What changed
In this observation, the displayed APY gap across data surfaces for the same Aerodrome USDC-NVDAc pool widened to 2,128.84 percentage points. On DefiLlama's live page, roughly 96.5% of the displayed yield came from the AERO reward component, while DeFi Terminal showed only 130.57% reward APY. TVL also differed at about $2.04M versus $2.4M.
Why it matters
The pool itself has more than $2M of liquidity and substantial trading activity, but the headline annualized yield changes by an order of magnitude depending on the data surface. Evaluating tokenized-stock LP yield therefore requires separating AERO allocation, short-window annualization, update timing and aggregation methodology rather than treating a single headline APY as a stable return estimate.
Evidence
- DefiLlama — USDC-NVDAc Aerodrome Slipstream — The live pool page displayed 2293.52% supply APY, consisting of 81.30% base and 2212.22% AERO reward APY, with about $2.04M TVL.
- DeFi Terminal — USDC-NVDAC Aerodrome Slipstream — The same pool was displayed at 164.68% APY, consisting of 34.11% base and 130.57% reward APY, with about $2.4M TVL.
- GeckoTerminal — NVDAc/USDC Aerodrome Slipstream 3 — For the same pool address, 0x853f5f1b92b16714fe6cda67caad0856b83c7ab9, GeckoTerminal displayed about $2.03M of liquidity and about $8.36M in 24-hour volume.
- Aerodrome Finance — official documentation — Aerodrome states that staked LPs earn AERO emissions while unstaked LPs earn swap fees, and no single deposit earns both simultaneously.
Limitations
This is a point-in-time comparison of displayed metrics. The underlying AERO gauge allocation for the current epoch and realized LP returns were not independently read from the gauge. DefiLlama's combined base-plus-reward presentation may not map to one executable Aerodrome LP position because Aerodrome separates fee earnings from staked AERO emissions. APY can change rapidly with short-window volume, prices, reward allocation, TVL and update timing. Concentrated liquidity carries range-out and impermanent-loss/LVR risk, while NVDAc adds issuer, custody, redemption and eligibility constraints plus a 24/5 underlying-equity versus 24/7 Base trading mismatch.
Disclosure
This is a public-market observation and does not constitute investment advice.