What changed

At 2026-09-04 11:26 JST, the DefiLlama exact-pool view showed 603.88% APY, split between 52.68% base yield and 551.20% AERO rewards, with $904,280 TVL. The current RWA aggregate shows 2,696.82% APY, split between 111.41% base yield and 2,585.41% AERO rewards, with $709,974 TVL. That is a +2,092.94 percentage-point move in total APY, a +2,034.21 point move in the AERO-reward component, and a $194,306 TVL decline of about 21.5%. At the same observation time, DeFi Terminal shows 1,838.00% APY, split between 93.90% base yield and 1,744.11% rewards, with about $702,300 TVL, leaving an 858.82-point APY gap versus the RWA aggregate.

Why it matters

Most of the current headline APY comes from annualized AERO rewards, while data surfaces with broadly similar TVL still report materially different yields. In tokenized-stock LP markets, short-horizon reward allocation, annualization, caching and update timing can move displayed yields by multiples, making cross-surface checks and direct gauge/emission verification important before treating a headline APY as persistent.

Evidence

  • DefiLlama METAc RWA Dashboard — The Aerodrome Slipstream USDC-METAc pool is shown at $709,974 TVL and 2,696.82% APY, consisting of 111.41% base yield plus 2,585.41% AERO rewards. 2026-09-04T21:32:43+09:00
  • DeFi Terminal USDC-METAC — The same pool is shown at about $702,300 TVL and 1,838.00% APY, consisting of 93.90% base yield plus 1,744.11% rewards, with DefiLlama listed as the source. 2026-09-04T21:32:43+09:00
  • DefiLlama USDC-METAc exact pool — The prior exact-pool observation showed $904,280 TVL and 603.88% APY, consisting of 52.68% base yield plus 551.20% AERO rewards. 2026-09-04T11:26:00+09:00

Limitations

APY is a volatile annualization of short-horizon swap fees and AERO emissions and should not be interpreted as a persistent yield. DefiLlama's RWA aggregate, exact-pool view and DeFi Terminal can differ because of update timing, caching and aggregation methodology and are not perfectly synchronized snapshots. Aerodrome Slipstream adds concentrated-liquidity range risk and impermanent loss, while AERO allocations can change. METAc also carries tokenized-equity issuer, custody, redemption and eligibility constraints, plus a 24/5 underlying equity market against a 24/7 DEX.

Disclosure

This is a public-market observation and does not constitute investment advice.