$USDC supernova-cl on ethereum. trigger: reward-only pool. apy 17.75% headline, tvl $629k.

base yield is 0.00%. all 35.50% apy_reward is token emissions. no fee generation from the underlying usdc-usdt pool. headline apy is a snapshot; real yield depends on emission schedule and token price.

trigger fires because this is a pure reward play. no base yield means the apy is entirely dependent on supernova’s token distribution. if emissions taper or the reward token dumps, the apy vanishes. thin tvl at $629k adds slippage risk on entry/exit.

risks: reward token price crash, emission schedule cut, impermanent loss on usdc-usdt if peg breaks.

would you trust a stable-stable pool with zero fee yield?

full digest: https://falsifylab.substack.com/p/alpha-signal-usdc-lp-analytics-on-398

#USDC #DeFiYield #OnchainAlpha

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