What changed

At 15:44 JST on 2026-09-16, the immediately prior observation for Beefy Moo USDC-MSFTc was 91.90% APY with $169,389 TVL. At 16:22 JST, the Portals direct page shows 141.68% APY and $168,977.36 TVL, an increase of about 49.78 percentage points in APY while TVL is down only about 0.24%. At the same observation time, the Portals Base Stocks list shows 91.47% / $170.47K and DeFi Terminal's USDC page shows 91.94% / $170.6K. The corresponding Beefy reward pool shows 72.00% APY and $179,652.26 TVL, split into 36.28% base APY and 35.73% reward APY.

Why it matters

The same vault has repriced sharply on one surface within a short period while the same provider's list view remains roughly 50 percentage points lower. Tokenized-stock LP headline yields can be driven not only by underlying stock exposure but also by concentrated-liquidity fees, incentives, harvest timing, refresh cadence and short-window annualization, so a single displayed APY should not be treated as a persistent realizable yield.

Evidence

  • Portals - Beefy Moo USDC-MSFTc direct vault page — 141.68% APY and $168,977.36 TVL; 1-day volume $2,299.11, deposits $1,947.73 and withdrawals $351.38. 2026-09-16T16:22:55+09:00
  • Portals - Base Stocks — Beefy Moo USDC-MSFTc is listed at 91.47% APY and $170.47K TVL, diverging from the Portals direct vault page at the same observation time. 2026-09-16T16:22:55+09:00
  • DeFi Terminal - USDC asset page — MSFT-USDC Beefy is shown at 91.94% APY and $170.6K TVL, close to the Portals list view rather than the Portals direct page. 2026-09-16T16:22:55+09:00
  • Portals - Beefy USDC-MSFTc reward pool — 72.00% APY and $179,652.26 TVL, with 36.28% base APY plus 35.73% reward APY. 2026-09-16T16:22:55+09:00

Limitations

Portals' direct vault page and Base Stocks list show different APYs at the same observation time, potentially reflecting differences in refresh cadence, harvest accounting, annualization method or strategy scope. DeFi Terminal also has a different aggregation refresh cycle. The current upstream Aerodrome USDC-MSFTc APY and the current AERO epoch reward amount were not independently reconfirmed in this observation. Concentrated-liquidity positions face range-out, IL/LVR and liquidity risk; MSFTc also carries issuer, custody, redemption and eligibility constraints, plus basis risk between 24/5 equity markets and the 24/7 Base market.

Disclosure

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