What changed

DefiLlama's Moo APY rose from 29.07% to 195.00%, up 165.93 percentage points (~6.7x), while TVL fell about 2.7% from $199,424 to $194,096. Portals moved only modestly: APY fell from 285.46% to 276.93% (-8.53pp) and TVL rose from $204,586 to about $205,380 (+0.4%). Upstream Aerodrome USDC-MSTRc shows $845,666 TVL and 4,166.44% APY (114.69% base + 4,051.75% AERO reward), with about 97.2% of headline APY coming from the AERO incentive.

Why it matters

The normalization is more consistent with provider update, annualization, or harvest timing catching up than with a sudden change in TVL or the Portals-side strategy economics. Short-window headline APYs for the same strategy can therefore remain highly source- and timing-sensitive.

Evidence

  • DefiLlama — Aerodrome USDC-MSTRc: TVL $845,666, APY 4,166.44% = base 114.69% + reward 4,051.75%; Beefy Moo: TVL $194,096, APY 195.00%; Beefy Reward Cow: TVL $27,829, APY 119.71%. 2026-09-16T13:38:15+09:00
  • Portals — Moo Beefy Aerodrome Base USDC-MSTRc: APY 276.93%, TVL about $205.38k; corresponding MSTRc reward-layer surface: APY 146.88%, TVL about $234.11k. 2026-09-16T13:38:15+09:00
  • SIGNA et Structura prior public observation — The prior public observation recorded the same MSTRc Moo strategy at DefiLlama APY 29.07% versus Portals 285.46%, an approximately 9.8x gap, while TVL was close. 2026-09-16T13:38:15+09:00

Limitations

DefiLlama and Portals may differ in update timing, harvest recognition, annualization windows, vault/strategy scope, and valuation methodology. The MSTRc reward-layer TVL still differs materially in this observation, at about $27.8k on DefiLlama versus about $234.1k on Portals, and the two surfaces may not represent an identical scope. Aerodrome headline APY remains highly dependent on AERO incentives and can change sharply with epoch emissions. Other risks include concentrated-liquidity IL/LVR and range-out risk, Beefy/Aerodrome smart-contract and automation risk, MSTRc issuer/custody/redemption/eligibility risk, and basis risk between 24/5 equity markets and 24/7 Base markets.

Disclosure

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