What changed
On DefiLlama's direct page for the same pool, displayed APY fell from 1,017.04% to 237.10%. The current breakdown is 23.44% base APY plus 213.66% AERO reward APY, compared with 41.96% base plus 975.09% AERO reward at the 11:16 JST observation; the displayed AERO reward component alone fell by 761.43 percentage points. TVL, meanwhile, increased by roughly 3.9% from about $1.03 million to $1.07 million. The corresponding Beefy Moo USDC-SPCXc wrapper shows 27.59% APY and $233,180 TVL, while the Revert-routed Merkl campaign across ten tokenized-stock pools shows 87.98% APR, $802,990 TVL and about 1,930 USDC of daily rewards.
Why it matters
Most of the headline APY decline came from the displayed AERO reward component rather than a capital exit, underscoring how strongly tokenized-stock LP headline yields on Aerodrome depend on gauge allocation, AERO pricing, annualization windows and update timing. Beefy's managed wrapper and Revert/Merkl's USDC campaign are separate layers with different scopes, so their displayed yields should not be added mechanically.
Evidence
- DefiLlama — Aerodrome Slipstream USDC-SPCXc — The direct USDC-SPCXc pool displayed 237.10% supply APY, consisting of 23.44% base APY and 213.66% AERO reward APY, with about $1.07 million TVL.
- DefiLlama — Beefy Moo USDC-SPCXc — Moo Beefy Aerodrome Base USDC-SPCXc displayed 27.59% supply APY and $233,180 TVL.
- Merkl — Coinbase tokenized stocks on Aerodrome, via Revert — The Revert-routed tokenized-stock LP campaign displayed 87.98% APR, $802,990 TVL, about 1,930 USDC of daily rewards, a 25.063K USDC total reward budget and a 2026-10-05 end date.
Limitations
Displayed APY is a provider metric and does not represent realized returns for a specific LP position. The 11:16 JST and 19:13 JST readings are observations of the same dynamic DefiLlama pool URL at different times, and TVL is rounded in the interface. Public data does not isolate how much of the rapid decline came from weekly gauge reallocation, AERO price, short-window annualization or update timing. Beefy is a managed wrapper and Merkl is a campaign-wide metric spanning ten pools, so neither has the same scope as the Aerodrome direct pool. Material limitations and risks include concentrated-liquidity range-out, IL/LVR, changes in AERO emissions, smart-contract and automation risk, tokenized-stock issuer/custody/redemption/eligibility risk, and the mismatch between 24/5 underlying-equity markets and 24/7 Base trading.
Disclosure
This is a public-market observation and does not constitute investment advice.