What changed
At 2026-09-09 11:46 JST, Portals displayed Beefy Moo Beefy Aerodrome Base USDC-MSFTc at 74.38% APY, $111.56K TVL and +$99,525.69 one-day flow. The 2026-09-08 23:12 JST public observation recorded 187.76% APY and $56,671.25 TVL, implying roughly 96.9% TVL growth and a 113.38-point, or about 60.4%, APY decline. The related Beefy CLM MSFTc-USDC Reward Pool now shows 61.49% APY, $116.5K TVL and +$104.54K one-day flow, versus 116.96% APY and $61,652.66 TVL previously, corresponding to roughly 89.0% TVL growth and a 55.47-point APY decline.
Why it matters
The second-wave MSFTc vault has moved from a launch-stage position of only tens of thousands of dollars to more than $100K in displayed TVL while headline yield has compressed sharply. This is consistent with launch-stage APYs normalizing as capital enters and reward incentives are diluted across a larger deposit base. Beefy describes its Coinbase Tokenized Stocks structure as combining Aerodrome emissions, Coinbase-funded USDC incentives through Merkl, and Beefy mooBIFI boosts, so the headline APY is not an equity dividend yield and includes LP economics plus external incentives.
Evidence
- Portals Explorer — Portals displayed Beefy Moo Beefy Aerodrome Base USDC-MSFTc at 74.38% APY, $111.56K TVL and +$99,525.69 one-day flow, and the corresponding CLM Reward Pool at 61.49% APY, $116.5K TVL and +$104.54K one-day flow.
- SIGNA ET STRUCTURA — Base Tokenized Stock Yield Watch — The prior 2026-09-08 public observation records MSFTc/USDC Moo vault APY at 187.76% with $56,671.25 TVL and the CLM Reward Pool at 116.96% APY with $61,652.66 TVL.
- Beefy — Coinbase Tokenized Stocks: As Markets Converge — Beefy describes the incentive stack for its Coinbase Tokenized Stocks CLMs as Aerodrome emissions, Coinbase-funded USDC incentives distributed through Merkl, and Beefy mooBIFI boosts.
Limitations
Portals' one-day flow is a rolling 24-hour measure and is not equivalent to the TVL change since the 2026-09-08 23:12 JST observation. Portals APY and TVL are aggregator displays that can differ across update times and measurement windows. The current 74.38% and 61.49% displayed yields cannot be independently decomposed into swap fees, AERO emissions, Merkl USDC, mooBIFI and compounding from the public surfaces used here. Incentives may change across epochs and gauge allocations. Risks include concentrated-liquidity range-out, impermanent loss/LVR, layered smart-contract exposure, tokenized-stock issuance/custody/redemption/eligibility constraints, and the mismatch between 24/5 underlying equity trading and 24/7 Base markets.
Disclosure
This is a public-market observation and does not constitute investment advice.