What changed

Versus the 2026-09-08 12:52 JST observation, AMZNc/USDC moved from 8,730.00% to 277.61% APY (-8,452.39 points, -96.82%) while TVL rose from about $15.0K to $39.33K (+162.2%). TSLAc/USDC moved from 16,740.06% to 294.36% (-16,445.70 points, -98.24%) while TVL rose from about $15.7K to $37.26K (+137.3%). MSTRc/USDC moved from 1,057.60% to 265.16% (-792.44 points, -74.93%) while TVL rose from about $23.7K to $45.12K (+90.4%). SPCXc/USDC moved from 786.06% to 269.45% (-516.61 points, -65.72%) while TVL rose from about $26.8K to $39.39K (+47.0%).

Why it matters

APYs collapsed even as TVL increased, indicating that the initial four- and five-digit displayed yields were unlikely to represent durable return levels and were highly sensitive to small denominators and short measurement windows. At the same time, TVL increased across all four vaults, showing continued liquidity bootstrapping. Beefy describes the structure as combining Aerodrome concentrated liquidity, Aerodrome emissions, Coinbase-funded USDC incentives distributed through Merkl, and Beefy mooBIFI boosts.

Evidence

  • Portals Explorer — Current displays show AMZNc/USDC at 277.61% APY and $39,327.36 TVL, TSLAc/USDC at 294.36% and $37,255.02, MSTRc/USDC at 265.16% and $45,119.69, and SPCXc/USDC at 269.45% and $39,387.00. Corresponding CLM Reward Pool APYs are displayed at 147.09% for AMZNc, 151.90% for TSLAc, 143.37% for MSTRc and 144.66% for SPCXc. 2026-09-08T14:18:17+09:00
  • Beefy — Beefy describes its Coinbase Tokenized Stocks CLMs on Aerodrome and a multi-layer incentive structure consisting of Aerodrome emissions, Coinbase-funded USDC incentives through Merkl, and Beefy mooBIFI rewards/Boosts. 2026-09-08T14:18:17+09:00

Limitations

The same Portals page can retain extreme APY figures in its Fresh Opportunities section while the current opportunity rows show much lower values, indicating differences in update timing or measurement windows. Displayed APYs also differ materially between Moo vaults and CLM Reward Pools, and the current contribution from swap fees, AERO, Merkl USDC, mooBIFI and compounding cannot be decomposed from the public display alone. These new vaults remain only tens of thousands of dollars in TVL and retain concentrated-liquidity range-out, impermanent-loss/LVR, gauge and incentive-change, layered smart-contract, tokenized-stock issuance/custody/redemption/eligibility, and 24/5 underlying-equity versus 24/7 Base market risks. Portals' 'discovered' timestamp reflects data-provider discovery and should not be treated as deployment time.

Disclosure

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