Launched in 2023, Shuffle is a crypto betting site and casino offering a wide range of sports (basketball, soccer, tennis, League of Legends, etc.) and casino betting options (blackjack, roulette, keno, etc.).

Despite its gamified and user-friendly experience, Shuffle has experienced a significant drop in total value locked (TVL) from $11.85M to $6.5M, leading them to call on Merkl to resolve the situation.

Shuffle initiated a 12-week incentivization campaign via Merkl to encourage users to provide liquidity to the UniswapV3 SHFL/USDC pool on Ethereum.

The crypto betting project deliberately designed uneven incentive programs, offering greater rewards for USDC deposits over SHFL token deposits in the pool. This helped reduce slippage when users sold SHFL by creating a liquidity wall.

Liquidity providers were rewarded with Shuffle (SHFL) tokens, with a total of 212,890 tokens distributed ($70k).

Shuffle succeeded in attracting liquidity. Slippage was reduced, and TVL increased by $4.9M (+65%) with only $70k distributed. Each $1 distributed brought $70 in liquidity — an ROI of 6900%.

Moreover, the level of liquidity remained stable and sustainable after the end of the incentivization campaign, with a strong $9M TVL.