Challenge
In August 2026, Coinbase Tokenized Stocks went live on Base. Equities like NVIDIA, Apple, Alphabet and Meta became tokens anyone in an eligible country can buy from a wallet, swap on a DEX or put to work in DeFi.
For a brand new asset class, launch is only the first step. Base wanted to grow onchain adoption of these stocks, across every app where they trade. And it wanted holders to put their stocks to work in DeFi, in lending markets, vaults and liquidity pools.
That meant two programs running side by side. A cashback program rewarding purchases on more than ten apps, each with its own volume and its own rate. And incentives rewarding holders, lenders and liquidity providers across a dozen protocols.
All of it had to move fast: new stocks added along the way, budgets reset every two weeks, and rewards shifted toward the apps and markets that worked best.
Solution
Merkl became the single reward layer for Coinbase Tokenized Stocks on Base.
Cashback on every purchase
Users bought eligible stocks such as AAPLc, GOOGLc, NVDAc or METAc through partner apps, including 1inch, KyberSwap, Jumper, Bitget Wallet, Bankr, Enso and Virtuals. Those who held until the end of the two-week epoch earned up to 5% back in USDC. Each app reported its eligible purchases, and Merkl distributed the cashback to every buyer at the end of each epoch. Rates and caps could differ by app, and new stocks like TSLAc and AMZNc joined from the second epoch.
Rewards for putting stocks to work
Merkl tracks positions onchain and rewards holders across Base DeFi:
- Aave V4: 7 tokenized stocks earn 3% in USDC on the Coinbase Tokenized Stocks Hub, with USDC borrow rates capped at 3%, incentives approved by the Aave DAO
- Looping: users loop to go long tokenized stocks and earn USDC rewards on what they borrow, streamed through Merkl
- Vaults and liquidity: Superform, IPOR, Beefy, Makina, Morpho, Pendle and Aerodrome
One program, adjusted every two weeks
Campaigns are launched, renewed and rebalanced each epoch, so budgets move toward the apps and markets that bring the most activity.
Results
In just two months, Merkl became the reward layer for Coinbase Tokenized Stocks on Base.
- $270K+ in USDC rewards distributed to tokenized stock buyers, holders and lenders
- 7,100+ wallets rewarded, including 5,000+ through cashback
- 20+ apps and protocols integrated, from swap aggregators and wallets to lending markets and vaults
- 10+ tokenized stocks supported, including NVDAc, AAPLc, GOOGLc, METAc and TSLAc
