Incentivizing Morpho Lending Markets Just Got Easier on Merkl

Merkl is all about simplifying and scaling incentives in DeFi.

Today, we’re making it even easier for protocols, chains, and DAOs to incentivize lending and borrowing activity on Morpho — with a powerful new feature: multi-market token incentives in a single campaign.

Before: one token, multiple campaigns

Until now, campaign creators could incentivize specific Morpho vaults (e.g. Gauntlet’s USDA) or individual markets (e.g. stETH/USDT) using Merkl.

During campaign creation, the creator would select a Morpho vault, choose the action to incentivize — supplying assets, borrowing, or using a token as collateral — and then configure the reward parameters before lanching.

Thanks to Merkl Studio’s launch in June, all of this could already be done autonomously in just a few clicks.

However, if you wanted to incentivize a single token (e.g. USDC) across multiple Morpho markets, you had to create a separate campaign for each market. For example, one campaign for PTwstUSR-USDC, another for sUSDf-USDC, a third for EIGEN-USDC, and so on...

Now: incentivizing a token across all Morpho markets in one go

Today, we’re making it effortless.

You can now incentivize a single token across all Morpho markets — with just one campaign on Merkl.

No more duplication. Just choose the token you want to incentivize (e.g. USDC), and Merkl handles the rest!

Behind the scenes, Merkl detects all Morpho markets where the selected token is active — whether supplied, borrowed, or used as collateral — and also identifies every wallet that’s interacted with those markets.

Then, Merkl automatically cascades rewards across every whitelisted Morpho markets where the token is used based on:

• the liquidity and size of each market
• the user’s share of liquidity

This means campaign creators no longer need to micromanage rewards per market — it’s automated, smart, scalable, and now fully integrated into Merkl Studio.

Who is this designed for? This new feature is especially aimed at token issuers, such as stablecoin protocols. It allow them to grow their token easily by running a campaign across all Morpho markets — for example, rewarding DeFi users who use their token as collateral.

Launch a cross-market incentive in Merkl Studio

Getting started is simple:

1. Go to Merkl Studio and click on the Lending & Borrowing incentive category

2. When selecting the asset to incentivize:

• Choose the Morpho protocol, and select the chain
• Then choose one of the new user actions:
  • Supply a token to any market
  • Borrow a token from any market
  • Use a token as collateral on any market
• Then, select the token to incentivize (e.g. USDC).

3. Define your reward parameters, customize your campaign, and launch!

Ready to scale your lending incentives?

→ Launch a Morpho campaign now