What changed
The latest comparable public snapshot, a DefiLlama-sourced ranking updated on 2026-09-22 04:41 UTC, showed the same USDC-SPCXc CL10 pool at 188.4% APY and about $993.9K TVL. DefiLlama's current pool page shows 1,017.04% and $1.03M, an expansion of about 828.64 percentage points, or roughly 5.4x, in displayed APY. The Beefy wrapper remains at 27.59%. Aerodrome's official documentation says seven-day epochs start every Thursday at 00:00 UTC and AERO emission rates to liquidity pools reset at the start of each epoch.
Why it matters
The reward component has expanded to 975.09% without a comparable jump in TVL, indicating that AERO emission allocation, not trading fees alone, is driving the current headline APY. Other tokenized-stock pools, including USDC-SNDKc and USDC-MSTRc, also display four-digit APYs dominated by AERO rewards, suggesting a sharp shift in weekly incentive allocation. Wrapper yields have not moved in lockstep, so realized yield can differ materially by route and strategy.
Evidence
- DefiLlama — Aerodrome Slipstream USDC-SPCXc — USDC-SPCXc CL10 shows 1,017.04% supply APY, 41.96% base APY, 975.09% AERO reward APY and $1.03M TVL.
- DefiLlama — Beefy Moo USDC-SPCXc — Moo Beefy Aerodrome Base USDC-SPCXc shows 27.59% APY and $233,180 TVL.
- Aerodrome Finance — Documentation — Aerodrome states that seven-day epochs begin every Thursday at 00:00 UTC and AERO emission rates to liquidity pools reset at the start of each epoch.
- TopOfBase — Base yield ranking sourced from DefiLlama — Its ranking updated 2026-09-22 04:41 UTC records USDC-SPCXC CL10 at 188.4% APY (64.1% base plus 124.3% rewards) and $993.9K TVL.
Limitations
The immediately preceding 2026-09-24 09:56 JST patrol did not store the direct pool's exact value, so 1,017.04% is not presented as a strict patrol-to-patrol delta. DefiLlama pool pages, RWA aggregate surfaces and third-party aggregations can use different update times and annualization windows. Displayed APY can change rapidly with AERO price, weekly emission allocation, incoming TVL, time spent in range and short-window fee performance. Risks include concentrated-liquidity range-out and IL/LVR, Aerodrome/Beefy contract and automation risk, SPCXc issuer/custody/redemption/eligibility risk, and the 24/5 underlying-equity versus 24/7 Base timing gap. Current-epoch Merkl/Beefy Boost budgets and stacking with Revert incentives for SPCXc were not independently verified.
Disclosure
This is a public-market observation and does not constitute investment advice.