What changed

KyberSwap's published campaign terms show Epoch 1 covering GOOGLc, NVDAc, AAPLc and METAc at up to 2% cashback with a 10 USDC per-address cap. Epoch 2 keeps those four and adds TSLAc, SPCXc, SNDKc, MSTRc, MSFTc and AMZNc, bringing the eligible set to ten assets while doubling the KyberSwap rate to up to 4% and the cap to 20 USDC per address. Merkl's public announcement also confirms higher caps and new eligible cStocks in Epoch 2.

Why it matters

The Base tokenized-stock incentive layer has expanded from the initial four cStocks to the second wave of listed assets. Unlike LP or lending yield, the reward is attached directly to buying eligible tokenized stocks and holding them through the epoch. The return source is therefore a temporary USDC acquisition and holding subsidy rather than stock dividends or LP fees, which may influence near-term purchase demand and holding behavior in the eligible assets.

Evidence

  • KyberSwap Blog — Earn Cashback on Coinbase Tokenized Stocks with KyberSwap — The page lists Epoch 1 at up to 2% cashback, a 10 USDC per-address cap and four assets, while Epoch 2 is listed at up to 4%, a 20 USDC cap and ten eligible assets: TSLAc, SPCXc, SNDKc, MSTRc, MSFTc, AMZNc, GOOGLc, AAPLc, METAc and NVDAc, running from September 7 to September 21, 2026. 2026-09-13T04:27:50+09:00
  • Merkl — official public campaign announcement — Merkl publicly announced Epoch 2 of the Coinbase Tokenized Stocks cashback with higher caps, new eligible cStocks including TSLAc and AMZNc, and up to 5% back in USDC on Base through September 21, 2026. 2026-09-13T04:27:50+09:00

Limitations

The 'up to 5%' figure is Merkl's program-level headline; the specific KyberSwap route verified here is capped at up to 4% and 20 USDC per address. Cashback rates, eligible assets, validation logic and caps can differ by route. Rewards require holding through the epoch and are subject to geographic restrictions. Tokenized-stock price risk, spread and slippage, issuer and custody risk, redemption constraints and jurisdictional limits remain. This is not pooled-TVL yield and should not be compared directly with vault TVL metrics.

Disclosure

This is a public-market observation and does not constitute investment advice.