What changed
The Aerodrome direct pool page showed TVL of $936,153 and APY of 837.21% (52.94% base and 784.27% AERO reward). The preceding search-index snapshot showed TVL of $920,522 and APY of 156.68% (50.89% base and 105.79% reward), implying roughly +1.7% TVL but +680.53 percentage points in APY, or about 5.34x. Beefy Moo showed TVL of $144,237 and APY of 202.80%, up 162.73 points from a 40.07% indexed snapshot. Reward Cow showed TVL of $82,711 and APY of 122.60% (56.87% base and 65.73% reward), up 85.36 points from 37.24% previously.
Why it matters
The move appears to be driven primarily by AERO emissions rather than by a large TVL change, showing how incentive repricing on a tokenized-stock LP can quickly propagate into Beefy's auto-compounding layer. However, DefiLlama itself showed 837.21% on the Aerodrome direct pool page versus 1,778.21% on the SPCXc aggregation page, a roughly 2.12x headline-APY gap that highlights differences in annualization, update timing or aggregation surfaces.
Evidence
- DefiLlama Aerodrome Slipstream USDC/SPCXc direct pool — TVL $936,153; APY 837.21%; base APY 52.94%; AERO reward APY 784.27%.
- DefiLlama SPCXc RWA aggregation — Aerodrome row TVL $850,356 and APY 1,778.21% (59.87% base + 1,718.34% reward); Beefy Moo APY 202.80%; Beefy Reward Cow APY 122.60%; superSPCX APY 53.19%.
- DefiLlama Beefy Moo USDC-SPCXc — TVL $144,237; APY 202.80%; displayed as reward APY.
- DefiLlama Beefy Reward Cow USDC-SPCXc — TVL $82,711; APY 122.60%; base APY 56.87%; AERO reward APY 65.73%.
Limitations
Displayed yield depends on concentrated-liquidity swap fees and AERO emissions on Aerodrome, plus auto-compounding and range management on Beefy, and can change abruptly with emissions, volume and prices. DefiLlama's direct pool and RWA aggregation surfaces showed large differences in APY and TVL, so they should not be treated as a single synchronized effective yield. Change calculations use prior search-index snapshots with coarse freshness rather than a fully synchronized historical series. Risks include concentrated-liquidity IL/LVR and range-out, Aerodrome and Beefy smart-contract exposure, and SPCXc issuer, custody, redemption, eligibility and reference-price formation constraints.
Disclosure
This is a public-market observation and does not constitute investment advice.