What changed

At the previous observation on 2026-09-17 12:23:42 JST, Beefy Moo USDC-SPCXc was relatively close across Portals' direct view at 192.76% and DefiLlama's direct pool view at 202.80%. In this observation, Portals Base Stocks shows 235.84%, while DefiLlama's SPCXc RWA view shows 136.13%, so the provider gap has widened materially again. Portals shows the associated Reward Pool at 134.08% APY with about $174.49K TVL, versus DefiLlama RWA at 95.05% and $68,395. Upstream Aerodrome USDC-SPCXc is comparatively close across sources: DefiLlama RWA shows 298.45% APY and $895,861 TVL, while DeFi Terminal shows 287.18% and about $840.5K.

Why it matters

The upstream Aerodrome pool remains broadly aligned across data providers, while the same downstream Beefy strategy shows large differences in APY and Reward Pool TVL. That pattern suggests the headline discrepancy may reflect Beefy-layer harvest and compounding recognition, reward accounting, annualization windows, vault versus reward-pool scope, or data-refresh timing rather than a simple change in Aerodrome emissions alone. Yield comes from concentrated-liquidity trading fees, Aerodrome AERO emissions, external incentives such as Merkl campaigns, and Beefy Boost and compounding layers rather than from the tokenized stock's dividend carry itself.

Evidence

  • Portals — Tokenized stocks on Base — The Yield Momentum section showed Beefy Moo USDC-SPCXc at 235.84% APY with about $152.9K TVL and the Beefy CLM SPCXc-USDC Reward Pool at 134.08% APY with about $174.49K TVL. 2026-09-17T13:08:28+09:00
  • DefiLlama — SPCXc RWA dashboard — The SPCXc RWA view showed Aerodrome USDC-SPCXc at 298.45% APY (54.05% base + 244.39% reward) with $895,861 TVL, Beefy Moo USDC-SPCXc at 136.13% with $145,870 TVL, and Reward Cow at 95.05% with $68,395 TVL. 2026-09-17T13:08:28+09:00
  • DefiLlama — Beefy Moo USDC-SPCXc direct pool — DefiLlama's direct view of the same Beefy vault showed 202.80% Supply APY and $144,237 TVL, creating a display difference even within DefiLlama versus its 136.13% RWA aggregate view. 2026-09-17T13:08:28+09:00
  • DeFi Terminal — USDC opportunities — The USDC opportunity list showed upstream Aerodrome Slipstream USDC-SPCXc at 287.18% APY and about $840.5K TVL, broadly similar to DefiLlama RWA's 298.45% and $895.9K. 2026-09-17T13:08:28+09:00
  • Beefy — Coinbase Tokenized Stocks: As Markets Converge — Beefy describes Coinbase Tokenized Stocks CLM incentives as including Aerodrome weekly emissions, Coinbase-funded USDC incentives distributed through Merkl, mooBIFI Boosts, and CLM rebalancing and compounding. 2026-09-17T13:08:28+09:00

Limitations

Portals, DefiLlama RWA, DefiLlama's direct pool view, and DeFi Terminal may use different refresh times, annualization windows, reward-recognition methods, and vault or reward-pool scopes. This observation does not independently verify the SPCXc current-epoch AERO, Merkl, or Boost budgets, remaining campaign duration, or recent harvest realization, so none of the headline APYs should be treated as persistent realized yield. Risks include concentrated-liquidity range-out and impermanent loss/LVR, Beefy/Aerodrome smart-contract and automation risk, SPCXc issuer/custody/redemption/eligibility risk, and basis effects between 24/5 equity markets and 24/7 Base trading.

Disclosure

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