What we watch
We track new vaults and protocols, material TVL shifts, incentives, changes in yield composition, and new uses of tokenized stocks as collateral, LP assets or structured products. No material change means no post.
Entries
Revert tokenized-stock LP reward APR falls to 70.51% as TVL reaches about $1M
For the USDC incentive on Base tokenized-stock LPs routed through Revert on Aerodrome, Merkl's public listing shows 70.51% APR, about $1.0M TVL and roughly $1.92K in daily rewards. The public observation at 2026-09-24 14:01 JST recorded 97.48%, $724.74K and about $1.93K/day, implying an approximate 38% increase in displayed TVL while APR fell 26.97 percentage points.
Aerodrome USDC-SPCXc four-digit APY print falls to 237%
Aerodrome Slipstream's USDC-SPCXc pool on Base showed 237.10% displayed APY and about $1.07 million of TVL at the 2026-09-24 19:13 JST observation. The same pool had shown 1,017.04% and about $1.03 million of TVL at the 11:16 JST observation, so displayed APY fell by 779.94 percentage points, or about 76.7%, while TVL remained broadly stable.
Revert tokenized-stock LP reward APR falls below 100% as TVL expands
For the USDC incentive on Base tokenized-stock LPs routed through Revert on Aerodrome, Merkl's listing shows 97.48% APR, $724.74K TVL and about $1.93K in daily rewards. Compared with the public observation at 2026-09-23 14:19 JST of 138.93% APR and $508.5K TVL, displayed TVL is up about 42.5% while APR is down 41.45 percentage points. Merkl's direct opportunity page shows 91.61% APR and $771.17K TVL in the same observation window, indicating a refresh or aggregation gap within the same provider.
Aerodrome USDC-SPCXc display APY expands above 1,000% on AERO rewards
On Base, Aerodrome Slipstream's USDC-SPCXc CL10 pool shows 1,017.04% APY and $1.03M TVL on DefiLlama's pool page. The split is 41.96% base plus 975.09% AERO rewards, so most of the displayed yield is incentive-driven. Beefy's Moo USDC-SPCXc wrapper shows 27.59% APY and $233,180 TVL in the same observation window, leaving a large gap between the direct LP and wrapper headline yields.
superNVDA shows sUP rewards again as displayed APY returns to 18.22%
Superform's NVDA SuperVault (superNVDA) on Base is showing 18.22% APY and $406,168 of TVL on DefiLlama, with the yield decomposed as 0.00% base plus 18.22% in USDC and sUP rewards. The public observation at 2026-09-24 02:50:46 JST showed 10.00% APY, $416,931 of TVL and USDC rewards only, so displayed APY has risen by 8.22 percentage points and sUP is again listed in the reward mix.
TAU METACT TVL rises about 3.7x from September 21 while displayed APY declines
TAU/IPOR Fusion Meta Carry Trade (METACT) on Base rose from $10,605 TVL and 0.52% APY in the public observation on 2026-09-21 to $38,923 TVL and 0.37% APY on the 2026-09-23 DefiLlama direct pool page. TVL increased by about 267% while displayed APY fell by 0.15 percentage points.
superNVDA provider APY gap narrows as Portals returns to 18.83%
Superform's NVDA SuperVault (superNVDA) on Base is showing 18.83% APY and about $414.99K of TVL on Portals, while DefiLlama shows 19.02% APY and $430,021 of TVL. In the previous observation, Portals showed 7.90% versus 17.75% on DefiLlama, a 9.85 percentage-point gap; the current APY gap has narrowed to 0.19 percentage points.
superNVDA Portals APY falls to 7.90% as the gap versus DefiLlama widens
Superform's NVDA SuperVault (superNVDA) on Base is showing 7.90% APY and $398,389.56 TVL on Portals, versus 17.75% APY and $413,547 TVL on DefiLlama. The immediately preceding Portals observation at 2026-09-23 16:05 JST showed 18.83% APY and about $414.99K TVL, so Portals' displayed APY is lower by about 10.93 percentage points while the current cross-provider APY gap has widened to 9.85 points.
superNVDA reward APY rebounds to 17.75% with USDC+sUP shown
Base-based Superform superNVDA showed 17.75% APY and $413,547 TVL at the 2026-09-23 16:05 JST observation. DefiLlama displayed 0.00% base APY and 17.75% reward APY labeled USDC and sUP, up 10.12 percentage points from the 7.63% sUP-only display observed on 2026-09-22 05:38 JST.
Revert-routed Aerodrome tokenized-stock LP APR falls to 138.93% as TVL expands
In the Revert-routed Aerodrome tokenized-stock LP incentive campaign on Base, Merkl's opportunity list shows TVL rising from $410.6K at the 2026-09-23 10:03 JST observation to $508.5K at 14:19 JST, a 23.8% increase, while displayed APR fell from 172.05% to 138.93%, down 33.12 percentage points. Daily USDC rewards remained approximately $1.93K, indicating continued reward-density compression as participating liquidity grows.
Revert's Aerodrome tokenized-stock LP campaign goes live with early Merkl APR readings of 250%-358%
A roughly 25,000 USDC rewards campaign for providing Coinbase tokenized-stock/USDC liquidity on Aerodrome through Revert Finance is now live on Base. At 2026-09-23 05:49 JST, Merkl's opportunity list showed 250.05% APR, $282.52K TVL and $1.93K in daily rewards, while the campaign detail page showed 357.93% APR, $197.37K TVL and the same $1.93K in daily rewards.
Revert adds a 25,000 USDC incentive for Base tokenized-stock/USDC LPs
Revert Finance announced a limited-time 25,000 USDC reward program for liquidity providers in Aerodrome pools on Base pairing USDC with ten Coinbase Tokenized Stocks: NVDAc, TSLAc, AAPLc, GOOGLc, MSFTc, AMZNc, METAc, MSTRc, SNDKc and SPCXc. Eligible positions must be newly opened through Revert during the campaign period, with rewards paid hourly based on the trading fees the liquidity actually earns.
Aave V4 on Base Defines an Equities Hub for Borrowing USDC Against Tokenized Stocks
Aave Labs updated its Base V4 ARFC on 2026-09-21 with an initial design and risk parameters for a dedicated Equities Hub. Coinbase B20 tokenized equities would be collateral-only assets, while USDC would be the sole borrowable asset. The initial set is AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc, with a 32M USDC Add Cap and 21M USDC Draw Cap. The ARFC has been raised to Snapshot but the market is not yet live on Base.
TAU METAc Carry Vault shows 12.01% APY on Portals with a 10% reward layer visible again
At the 2026-09-22 10:37:41 JST observation, Portals showed TAU's METAc Carry Vault on Base at 12.01% APY and $19,460.07 TVL, split into 2.01% base APY and 10.00% reward APY. A public observation on 2026-09-21 had shown METACT at 0.52% APY and $10,605 TVL on DefiLlama, so a 10% reward layer is again visible in the displayed stock-carry yield. The providers differ, however, and no official restart or extension of the incentive was confirmed.
superNVDA displayed APY falls to 7.63% while TVL holds near $405K
DefiLlama's direct page for Superform's NVDA SuperVault (superNVDA) on Base shows a 7.63% supply APY, 0.00% base APY, 7.63% sUP reward APY and $404,799 of TVL. A public Portals observation on 2026-09-19 showed 17.08% APY and $400.44K of TVL. The observations are asynchronous and come from different providers, but they indicate that displayed yield has compressed by roughly 9.45 percentage points while TVL remains around the $400K level.
Morpho METAc-backed USDC rates normalize from roughly 17% to roughly 5%
Morpho's METAc-backed USDC market on Base now displays a 5.07% lender rate, 5.64% borrower rate and 90.21% utilization. The public observation on 2026-09-19 recorded 16.98% for lenders, 17.52% for borrowers and roughly 97% utilization, indicating that the double-digit rate spike associated with above-target utilization has faded and the market has returned close to its 90% target-utilization range. No new external incentive was identified.
Superform's superSPCX is live in pre-deposit on Base, showing 41.31% APY
Superform says its SPCX SuperVault (superSPCX), built around a SpaceX-linked Coinbase Tokenized Stock, is live in pre-deposit on Base and advertises up to 100% APY during the launch campaign. At 2026-09-21 20:26:54 JST, Portals showed $94,555.04 TVL, 41.31% APY, 0% base APY and 41.31% reward APY.
TAU AAPLCT displayed APY falls from 10.27% to 0.34% while TVL stays nearly flat
TAU/IPOR Fusion's Apple Carry Trade (AAPLCT) on Base now shows 0.34% APY on its DefiLlama pool page, down from 10.27% in the public observation on 2026-09-17, while TVL moved only from $38,186 to $38,006. The prior 10.27% reading included 10.00 percentage points of USDC rewards, so the current move should be treated as a change in reward visibility, eligibility or data refresh rather than a capital outflow. Meta Carry Trade (METACT) simultaneously shows 0.52% APY with $10,605 TVL.
Zyfai reports more than $225K of tokenized-stock deposits in one week
Zyfai says more than $225K of Coinbase Tokenized Stocks on Base were deposited through its platform in one week. Its displayed yields are up to 38.02% APY for NVDAc and 20.47% for AAPLc, GOOGLc and METAc, including incentives. The same public post says the additional USDC incentive for tokenized-stock depositors has about one week remaining.
Bitwise Mag7X crosses $1M as Merkl-eligible TVL rises about 94% from September 4
Bitwise Mag7X Automated Token Portfolio on Base has moved above the $1 million scale. Glider reported $1,020,271 across 1,585 users as of September 18, while the current Merkl opportunity shows a 10% APR, $983.64K of eligible TVL and 269.558 USDC of daily rewards. The September 4 public observation recorded $507.76K of Merkl-eligible TVL and 139.147 USDC per day, implying roughly 93.7% growth in both eligible TVL and daily rewards while the incentive rate itself remains unchanged at 10%.
superNVDA TVL tops $400K as one-day inflow nears $80K and APY eases to 17.08%
Superform's NVDA SuperVault (superNVDA) on Base is showing $400.44K of TVL, a one-day flow of +$79,630.62 and a headline APY of 17.08% on Portals. In the public observation on 2026-09-15, Portals showed $305.4K of TVL and 19.84% APY, implying TVL has risen about 31.1% while the headline APY has fallen 2.76 percentage points. Capital continues to enter the vault as displayed yield compresses.
Meta-backed USDC rates on Morpho rise toward 17% while three peer stock markets sit near 5%
Market-level pricing has become visible for Morpho's USDC markets backed by Coinbase Tokenized Stocks on Base. Apple, Alphabet and Nvidia were reported near 90% utilization with roughly 5.06% lender APY and 5.62% borrower APY, while Meta reached about 97% utilization with 16.98% lender APY and 17.52% borrower APY. No new external incentive was identified; lender yield is funded by USDC interest paid by borrowers.
Morpho activates variable- and fixed-rate loans against Coinbase Tokenized Stocks on Base
Morpho says stock-backed loans are now live on Base using Coinbase Tokenized Stocks as collateral. Users can lend and borrow at variable and fixed rates, while individual curators set market parameters and compliance controls. DefiLlama's AAPLc dashboard currently attributes $45,097 of DeFi Active TVL to Morpho Blue.
Beefy USDC-SPCXc displayed APY re-expands to 324% as TVL contracts
On Base, Portals shows Beefy Moo USDC-SPCXc rising from 235.84% APY at 13:08 JST on 2026-09-17 to 323.55% at 17:55 JST, while TVL fell from about $152.9K to $127.7K. That is an 87.71 percentage-point APY increase, or about 37.2%, alongside a roughly $25.2K, or 16.5%, TVL decline. The associated Beefy CLM SPCXc-USDC Reward Pool also moved in the same direction, reaching 159.62% APY with $149.43K TVL.
Beefy USDC-SPCXc APY diverges again: Portals shows 236% while DefiLlama RWA shows 136%
For Beefy Moo USDC-SPCXc on Base, Portals Base Stocks shows 235.84% APY with roughly $152.9K TVL, while DefiLlama's SPCXc RWA view shows 136.13% APY with $145,870 TVL. TVL is broadly similar, but headline APY differs by 99.71 percentage points, or about 1.73x. The associated Reward Pool also diverges: Portals shows 134.08% APY and about $174.49K TVL, while DefiLlama shows 95.05% APY and $68,395 TVL.
Beefy USDC-SPCXc displayed APY re-expands to roughly 193%-235% across data surfaces
Displayed yield on Beefy's Base USDC-SPCXc strategy has re-expanded since the prior observation. The Portals direct page shows 192.76% APY with $152.11K TVL, DefiLlama shows 202.80% with $144.24K, and DeFi Terminal shows 234.80% with $153.1K. The related Beefy CLM Reward Pool also reads 118.87% on Portals and 122.60% on DefiLlama, indicating that the move is not confined to a single data surface, although Reward Pool TVL differs materially between providers.
Spectra brings PT/YT fixed-term rate markets to Coinbase Tokenized Stocks on Base
Spectra is offering fixed-maturity markets on Base for AAPLc, NVDAc, METAc and GOOGLc that split yield generated by TAU Stock Carry Vaults into Principal Tokens (PT) and Yield Tokens (YT). On Portals' dedicated market pages, the AAPLc, NVDAc and METAc markets maturing on 2026-09-30 show roughly $4.77K-$5.75K of TVL and displayed APYs of 12.48%-15.86%.
TAU Stock Carry Vaults activate Morpho/Steakhouse carry on Base
TAU Labs announced that its Stock Carry Vaults on Base have activated carry strategies that borrow USDC against Coinbase Tokenized Stocks through Morpho markets curated by SteakhouseFi. DefiLlama currently shows AAPLCT at $38,186 TVL and 10.27% APY, split into 0.27% base and 10.00% reward APY.
Beefy USDC-MSFTc direct-page APY falls to 91.86% as provider readings converge within about 0.5 percentage points
On Base, Beefy's Moo USDC-MSFTc displayed APY on the Portals direct page fell from 141.68% at the 2026-09-16 16:22 JST observation to 91.86% at 19:02 JST, a 49.82 percentage-point decline. The current reading is now close to Portals' 91.47% list view and DeFi Terminal's 91.94%, narrowing the same-market display range to about 0.47 percentage points. TVL remains near $170,000 rather than showing a comparable capital move.
Beefy USDC-MSFTc direct-page APY rebounds to 141.68% while aggregate surfaces remain near 91%
On Base, Portals' direct vault page for Beefy USDC-MSFTc shows 141.68% APY and roughly $169.0K TVL, while the Portals Base Stocks list shows 91.47% and DeFi Terminal's USDC page shows 91.94%. Versus the immediately prior 91.90% observation, the direct-page APY is higher by about 49.78 percentage points while TVL is essentially flat, extending the divergence between data surfaces.
Aerodrome USDC/MSFTc APY contracts from four digits to around 180%
On Base, DefiLlama's individual Aerodrome Slipstream USDC/MSFTc pool view fell from 946.76% APY at the 2026-09-16 04:17 JST observation to 179.54%. TVL increased 8.8%, from $822,690 to $895,239, while the AERO reward component fell from 844.31% to 118.51%, indicating that the move was driven primarily by reward-rate normalization rather than capital outflow.
Beefy MSTRc APY gap across providers narrows from ~9.8x to ~1.4x
On Base, DefiLlama now shows the Beefy Moo USDC-MSTRc strategy at $194,096 TVL and 195.00% APY, while Portals shows about $205,380 TVL and 276.93% APY. The APY gap has narrowed to about 1.4x from roughly 9.8x (29.07% vs 285.46%) observed at 2026-09-16 08:32 JST.
CURATED Adds USDC Incentives to TAU Tokenized Stock Carry Vaults
TAU Labs / IPOR Fusion carry vaults for NVDAc, AAPLc, GOOGLc and METAc on Base are now also offered through CURATED by IMPOSSIBLE, with a CURATED-only promotion advertising an extra 10% APR paid in USDC and 20% more Fusion Points. This adds a distribution and incentive layer to the existing vault strategy; the post-launch total effective APY, reward budget, duration and caps could not be independently confirmed from public data.
Beefy MSTRc strategy on Base shows a sharp APY and TVL data-provider divergence
Data-provider readings for the USDC-MSTRc Beefy strategy on Base have diverged sharply. The Moo strategy is shown at 29.07% APY on DefiLlama versus 285.46% on Portals, a roughly 9.8x gap. The Reward strategy is aligned near 149.36% APY, but TVL differs by about 8.2x: roughly $28.59k on DefiLlama versus $233.18k on Portals.
Aerodrome USDC/MSFTc shows 946.76% APY on the pool page while other surfaces show 144%–239%
On Base, DefiLlama's individual Aerodrome Slipstream USDC/MSFTc pool page displayed $822,690 in TVL and 946.76% Supply APY, split into 102.45% base APY and 844.31% AERO rewards. About 89.2% of the displayed yield therefore came from AERO incentives. At the same observation, DefiLlama's MSFTc aggregate surface displayed $876,204 in TVL and 238.56% APY (85.91% base + 152.65% rewards), while DeFi Terminal displayed roughly $950,000 in TVL and 143.72% APY for the same market.
Arcadia expands Base tokenized stocks into leveraged LP strategies
Arcadia Finance has publicly highlighted new tokenized-stock pools powered by Aerodrome and Base for AMZNc, MSFTc, TSLAc, MSTRc, SNDKc, SPCXc and MAG7. Arcadia can place supported LPs inside margin accounts, combining borrowed capital with concentrated liquidity, auto-compounding and automated rebalancing.
SPCXc AERO rewards surge on Aerodrome and propagate into Beefy vault yields
On Base, displayed yield for the Aerodrome Slipstream USDC/SPCXc pool rose sharply while TVL remained broadly stable, driven mainly by AERO rewards. The repricing also propagated into Beefy's Moo vault and Reward Cow built on the same liquidity venue.
Aerodrome USDC/NVDAc Four-Digit APY Display Contracts Back to the 80% Range
On Base, Aerodrome Slipstream USDC/NVDAc had displayed 1,396.25% APY on the DefiLlama individual-pool surface at 2026-09-15 04:16 JST. At 08:23 JST, a DeFi Terminal surface sourced from DefiLlama displayed 83.29% APY, with about $2.7M TVL, 36.69% base APY, and 46.60% reward APY. The observation strongly suggests that the four-digit print was not a persistent yield level.
superNVDA sees a large deposit burst as TVL and APY diverge across data providers
On Base, Superform's NVDA SuperVault (superNVDA) showed about $190.59K of one-day deposits, $155 of withdrawals, and roughly $189.26K of current TVL on Portals. During the same observation window, DefiLlama showed about $116.26K of TVL, a gap of roughly $73.00K. Both sources reported zero base yield and reward-driven APY, but Portals showed 27.61% while DefiLlama showed 35.97%, an 8.36 percentage-point difference.
Aerodrome NVDAc/USDC APY reaccelerates as provider divergence widens again
On Base, DefiLlama's individual Aerodrome Slipstream USDC/NVDAc pool view rose from the prior 95.26% observation to 216.97% APY. TVL fell from roughly $2.54 million to $2.28 million, while both the base-fee and AERO-reward components increased. At the same observation time, public surfaces for the same pool ranged from roughly 83% to 351% headline APY.
BasedPair turns tokenized stocks into launch-market pair assets on Base
BasedPair on Base now exposes a mechanism for launching a fixed-supply token across as many as five markets paired with Coinbase tokenized stocks, ETH, and wrapped assets. Its live interface cites examples including AAPLc and NVDAc and displays a 1.00% LP swap fee, a 70% creator share, and permanent LP custody. The composition uses tokenized stocks as liquidity and price-formation assets for launch markets rather than as a source of equity carry.
Displayed APY re-expands in Beefy's USDC-SNDKc strategy
On Base, Beefy Moo USDC-SNDKc showed about $92,785 of TVL and 169.60% displayed APY at observation time, up 72.22 percentage points over one day and 115.98 points over seven days. The underlying Beefy CLM SNDKc-USDC Reward Pool showed about $99,993 of TVL and 109.74% APY, split between 45.54% base APY and 64.19% reward APY.
Aerodrome NVDAc Headline APY Holds Near 95% as Yield Mix Rotates Back Toward AERO Rewards
Aerodrome Slipstream USDC/NVDAc on Base kept headline APY near 95% with only a modest TVL decline, but fee-derived base APY fell sharply while AERO rewards rose to about 84.6% of total APY. A similar headline rate can therefore mask a rapid change in the underlying source of yield.
Base tokenized-stock DEX volume is reported at a $100M daily record as NVDAc LP fee APY rebounds
At the 2026-09-13 13:14 JST observation, Aerodrome Slipstream USDC/NVDAc on Base showed about $2.65M TVL, 90.04% total APY, 40.67% base APY, and 49.37% AERO reward APY. Versus the 06:12 JST observation, TVL rose only about 0.8%, while total APY increased about 55.4%, base APY about 172.3%, and AERO reward APY about 14.8%. The latest rebound is driven more by the fee-derived base component than by rewards.
Base tokenized-stock cashback enters Epoch 2 with 10 assets and 4% on KyberSwap
The direct cashback program for Coinbase Tokenized Stocks on Base has entered Epoch 2. On the KyberSwap route, terms expanded from four assets, up to 2% cashback and a 10 USDC per-address cap in Epoch 1 to ten assets, up to 4% and a 20 USDC cap. TSLAc, SPCXc, SNDKc, MSTRc, MSFTc and AMZNc were added, and Epoch 2 runs through September 21, 2026. Merkl describes the broader program as offering up to 5% USDC cashback.
Aerodrome LAPTOP/AAPLc APY drops again as AERO rewards shrink about 70%
On Base, the Aerodrome Slipstream LAPTOP/AAPLc concentrated-liquidity pool saw TVL fall about 16.8% and displayed APY decline about 64.0% from the previous observation at 19:45 JST on 2026-09-12. The largest change came from AERO reward APY, which fell about 70.0%.
LAPTOP/AAPLc APY rebounds on Aerodrome, led by AERO incentives
On Base, Aerodrome Slipstream's concentrated-liquidity LAPTOP/AAPLc pool saw TVL rise about 28.8% and headline APY increase about 59.8% between 13:30 and 19:45 JST on 2026-09-12. Most of the APY rebound came from a renewed increase in AERO incentives.
Displayed APY on LAPTOP/AAPLc drops about 59% in roughly three hours as TVL rises
On Base, Aerodrome Slipstream's LAPTOP/AAPLc pool has moved from a previously observed displayed APY of 29,228.84% to 12,041.12% on DefiLlama's current AAPLc RWA aggregation surface. TVL increased from $25,854 to $28,478, or about 10.2%. The current displayed APY is split between 2,615.96% base APY and 9,425.16% in AERO rewards, leaving the headline yield still heavily incentive-driven.
TAU AAPLc Carry Vault TVL rises 57.6% in roughly three and a half hours
Portals Explorer showed TAU AAPLc Carry Vault TVL rising from $17,909.95 at 00:27 JST on 2026-09-12 to $28,228.37 at 03:53 JST. That is an increase of $10,318.42, or 57.6%, while the displayed APY remained unchanged at 10.00%. The move therefore appeared as a rapid capital inflow rather than a repricing of the headline yield.
TAU AAPLc Carry Vault reaches $17.9K TVL after roughly $4.55K of one-day net inflow
On Base, Portals Explorer shows the TAU AAPLc Carry Vault at $17,909.95 TVL, with $4,986.78 of deposits and $432.68 of withdrawals over one day. That implies roughly $4,554.10 of net inflow, equal to about 34.1% growth versus the implied prior-day TVL of $13,355.85. The displayed APY remains 10.00%, shown by Portals as 0.00% base APY and 10.00% reward APY.
Feel.cash Adds Daily AAPLc Rewards for IPOD Holders
Feel.cash has introduced daily Apple stock-token rewards for holders of IPOD, an IPOD/AAPLc market on Base, and says the first $2.28K has already been distributed. No staking or claim step is required, adding a direct stock-token holder incentive on top of an existing stock-paired liquidity structure.
Zyfai layers 10% USDC and rZFI rewards onto an automated Base tokenized-stock allocator
Zyfai is promoting Yield Accounts for NVDAc, AAPLc, METAc and GOOGLc on Base that route into underlying opportunities via Superform and IPOR and add Zyfai incentives on top. Its public figures show 9-24% underlying pool yield including pool rewards, an additional 10% APY in USDC incentives and 1.68% APY in rZFI rewards, for a headline total of up to 35% APY. The Yield Account can rebalance between venues, making this a meta-allocation layer rather than a single vault.
Aerodrome NVDAc/USDC returns to a four-digit APY display as provider divergence reopens
On Base, DefiLlama's pool page for Aerodrome Slipstream USDC-NVDAc displayed a 1,693.43% supply APY, split into 82.81% base yield and 1,610.62% AERO rewards, with about $2.2 million in TVL. DeFi Terminal simultaneously displayed the same pool at 97.30% APY, split into 14.95% base and 82.35% rewards, with about $2.6 million in TVL. The headline APY gap has widened again to 1,596.13 percentage points, or roughly 17.4x.
Harvest Finance Base stock wrappers jump from dust-scale TVL to roughly $5K each
Harvest Finance's FARM_METAc, FARM_AAPLc, FARM_NVDAc and FARM_GOOGLc wrappers on Base have grown from roughly $34-$369 of TVL in the public 2026-09-07 observation to about $4,651-$5,855 each. Portals shows most of each wrapper's current balance arriving within the latest 24-hour window.
Stockify B20 distributions reach $137K, up 65% in four days
On Base, Stockify has now distributed $137,143.24 of B20 tokenized stocks across 476 settled cycles to 471 eligible holders through a mechanism that converts STFY trading fees into direct stock payouts. The public observation on 2026-09-06 recorded $83,090.74, 388 cycles and 375 eligible holders, implying an increase of about $54,052.50, or 65.1%, in cumulative distributions. The active index remains equally weighted at 20% each across NVDAc, AAPLc, GOOGLc, METAc and SPCXc.
Beefy USDC-NVDAc APY diverges: 67% on Portals versus 37% on DefiLlama
For Beefy's USDC-NVDAc vault on Base, Portals displayed 67.26% APY and $334,024.60 TVL, while DefiLlama displayed 36.85% APY and $283,765 TVL. The same vault therefore showed a 30.41 percentage-point APY gap and roughly a $50,260 TVL gap across data providers.
Beefy MSFTc vault TVL doubles above $110K as displayed APY compresses to 74%
On Base, the Beefy/Aerodrome USDC-MSFTc Moo vault increased from $56,671.25 of TVL at the 2026-09-08 23:12 JST observation to $111.56K, a roughly 96.9% rise, while displayed APY fell from 187.76% to 74.38%, down 113.38 percentage points. The corresponding CLM Reward Pool also increased from $61,652.66 to $116.5K of TVL while APY declined from 116.96% to 61.49%.
Aerodrome USDC-NVDAc Four-Digit APY Display Normalizes Toward 200%
On Base, DefiLlama's displayed APY for Aerodrome Slipstream USDC-NVDAc fell to 202.92% after reaching 2,293.52% in the previous observation. TVL rose from about $2.04 million to $2.30 million, while the gap versus DeFi Terminal's 164.68% reading narrowed sharply.
Aerodrome NVDAc/USDC displayed APY diverges sharply between 2,293% and 165%
For Aerodrome Slipstream USDC-NVDAc on Base, DefiLlama's live pool page displayed 2,293.52% APY, split into 81.30% base and 2,212.22% AERO rewards, with about $2.04M TVL. DeFi Terminal displayed the same pool at 164.68% APY, split into 34.11% base and 130.57% rewards, with about $2.4M TVL. GeckoTerminal showed roughly $2.03M of liquidity and $8.36M of 24-hour volume for the same pool address, placing its liquidity reading closer to DefiLlama's live page.
Beefy tokenized-stock vault APYs normalize rapidly as TVL rises
Across Beefy/Aerodrome tokenized-stock Moo vaults on Base, displayed APYs for AMZNc, TSLAc, MSTRc and SPCXc fell by 65.7% to 98.2% from the previous observation while TVL increased by 47.0% to 162.2%. The extreme launch-stage annualized yields seen at very small TVL are compressing rapidly as capital enters the vaults.
Beefy Base tokenized-stock vaults show extreme headline APYs on very small TVL
A cluster of Beefy/Aerodrome vaults pairing USDC with AMZNc, MSTRc, SPCXc and TSLAc appeared in Portals' Fresh Opportunities view. Each vault held only about $15,000-$27,000 of TVL, while displayed APYs ranged from 786% to roughly 16,740%; one-day inflows were broadly comparable with current TVL.
Euler V2 balances observed across four Coinbase B20 stocks on Base
DefiLlama asset pages for Coinbase Tokenized Stocks on Base show Euler V2 DeFi Active TVL of $1,236 for NVDAc, $936 for METAc, $863 for GOOGLc, and $738 for AAPLc, or about $3,773 combined. Base's official stock ecosystem page describes Euler as modular lending and borrowing for tokenized stocks. The footprint remains very small, and the exact vault configuration, utilization, supply/borrow APYs, and any B20-specific incentives were not independently verified.
Forge adds 10 Base stock tokens as pair assets as BASEOS/AMZNc goes live
Forge Launchpad says AMZNc, TSLAc, GOOGLc, SNDKc, MSTRc, NVDAc, SPCXc, METAc, MSFTc and AAPLc are now available as Base pair assets with dividend capabilities. A live BASEOS/AMZNc Uniswap V4 pool is also visible, with roughly $4.27K of liquidity and about $520 of 24-hour volume at observation time. The setup extends tokenized stocks beyond standalone holdings, collateral and conventional LP legs into quote assets for third-party tokens and holder-reward designs.
Aerodrome GOOGLc/WETH displayed APY rebounds from 124% to 226%, highlighting rapid yield whipsaw
On Base, DefiLlama's exact-pool page for Aerodrome Slipstream GOOGLc/WETH displayed $151,307 TVL and 226.46% APY at 2026-09-07 14:19 JST, split into 91.55% base and 134.92% AERO reward. At 13:02 JST the same opportunity had been recorded at $148,422 TVL and 124.39% APY, split into 66.35% base and 58.04% reward. TVL rose only about 1.9% while displayed APY increased 102.07 percentage points, or about 82.1% relative.
Aerodrome GOOGLc/WETH displayed APY compresses from 196% to 124% in roughly two hours
On Base, DefiLlama's displayed APY for the Aerodrome Slipstream GOOGLc/WETH pool fell from 195.80% at 2026-09-07 10:47 JST to 124.39% at 13:02 JST. TVL declined only about 1.8%, from $151,089 to $148,422, while the displayed components both contracted: base from 92.24% to 66.35% and AERO reward from 103.56% to 58.04%.
Aerodrome GOOGLc/WETH displayed APY re-expands from 97% to 196% with TVL nearly flat
On Base, DefiLlama's RWA surface shows Aerodrome Slipstream GOOGLc/WETH at $151,089 TVL and 195.80% APY, split into 92.24% base yield and 103.56% AERO rewards. The prior observation at 2026-09-06 23:51:27 JST showed $148,085 TVL and 97.01% APY, split into 38.80% base and 58.21% rewards. TVL increased only about 2% while displayed APY rose 98.79 percentage points to roughly twice the prior level.
Aerodrome wtCOIN/USDC displayed APY jumps above 2,194%
The ST0x wtCOIN/USDC Aerodrome Slipstream pool on Base is showing 2,194.44% APY on DeFiLlama, comprising 2,064.98% base APY from trading fees and 129.46% in AERO rewards, with about $43.3K of TVL. The most recent comparable RenditeMonitor snapshot available to this observation showed 583.22% APY and about $49K TVL, indicating a sharp rise in the displayed annualized rate.
Aerodrome's NVDAc and GOOGLc WETH pairs scale beyond launch-stage liquidity
On Base, Aerodrome Slipstream's NVDAc/WETH and GOOGLc/WETH pools have grown from small launch-stage pools to roughly $150,000 of liquidity each, creating a tokenized-stock LP route that does not use USDC. DefiLlama shows NVDAc/WETH at $146,594 TVL and 194.65% APY, split into 63.11% base and 131.54% AERO rewards. Its GOOGLc RWA surface shows GOOGLc/WETH at $148,085 TVL and 97.01% APY, split into 38.80% base and 58.21% AERO rewards.
Clearstar cbAssets TVL rises to $36.3M as USDC incentive APR falls to 3.42%
On Base, the latest Morpho campaign detail surface for Clearstar cbAssets V2 shows $36.3M TVL, 7.33% total APR (3.91% protocol + 3.42% Merkl), about $3.4K in daily rewards, and 2 active / 0 upcoming campaigns. Versus the immediately prior patrol reading of $33.67M TVL, 7.61% total APR and 3.69% Merkl APR, displayed TVL is higher by about $2.63M or 7.8%, while total APR is lower by 0.28 percentage points and the Merkl component by 0.27 points. Displayed daily rewards remain about $3.4K.
REBASE on Base Converts Trading Tax Into a Tokenized-Stock-Heavy Reward Basket
REBASE on Base describes a structure in which a 5% tax is charged on each trade and 3% is converted on-chain into a 10-asset basket that is automatically distributed to holders. At observation time, six of the ten slots were ST0x stock or ETF tokens: wtNVDA, wtIAU, wtCOIN, wtDRAM, wtQQQM and wtSPCX, each at 10%. The public interface displayed about $7.4K distributed in total, roughly $1.8K of 24-hour volume, a $50.9K market cap, 281 holders and about $21.7K of liquidity.
o1 Launchpad Extends Stock-Quoted Markets Across Base's Six Second-Wave Tokenized Stocks
o1 Launchpad markets on Base now use all six second-wave Coinbase Tokenized Stocks — AMZNc, MSFTc, MSTRc, SNDKc, SPCXc and TSLAc — as quote assets for B20 tokens. The six non-synchronous pool snapshots retrieved for this observation total roughly $175,000 in liquidity and $641,000 in 24-hour volume. The composition extends tokenized-stock use beyond USDC liquidity and collateral into pricing and settlement assets for other onchain tokens.
Aerodrome USDC liquidity now spans all six second-wave Base tokenized stocks
Aerodrome Slipstream 3 USDC pools are now observable for MSFTc, SNDKc and TSLAc, extending the second-wave Coinbase Tokenized Stock pool set beyond the previously confirmed AMZNc, MSTRc and SPCXc. The three newly observed pools show about $454,794 of combined displayed liquidity and about $1.572 million of combined 24-hour volume. No durable APY or independently confirmed AERO, Merkl or Beefy incentive has been established for the three newly observed pools.
Stockify expands its B20 dividend index to five assets with a 20% SPCXc allocation
Stockify's Base dividend index, which converts trading fees into B20 tokenized equities and pushes them to eligible holders, has expanded from four assets at the prior observation to five. SPCXc (SpaceX) was added at a 20% target weight, while NVDAc, AAPLc, GOOGLc and METAc moved from 25% each to 20% each. The official distribution desk now shows 388 settled cycles, $83,090.74 and 253.07 shares distributed in total, and 375 eligible holders.
SPCXc/USDC liquidity fragments as a 5% fee pool forms on Uniswap V4
A new 5% fee SPCXc/USDC pool is visible on Uniswap V4 on Base alongside the existing Aerodrome market. At observation time, the Uniswap V4 pool showed $18,860.87 of liquidity, $25,898.56 of 24-hour volume, 284 transactions and an age of roughly six hours. On the same GeckoTerminal surface, the related Aerodrome SPCXc/USDC market showed roughly $11,420 of liquidity and $380,960 of 24-hour volume, materially below the $44,954.13 liquidity recorded for Aerodrome at 03:43 JST on 2026-09-05.
Aerodrome METAc/USDC Display APY Falls to 582% as the AERO Reward Spike Normalizes
On Base, DeFi Terminal now shows Aerodrome Slipstream USDC-METAc at 581.51% APY, composed of 79.29% base yield and 502.22% reward yield, with roughly $857.6K in TVL. That is 1,256.49 percentage points below the 1,838.00% reading observed on the same surface on 2026-09-04 at 11:26 JST, with most of the move coming from the AERO reward component. The current reading is close to the page's 30-day average of 594.14%.
Base Expands Tokenized Stocks to Ten as a Second Wave of Aerodrome USDC Pools Forms
Base's official Coinbase Tokenized Stocks list has expanded from the original NVDAc, METAc, AAPLc and GOOGLc cohort to ten names, adding AMZNc, MSFTc, MSTRc, SNDKc, SPCXc and TSLAc. This observation also found live Aerodrome Slipstream 3 USDC pools with trading activity for AMZNc, MSTRc and SPCXc. The new pools remain thin, and no reliable public APY or independently confirmed AERO, Merkl or Beefy incentive for the second-wave names was identified at the observation time.
AERO-Driven APY Re-Expands in Aerodrome's METAc/USDC Pool
DefiLlama's METAc RWA dashboard now shows the Aerodrome Slipstream USDC-METAc pool on Base at 2,696.82% APY and $709,974 TVL. The displayed APY consists of 111.41% base yield and 2,585.41% in AERO rewards, up 2,092.94 percentage points from the 603.88% reading observed on the exact pool page at 2026-09-04 11:26 JST. DeFi Terminal, however, shows the same pool at 1,838.00% APY and about $702,300 TVL, indicating continued divergence across data surfaces.
Aerodrome METAc/USDC display APY re-expands to 1,838% while DefiLlama shows 604%
Aerodrome Slipstream METAc/USDC on Base displayed 1,838.00% APY on DeFi Terminal, split into 93.90% base yield and 1,744.11% reward yield, with about $702,300 TVL. The exact DefiLlama pool page simultaneously showed 603.88% APY, split into 52.68% base and 551.20% AERO rewards, with $904,280 TVL. Rewards dominate the headline yield, while the gap between two views described as DefiLlama-derived has widened to 1,234.12 percentage points.
Bitwise Mag7X Tokenized-Stock Portfolio Carries a 10% APR USDC Incentive
The Bitwise-designed, Glider-executed Mag7X Automated Token Portfolio is live on Base, and Merkl shows a 10% APR USDC incentive with about $508,000 in eligible TVL. The structure differs from a single-stock vault or LP: tokenized equities remain in a self-custodied portfolio that is automatically rebalanced, with an external reward layered on top.
Reward-driven APY on Aerodrome METAc/USDC re-expands to 826%
Aerodrome Slipstream METAc/USDC on Base showed 826.43% APY on DeFi Terminal, split into 66.24% base and 760.20% rewards, with about $927,400 TVL. DefiLlama's METAc RWA view still showed 657.17% APY and $945,928 TVL during the same observation window, highlighting a large update-timing gap even across views using the same underlying data.
New DiamondPepe/NVDAc market on Base extends tokenized stocks as quote assets
DiamondPepe/NVDAc is active as a new Uniswap V4 market on Base. GeckoTerminal showed roughly $47.6K-$58.5K liquidity and $2.02M-$2.03M of 24-hour volume, while DEX Screener showed about $47K liquidity but only $165K of volume. Both confirm the market, but the large provider discrepancy means headline turnover is not a settled figure.
A GOOGLc-quoted meme market gains real liquidity on Base
RAWR trades on Base against GOOGLc, Coinbase's tokenized Alphabet stock, using the equity token as the quote asset. RAWR's official site makes the GOOGLc denomination central to the market design. Market aggregators showed roughly $140,000 of liquidity and $400,000-$600,000+ of 24-hour volume, extending tokenized stocks into crypto-native price discovery.
LONG Uses Tokenized Stocks as Quote and Fee-Settlement Assets for Creator Key Markets on Base
LONG on Base lets Creator Keys tied to verified identities trade against tokenized stocks as quote assets. Its docs list 13 B20 stock tokens, including AAPLc, NVDAc and SPCXc. GeckoTerminal showed a kGOLONGFUN/NVDAc Uniswap v4 pool with about $17,009 liquidity and $654 of 24-hour volume, extending tokenized stocks into creator-market pricing and fee settlement.
Stockify converts trading fees into Base B20 equities and distributes them directly to holders
Stockify converts STFY trading fees into Coinbase B20 tokenized equities and distributes them to eligible holders. Its ETH/STFY Uniswap v4 market charges a 3% hook fee, with 90% directed to equity acquisition. The active index was 25% each NVDAc, AAPLc, GOOGLc and METAc; the distribution desk showed 317 settled cycles and $69,736.08 distributed.
A Fee-Heavy Aerodrome LP for ST0x's Tokenized NVIDIA Asset Emerges on Base
An Aerodrome Slipstream USDC/wtNVDA pool adds a parallel ST0x tokenized-equity lane on Base. DeFi Terminal showed 86.26% APY, split into 57.65% base and 28.61% rewards, with about $31,800 TVL. DefiLlama showed 131.37% APY and about $28,642 TVL, highlighting a material refresh or aggregation gap.
NVDAc Emerges as a Quote Asset for a Meme Token Market on Base
A Uniswap V4 market on Base pairs BLUECHIP directly with NVDAc, Coinbase's tokenized NVIDIA stock. BLUECHIP's official site identifies the BLUECHIP/NVDAc pair on o1 Launchpad, while a nearby GeckoTerminal snapshot showed roughly $476,000 in liquidity and about $1.0 million in 24-hour volume. The structure shows a tokenized equity being used not merely as a stock-linked asset or USDC LP component, but as the quote asset for another speculative token.
Aerodrome Tokenized-Stock LP Rewards Re-Expand Across AAPLc, METAc and GOOGLc
Displayed yields on Aerodrome Slipstream tokenized-stock/USDC pools expanded again. AAPLc showed 375.31% APY with about $1.16 million TVL, METAc 657.17% with about $946,000 TVL and GOOGLc 349.84% with about $1.32 million TVL, with rewards accounting for most of the increase.
Aerodrome NVDAc LP Rebounds Above 300% APY After a Sharp Drop
Aerodrome Slipstream USDC-NVDAc on Base rebounded from roughly 58% APY in the prior patrol to above 300%. DeFi Terminal showed 351.08% and DefiLlama 314.43%, while TVL fell from about $2.0 million to roughly $1.65-$1.70 million.
Base Tokenized-Stock Incentives Expand from LP Rewards to Direct Cashback
Coinbase Tokenized Stocks on Base are now being incentivized through direct USDC cashback for purchases held through an epoch, without requiring an LP or vault. Merkl listed up to 5% cashback via 1inch and up to 2% through Reserve and Definitive across AAPLc, GOOGLc, NVDAc and METAc opportunities.
Aerodrome Tokenized-Stock LP APYs Unwind Rapidly from Four Digits
The extreme APYs previously observed on Aerodrome Slipstream tokenized-stock pools fell sharply in newer data. RenditeMonitor showed AAPLc/USDC at 164.55%, NVDAc/USDC at 467.69% and GOOGLc/USDC at 140.25%, while other DefiLlama surfaces still displayed materially different values.
Aerodrome Tokenized-Stock LPs Show Four-Digit APYs
Aerodrome Slipstream tokenized-stock/USDC pools on Base showed another sharp yield spike. DefiLlama displayed AAPLc/USDC at 1,450.92%, NVDAc/USDC at 1,374.37% and GOOGLc/USDC at 954.33%, with AERO rewards accounting for most of each figure.
Beefy USDC–GOOGLc Shows 47.09% APY on DefiLlama
DefiLlama showed Beefy USDC–GOOGLc on Base at 47.09% APY with about $284,000 in TVL. The yield depends on Aerodrome liquidity provision plus external incentives rather than swap fees alone.
Aerodrome GOOGLc/USDC APY Spikes as TVL Falls About 89%
Aerodrome Slipstream GOOGLc/USDC on Base rose from a prior observed APY of 96.60% to 412.17% while TVL fell from about $1.4 million to $157,000. The displayed yield split was 105.56% base and 306.61% rewards.