What changed
GOOGLc/USDC rose from the prior observation of 412.17% to 954.33%, while TVL increased from about $157,000 to $722,527. Base APY fell from 105.56% to 87.95%, but AERO rewards rose from 306.61% to 866.39%. At the same observation time, AAPLc/USDC showed 103.55% base plus 1,347.37% AERO rewards, while NVDAc/USDC showed 241.11% base plus 1,133.26% AERO rewards.
Why it matters
The move was not isolated to GOOGLc: several tokenized-stock LPs showed reward-driven yield spikes at the same time. Headline APY therefore needs to be decomposed into base fees and AERO incentives and read alongside TVL and data-update differences.
Evidence
- DefiLlama — Aerodrome Slipstream USDC-GOOGLc exact pool — USDC-GOOGLc showed 954.33% Supply APY, including 87.95% base and 866.39% AERO rewards, with $722,527 TVL.
- DefiLlama — Aerodrome Slipstream USDC-AAPLc exact pool — USDC-AAPLc showed 1,450.92% Supply APY, including 103.55% base and 1,347.37% AERO rewards, with about $1.2 million TVL.
- DefiLlama — Aerodrome Slipstream USDC-NVDAc exact pool — USDC-NVDAc showed 1,374.37% Supply APY, including 241.11% base and 1,133.26% AERO rewards, with about $1.1 million TVL.
- DefiLlama — GOOGLc RWA dashboard — The GOOGLc RWA aggregate showed Aerodrome Slipstream at about $1.32 million TVL and 241.59% APY, materially different from the exact-pool page.
- Dexonomics — GOOGLc on Base — The main GOOGLc pool showed about $1.33 million in liquidity, $3.38 million in 24-hour volume and 5,318 transactions.
Limitations
Displayed APYs can change rapidly and do not guarantee future yield. These figures were heavily dependent on AERO rewards and could fall with incentive reallocation. DefiLlama's exact-pool and RWA pages differed materially on GOOGLc APY and TVL, while Dexonomics also showed different liquidity figures. Concentrated-liquidity range/IL risk and tokenized-stock issuer/custody, eligibility and off-hours pricing risks remain.
Disclosure
This is a public-market observation and does not constitute investment advice.