What changed

At the 2026-09-12 10:39 JST observation, the pool showed 29,228.84% supply APY, 3,340.42% base APY, 25,888.42% AERO reward APY and $25,854 TVL. At the 2026-09-12 13:30 JST observation, DefiLlama's AAPLc RWA aggregation surface showed 12,041.12% supply APY, 2,615.96% base APY, 9,425.16% AERO reward APY and $28,478 TVL. Total APY fell about 58.8%, the base component fell about 21.7%, and the AERO reward component fell about 63.6%, while TVL rose about 10.2%. AERO rewards declined from about 88.6% to about 78.3% of displayed APY.

Why it matters

The yield source is not equity carry or dividends from the tokenized stock itself. It is a combination of annualized concentrated-liquidity trading fees and AERO incentives. The move shows how launch-stage headline yields on tokenized-stock LPs can compress within hours as liquidity, fee flow and emissions conditions change, making APY decomposition and observation timing essential context.

Evidence

  • DefiLlama — AAPLc RWA dashboard — The dashboard listed LAPTOP-AAPLc at $28,478 TVL, 12,041.12% supply APY, 2,615.96% base APY and 9,425.16% AERO reward APY. 2026-09-12T13:30:20+09:00
  • DefiLlama — Aerodrome Slipstream LAPTOP-AAPLc pool — The search retrieval surface still exposed the earlier snapshot of $25,854 TVL, 29,228.84% supply APY, 3,340.42% base APY and 25,888.42% AERO reward APY, showing an update-cadence difference within DefiLlama surfaces. 2026-09-12T13:30:20+09:00
  • CoinGecko — Apple (Coinbase Tokenized Stock) markets — CoinGecko listed the Aerodrome Slipstream LAPTOP/AAPLC pair at $714,396 in 24-hour volume, representing 5.51% of AAPLc market volume on its market table. 2026-09-12T13:30:20+09:00

Limitations

LAPTOP/AAPLc is a very young, high-volatility concentrated-liquidity pool. Both the base APY, which annualizes short-window fee activity, and AERO emissions can change rapidly. DefiLlama's RWA aggregation surface and exact-pool search retrieval were not synchronized, so the displayed figures should not be treated as a single definitive same-second snapshot. LPs face impermanent loss, LVR, range-out and incentive-decay risk. AAPLc also carries tokenized-stock-specific issuer/custody, mint/redemption eligibility and off-hours price-dislocation limitations.

Disclosure

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