What changed

Early GeckoTerminal snapshots for the same pool addresses showed NVDAc/WETH at roughly $8.9K liquidity and $25.1K 24-hour volume when the pool was about 11 hours old, while GOOGLc/WETH showed roughly $11.2K liquidity and $20.5K 24-hour volume at about 10 hours old. Current public surfaces show NVDAc/WETH at roughly $144K-$148K liquidity and about $538K-$646K in 24-hour volume, while GOOGLc/WETH is around $148K liquidity with at least about $290K in 24-hour volume. DefiLlama shows most of the current NVDAc/WETH headline APY coming from AERO emissions, with 131.54% reward APY out of 194.65% total. Its GOOGLc RWA surface similarly shows 58.21% reward APY out of 97.01% total for GOOGLc/WETH.

Why it matters

Tokenized-stock liquidity on Base is expanding beyond the dominant stock/USDC format into direct stock/WETH concentrated-liquidity pairs that combine swap-derived base yield with AERO emissions. Pairing equities directly with a crypto asset changes the risk profile relative to USDC-quoted pools: price correlation can be lower, making range risk, impermanent loss and LVR more material. Because AERO rewards make up a large share of the displayed APY, headline yield should be separated from persistent fee generation.

Evidence

  • DefiLlama — Aerodrome Slipstream WETH-NVDAc exact pool — The pool displayed 194.65% supply APY, including 63.11% base APY and 131.54% AERO reward APY, with $146,594 TVL. 2026-09-06T23:51:27+09:00
  • GeckoTerminal — Aerodrome Slipstream NVDAc/WETH — Current retrieved surfaces showed roughly $144K-$148K liquidity and about $538K-$646K in 24-hour volume for the same pool address. An early retrieved surface showed the pool at about 11 hours old with roughly $8.9K liquidity and $25.1K 24-hour volume. 2026-09-06T23:51:27+09:00
  • DefiLlama — GOOGLc RWA dashboard — The dashboard displayed WETH-GOOGLc on Aerodrome Slipstream at $148,085 TVL and 97.01% APY, split into 38.80% base and 58.21% reward APY. 2026-09-06T23:51:27+09:00
  • GeckoTerminal — Aerodrome Slipstream GOOGLc/WETH — Current retrieved surfaces showed about $148K liquidity and at least about $290K in 24-hour volume. An early retrieved surface showed the pool at about 10 hours old with roughly $11.2K liquidity and $20.5K 24-hour volume. 2026-09-06T23:51:27+09:00

Limitations

The early and current values are discrete public-data snapshots rather than a continuous time series. GeckoTerminal showed differing fee labels and 24-hour volume values for the same pool addresses across retrieval times or localized surfaces; these differences may reflect Aerodrome dynamic fees, caching or display-update timing. DefiLlama APY can also move quickly with short-window swap volume, active liquidity, TVL and AERO emission allocation. AERO rewards can decline or end as weekly allocations change. Tokenized stocks add issuer, custody, mint/redemption and eligibility risks, plus the mismatch between 24/5 reference equity markets and 24/7 DEX trading. Pairing them with WETH adds ETH price risk, concentrated-liquidity range risk, impermanent loss, LVR and smart-contract risk.

Disclosure

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