The stablecoin protocol behind EURA and USDA. Now winding down. 👉🏼 The adventure continues at @merkl_xyz
Joined April 2021
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Angle 📐 retweeted
Confidential DeFi grew fast in Q3: 16 vaults, $110M+ in shielded TVL, and up to 12%+ APY.
Proud to power the incentives side of it with @zama
JUST IN: Shielded | Q3 2026 is live.
Shielded is Zama's quarterly institutional report covering the state of confidential onchain finance.
Download the Q3 report here: zama.org/shielded
Great thread from @merkl_xyz on rewards and liquidity retention.
The short version: no one can promise your TVL will stay. What you can control is getting found by the right LPs, tapering rewards instead of stopping them, and building a product that still wins once they end.
Angle 📐 retweeted
The Merkl team were early pioneers in yield bearing stablecoins. part of their edge in what they do today comes from having built and operated a DeFi protocol and stablecoin firsthand.
How @EthenaPay streams rewards to its users with Merkl.
Ethena Pay users get up to 6% rewards on their dollar balances, paid daily. But each user is owed a different amount every day, based on their balance, their tier and the USDe base rate of the day.
To run that at scale, Ethena Pay plugged its reward logic into Merkl. Ethena calculates each user's rewards, and Merkl turns them into daily USDe distributions, fully inside the Ethena Pay app.
1,600+ users less than a month after launch. $6.5M+ in user balances and $3M+ in cumulative card spend, with only a fraction of the waitlist onboarded so far!
Angle 📐 retweeted
Powered (among many others) by @merkl_xyz!
Angle 📐 retweeted
A clear trend this year: more and more neobanks and fintechs are choosing Merkl to reward their users or offer them cashback
How @EthenaPay streams rewards to its users with Merkl.
Ethena Pay users get up to 6% rewards on their dollar balances, paid daily. But each user is owed a different amount every day, based on their balance, their tier and the USDe base rate of the day.
To run that at scale, Ethena Pay plugged its reward logic into Merkl. Ethena calculates each user's rewards, and Merkl turns them into daily USDe distributions, fully inside the Ethena Pay app.
1,600+ users less than a month after launch. $6.5M+ in user balances and $3M+ in cumulative card spend, with only a fraction of the waitlist onboarded so far!
Angle 📐 retweeted
$1.8B+ in rewards distributed across 60+ chains. That's @merkl_xyz 🌊
Coinbase, PayPal, Aave, and 1,000+ other teams use Merkl to stream yield and incentives onchain.
Our $WLFI rewards from @worldlibertyfi run on Merkl too, and now you can claim them inside Dolomite.
Angle 📐 retweeted
How @EthenaPay streams rewards to its users with Merkl.
Ethena Pay users get up to 6% rewards on their dollar balances, paid daily. But each user is owed a different amount every day, based on their balance, their tier and the USDe base rate of the day.
To run that at scale, Ethena Pay plugged its reward logic into Merkl. Ethena calculates each user's rewards, and Merkl turns them into daily USDe distributions, fully inside the Ethena Pay app.
1,600+ users less than a month after launch. $6.5M+ in user balances and $3M+ in cumulative card spend, with only a fraction of the waitlist onboarded so far!
Angle 📐 retweeted
The chains where companies are actively competing for liquidity and users right now 👇🏼
Angle 📐 retweeted
USDC rewards for in-range limit orders on @spectra_finance, distributed through Merkl.
Incentivized limit orders now live on Spectra @StellarOrg, backed by @GamiLabs
→ app.spectra.finance/limit-or…
Orders in range collect rewards until filled. First markets: $deJTRSY - a token providing exposure to Janus Henderson’s tokenized Treasury fund, powered by @centrifuge ↓
Angle 📐 retweeted
What TVL will my incentives attract?
It’s one of the most common questions we get from @merkl_xyz clients. The honest answer is that it depends on market conditions and many other factors.
Your cost of liquidity is relative. It depends on:
- What others do: how much the protocols around you pay for the same liquidity
- The underlying asset: USDC, ETH and BTC don’t behave the same way. BTC liquidity is usually the cheapest because its opportunity cost is lower
- The type of opportunity: incentivizing lending isn’t the same as incentivizing a concentrated liquidity pool, where LPs take on more risk
- Your distribution: the more people see your incentives, the better. That’s why being on Merkl usually gets you the lowest cost of capital: it reaches more qualified LPs than anyone else in DeFi
Angle 📐 retweeted
Rewards bootstrap liquidity. Rate, trust and product are what keep it 👇🏼
Great piece by @frostyxbt on incentives, retention and the real cost of liquidity.
On retention, one thing to understand: people don’t stay in a pool or a vault because they “like” a protocol. Everyone is looking for the best way to earn, and DeFi makes switching almost free.
So if your rate is below a comparable alternative (similar size, liquidity and trust), liquidity will move. Sometimes it takes a while because less active users forget, but in the end everyone is mercenary.
If you want your incentives to bootstrap a market sustainably, ask yourself: what would it take for my rate, my trust and the moat my product builds to beat the alternatives once rewards stop?
And the cost varies a lot. $1 of liquidity on a DEX doesn’t cost the same as $1 on a blue chip like Aave or Morpho, or on a brand new protocol.
So don’t blame your program or your users when liquidity leaves. Everyone wants the best for their money. Your job is to make sure that, even without rewards, the best option is still you.
Angle 📐 retweeted
Want Merkl rewards without the claiming step?
Turn on Autoclaim. Rewards land straight in users' wallets.
→ Campaign creators: no claim flow to build, and users never leave your app
→ LPs: set a minimum amount and a frequency once, then forget about claiming
All the power of Merkl. None of the claiming. 🔗⤵︎