What changed

At 2026-09-17 11:26:26 JST, the Portals Base Stocks aggregate showed Beefy Moo USDC-SPCXc at 135.91% APY and the related Reward Pool at 94.95%. The current Portals direct pages show the Moo strategy at 192.76%, up 56.85 percentage points or about 41.8%, and the Reward Pool at 118.87%, up 23.92 points or about 25.2%. In the same observation window, DefiLlama shows the Moo strategy at 202.80% APY with $144,237 TVL and the Reward Pool at 122.60% with $82,711 TVL. DeFi Terminal shows Beefy SPCX-USDC at 234.80% with $153.1K TVL and the upstream Aerodrome Slipstream USDC-SPCXc pool at 287.18% with $840.5K TVL.

Why it matters

The Beefy APY re-expansion is visible in the same direction across Portals, DefiLlama and DeFi Terminal, while the upstream Aerodrome pool also carries a high displayed APY, making a single-UI display glitch less likely as the sole explanation. However, current Beefy readings still span roughly 192.76%-234.80%, and Reward Pool TVL is $173.57K on Portals versus $82.71K on DefiLlama, a roughly 2.1x gap. The yield is not an equity-dividend carry from SPCXc itself; it depends on concentrated-liquidity trading returns, Aerodrome emissions, campaign incentives such as Merkl, and Beefy's compounding and boost layers.

Evidence

  • Portals Base Stocks aggregate — previous observation — The prior observation showed Beefy Moo USDC-SPCXc at 135.91% APY and the Beefy CLM SPCXc-USDC Reward Pool at 94.95%. 2026-09-17T11:26:26+09:00
  • Portals Beefy Moo USDC-SPCXc — The direct page showed 192.76% APY, $152,112.07 TVL, $3,933.61 of one-day deposit volume and no one-day withdrawal volume. 2026-09-17T12:23:42+09:00
  • Portals Beefy CLM SPCXc-USDC Reward Pool — The Reward Pool showed 118.87% APY, split into 81.61% base and 37.26% reward, with $173,569.16 TVL, $4,316.53 of one-day deposits and $47,345.51 of one-day withdrawals. 2026-09-17T12:23:42+09:00
  • DefiLlama Beefy Moo USDC-SPCXc — The DefiLlama direct page showed 202.80% supply APY and $144,237 TVL. 2026-09-17T12:23:42+09:00
  • DefiLlama Beefy Reward Cow USDC-SPCXc — The DefiLlama direct page showed 122.60% supply APY and $82,711 TVL. 2026-09-17T12:23:42+09:00
  • DeFi Terminal USDC opportunities — The same observation window showed Aerodrome Slipstream USDC-SPCXc at 287.18% APY with $840.5K TVL and Beefy SPCX-USDC at 234.80% APY with $153.1K TVL. 2026-09-17T12:23:42+09:00
  • Beefy — Coinbase Tokenized Stocks: As Markets Converge — Beefy describes the Coinbase Tokenized Stocks CLM incentive stack as Aerodrome weekly emissions, Coinbase-funded USDC incentives distributed through Merkl, and Beefy mooBIFI boosts, while its CLMs automate rebalancing and compounding. 2026-09-17T12:23:42+09:00

Limitations

Displayed APY annualizes short-window returns and can move sharply with emissions, Merkl campaigns, boosts, harvest/rebalance timing and data refresh cycles. The current Moo readings disagree across Portals, DefiLlama and DeFi Terminal at roughly 192.76%-234.80%, while Reward Pool TVL is $173.57K on Portals versus $82.71K on DefiLlama, so no single headline APY or TVL should be treated as definitive. Beefy's public article describes the campaign architecture, but this observation did not independently verify SPCXc's current-epoch AERO, Merkl or boost budget or remaining duration. Additional risks include concentrated-liquidity range-out and impermanent loss/LVR, smart-contract and automation risk, tokenized-stock issuer/custody/redemption/eligibility constraints, and the timing mismatch between 24/5 equity markets and 24/7 Base trading.

Disclosure

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