What changed

On the same DefiLlama individual pool surface, Supply APY fell 767.22 percentage points, or about 81.0%, from 946.76% to 179.54%. TVL rose by $72,549, or about 8.8%, from $822,690 to $895,239. Base APY declined from 102.45% to 61.04%, while AERO reward APY fell from 844.31% to 118.51%. The current DefiLlama RWA aggregate surface shows the pool at $881,231 TVL and 206.44% APY, split into 58.11% base and 148.33% rewards, bringing the two DefiLlama surfaces much closer together. The related Beefy Moo vault is shown at about $169.4K TVL and 91.90% APY by DefiLlama and about $170.6K TVL and 91.94% APY by DeFi Terminal.

Why it matters

The four-digit headline APY did not behave like a durable yield level and appears to have been highly sensitive to AERO allocation, short annualization windows, and data-update timing. The current yield source remains concentrated-liquidity swap fees plus AERO rewards, not stock carry generated by MSFTc itself. Beefy auto-compounds the same underlying LP economics, so changes in upstream rewards can propagate into downstream vault yields.

Evidence

  • DefiLlama Yields - Aerodrome USDC-MSFTc — The individual pool surface displayed $895,239 TVL and 179.54% Supply APY, consisting of 61.04% base APY and 118.51% AERO reward APY. 2026-09-16T15:44:37+09:00
  • DefiLlama RWA - MSFTc — The RWA aggregate surface displayed Aerodrome USDC-MSFTc at $881,231 TVL and 206.44% APY, split into 58.11% base and 148.33% rewards, and Beefy Moo USDC-MSFTc at $170,551 TVL and 91.61% APY. 2026-09-16T15:44:37+09:00
  • DefiLlama Yields - Beefy Moo USDC-MSFTc — The individual Beefy Moo USDC-MSFTc surface displayed $169,389 TVL and 91.90% Supply APY. 2026-09-16T15:44:37+09:00
  • DeFi Terminal - USDC opportunities — DeFi Terminal's USDC opportunity surface displayed the Beefy MSFT-USDC LP at about $170.6K TVL and 91.94% APY. 2026-09-16T15:44:37+09:00
  • SIGNA ET STRUCTURA - prior MSFTc observation — The prior public observation recorded DefiLlama's individual pool surface at $822,690 TVL and 946.76% APY, consisting of 102.45% base APY and 844.31% AERO reward APY. 2026-09-16T04:17:52+09:00

Limitations

Displayed APYs can differ across data providers, aggregation surfaces, update times, and short annualization windows. AERO rewards can change sharply with epoch and allocation changes, and a displayed base-plus-reward total may not map directly to a single realizable position. Concentrated-liquidity LPs carry range-out, IL/LVR, and liquidity risks. MSFTc also carries issuer, custody, redemption, eligibility, and basis risks arising from the mismatch between 24/5 equity markets and 24/7 onchain trading.

Disclosure

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