What changed
At the previous series observation on 2026-09-13 13:14 JST, TVL was about $2.65M, total APY 90.04%, base APY 40.67%, and AERO reward APY 49.37%. The current DefiLlama pool view shows about $2.54M TVL, 95.26% total APY, 14.72% base APY, and 80.54% AERO reward APY. TVL is down about 4.2% and total APY is up 5.22 percentage points, while base APY fell 25.95 points, or about 63.8%, and AERO reward APY rose 31.17 points, or about 63.1%. The AERO share of total APY increased from roughly 54.8% to 84.6%.
Why it matters
Headline APY near 90-95% can have materially different persistence and risk characteristics depending on whether it is driven by trading fees or token incentives. This observation indicates that the fee-led increase seen in the previous snapshot did not persist over the short interval and that incentive dependence strengthened again. Data providers also show substantial differences in the fee/reward split for the same pool, making single-snapshot interpretation difficult.
Evidence
- DefiLlama — Aerodrome Slipstream USDC/NVDAc showed about $2.54M TVL, 95.26% total supply APY, 14.72% base APY, and 80.54% AERO reward APY.
- DeFi Terminal — The same USDC/NVDAc pool showed about $2.7M TVL, 83.29% total APY, 36.69% base APY, and 46.60% reward APY, confirming a material provider-level discrepancy in TVL and APY composition.
Limitations
Displayed APYs annualize recent fee and reward rates and do not guarantee future realized yield. AERO allocation and trading volume can change quickly. DefiLlama and DeFi Terminal may use different update times or methodologies, producing different readings for the same pool. Concentrated-liquidity positions carry impermanent-loss, LVR, and range-out risk. NVDAc also carries tokenized-stock-specific issuer, custody, redemption, eligibility, and after-hours basis risks. Previous values refer to this series' 2026-09-13 13:14 JST observation.
Disclosure
This is a public-market observation and does not constitute investment advice.