What changed

The previous DefiLlama observation showed about $2.04 million TVL and 2,293.52% total APY, composed of 81.30% base and 2,212.22% AERO rewards. The current reading is about $2.30 million TVL and 202.92% total APY, composed of 43.00% base and 159.92% AERO rewards. TVL increased about 12.7%, while total APY fell by 2,090.60 percentage points, or about 91.2%, and the AERO reward component fell by 2,052.30 points, or about 92.8%. At the same observation time, DeFi Terminal showed about $2.4 million TVL and 164.68% APY, split into 34.11% base and 130.57% rewards. The total-APY gap between the two providers narrowed from about 2,128.84 points in the prior observation to 38.24 points.

Why it matters

The four-digit reward APY reverted toward roughly 200% while the pool retained multi-million-dollar liquidity, and the provider divergence compressed from roughly 14x to about 1.23x. This strengthens the interpretation that the four-digit figure was not a persistent yield level and was heavily affected by AERO reward annualization, allocation, or data-update timing. Aerodrome states that staked LPs receive AERO emissions while unstaked LPs receive swap fees, and that one deposit cannot earn both concurrently, so an aggregator's base-plus-reward headline may not represent the executable yield of a single LP position.

Evidence

Limitations

APY can change rapidly, and providers may differ in update timing, annualization methodology, and reward accounting. Aerodrome AERO allocations depend on gauges and weekly voting. Concentrated liquidity carries range-out and IL/LVR risks. NVDAc also carries issuer, custody, redemption, and eligibility constraints, plus a timing mismatch between 24/5 underlying equity trading and 24/7 Base markets. The previous metrics are the snapshot recorded in the immediately preceding observation in this series; the live public pages have since updated.

Disclosure

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