What changed
The 2026-09-19 public observation recorded Portals at 17.08% APY and $400.44K TVL for superNVDA. The current DefiLlama direct page shows 7.63% APY and $404,799 TVL, a headline APY that is 9.45 percentage points lower while TVL is about $4.36K, or roughly 1.1%, higher. DefiLlama currently decomposes the yield as 0.00% base plus 7.63% reward and lists sUP as the reward token. Because the historical reading is from Portals and the current reading is from DefiLlama at a different time, this is not a synchronized same-provider time-series comparison.
Why it matters
superNVDA still holds roughly $400K of TVL while its displayed yield has moved into the single digits. The current 7.63% is entirely attributed to sUP rewards rather than base strategy yield or an equity dividend. Reward APY compressing without a comparable drop in TVL highlights how strongly the vault's headline yield depends on incentive terms and reward valuation.
Evidence
- DefiLlama — superNVDA / NVDA SuperVault — The direct page showed 7.63% supply APY, 0.00% base APY, 7.63% sUP reward APY and $404,799 TVL.
- SIGNA ET STRUCTURA — superNVDA public observation on 2026-09-19 — The 2026-09-19 public observation recorded Portals at 17.08% APY, $400.44K TVL and +$79,630.62 of one-day flow for superNVDA.
- Portals — DeFi TVL September 2026 Week 3 — Portals' Week 3 public snapshot listed the NVDA SuperVault at 17.18% APY, $405.19K TVL, entirely reward APY, with a 22.62% seven-day average.
Limitations
The current reading comes from DefiLlama while the historical comparison includes Portals, so the 9.45 percentage-point gap should not be treated as a precise synchronized same-provider time-series change. DefiLlama currently lists only sUP as the reward token, while earlier campaign observations included USDC rewards; this observation does not establish the exact timing or cause of any USDC reward removal or campaign-term change. Displayed APY can move rapidly with reward emissions, reward-token pricing and aggregation windows. TVL also changes with the price of NVDAc, not only deposits and withdrawals. Other limitations include Superform smart-contract and strategy/routing risk, NVDAc issuer, custody, redemption and eligibility constraints, and the timing mismatch between 24/5 underlying equity markets and 24/7 Base markets.
Disclosure
This is a public-market observation and does not constitute investment advice.