$USDC supernova-cl USDC-USDT on ethereum, APY 17.75%, TVL $629k, reward-only pool.

headline apy is 17.75% but base yield sits at 0.00%. all 35.5% of the reward apy comes from token emissions. no fee revenue at all. the defillama average hides tick-range drift and vault composition.

trigger is reward_only_pool. tvl is thin at $629k. apy collapses the second emissions pause or the reward token dumps. you’re farming a token unlock schedule, not sustainable yield.

risks: reward token price crash, emissions cut, zero base yield means no buffer if liquidity migrates.

would you park stablecoins here vs a 4% money market?

full deep digest at falsifylab.substack.com

#USDC #DeFiYield #OnchainAlpha

— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.