$NOVA supernova-amm NOVA-WETH pool on ethereum, APY 21.6%, TVL $39k, 43.2% reward APY.

headline apy splits into 0% base yield from fees and 43.2% from token rewards. real yield is zero. the 21.6% is a defillama average that masks this. any apy you see is entirely emissions.

trigger is reward_only_pool. tvl is thin at $39k. no fee revenue means the pool depends entirely on nova token emissions. if those stop or the token unlocks, apy goes to zero instantly.

risks: reward token price crash, emissions schedule cut, impermanent loss on a thin weth pair with no fee buffer.

would you touch a pool with zero base yield?

full deep digest at falsifylab.substack.com

#NOVA #DeFiYield #OnchainAlpha

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Originally published on FalsifyLab Substack.