. The prior 58.36% figure is a patrol-time observation and may not remain reproducible on a live page. Tokenized stocks also carry issuer/custody, eligibility, mint/redemption and off-hours pricing risks.
Disclosure
This is a public-market observation and does not constitute investment advice.