What changed
Portals showed $54,936.18 of 24-hour volume, with $52,987.20 of deposits and $1,948.98 of withdrawals, implying roughly $51,038 of net inflow. At the same observation, headline APY differed by 30.41 percentage points and TVL by about 17.7% between Portals and DefiLlama.
Why it matters
Beefy's published Coinbase Tokenized Stocks strategy combines Aerodrome emissions, Coinbase-funded Merkl USDC incentives and Beefy mooBIFI boosts. With headline APY differing by roughly 1.8x across aggregators, yield-source treatment, compounding, measurement windows and update timing need to be separated when interpreting the displayed return.
Evidence
- Portals Explorer — Displayed the Beefy USDC-NVDAc vault at 67.26% APY, $334,024.60 TVL, $54,936.18 24-hour volume, $52,987.20 deposits and $1,948.98 withdrawals.
- DefiLlama Yields — Displayed the same Beefy USDC-NVDAc vault at 36.85% Supply APY and $283,765 TVL.
- Beefy — Describes the Coinbase Tokenized Stocks strategy as combining Aerodrome emissions, Coinbase-funded Merkl USDC incentives and Beefy mooBIFI boosts.
Limitations
Portals and DefiLlama may use different APY windows, reward and compounding treatment, and TVL update times, so this is not a perfectly synchronized like-for-like measurement. The current headline APY could not be independently decomposed into swap fees, AERO, Merkl USDC and mooBIFI contributions. Other limitations include concentrated-liquidity range risk, IL/LVR, gauge or incentive changes, vault/strategy contract risk, tokenized-stock issuer, custody, redemption and eligibility constraints, and the timing mismatch between 24/5 underlying equity markets and 24/7 Base trading.
Disclosure
This is a public-market observation and does not constitute investment advice.