What are the risk using Merkl?
TL;DR: Third-party protocol risks.
Merkl is a non-custodial platform. Users never have to deposit liquidity into any Merkl smart contract to be eligible for rewards.
There’s no risk associated with the Merkl platform itself.
Users provide liquidity directly to the pools or vaults of protocols running incentive campaigns on Merkl. The risks come from the protocols themselves, including their reliability and smart contract security.
As always, be sure to do your own research and assess the risks before depositing liquidity into any protocol.