Reward activity, not passive holding
Drive stablecoin adoption by rewarding users for what they do across DeFi protocols. Under MiCA, GENIUS and CLARITY, passive yield is prohibited, but activity-based rewards remain permitted, whether users are lending, providing liquidity, or transacting with your stablecoin.
Reward users everywhere at once
Reward your stablecoin users across multiple apps, protocols, and chains instantly. Merkl supports most DeFi protocols, including top lending platforms such as Aave, Euler, or Morpho, letting you reach users everywhere in one go.
Never pay more than you earn
Align rewards spend with real user adoption. Commit to a capped APR within a fixed budget, and let Merkl automatically adjust rewards based on the actual liquidity delivered. Pay only for the liquidity you actually attract, nothing more.
Integrate smooth, automated rewards
Deliver a smooth, fully embedded rewards experience directly within your product using Merkl’s API. Enable automatic reward claiming for all eligible users, with no manual steps required. Run reward campaigns in private mode to distribute activity-based rewards across multiple partners at scale, without exposing the terms of individual deals.
Check live stablecoin campaigns
Explore the stablecoin campaigns currently live in the Merkl App. Review their parameters, track TVL and APR evolution, and see how they are performing.
How Ethena leverages Merkl to reward its users
Ethena and Merkl built a sophisticated liquid leverage program on Aave to enable USDe holders to earn rewards.