What changed

The public observation at 2026-09-23 14:19 JST recorded Merkl's listing at 138.93% APR, $508.5K TVL and about $1.93K in daily rewards. The current listing shows 97.48%, $724.74K and about $1.93K, implying +$216.24K TVL (+42.5%) and -41.45 percentage points in APR while the daily reward amount is broadly unchanged. Merkl's direct page currently shows 91.61% APR and $771.17K TVL, a 5.87-point APR gap and roughly $46.43K TVL gap versus the listing. The direct page also shows 1 active / 0 upcoming, 1.928K USDC/day, a 25.063K USDC total reward amount and campaign dates of 2026-09-22 through 2026-10-05.

Why it matters

The short-duration USDC reward budget is effectively being spread across a larger participating capital base, and displayed reward density continues to compress. Revert's published terms state that rewards are not allocated simply pro rata by TVL: they are paid hourly based on fees actually earned, with only in-range liquidity qualifying. Range selection, time in range and realized fee generation therefore matter more than the headline APR alone.

Evidence

  • Merkl — Coinbase tokenized stocks on Aerodrome, via Revert — The direct opportunity page shows 91.61% APR, 91.61% Merkl APR, $771.17K TVL, 1.928K USDC/day, 25.063K USDC total rewards, 1 active / 0 upcoming, and campaign dates 2026-09-22 through 2026-10-05. 2026-09-24T14:01:45+09:00
  • Merkl opportunities listing — The listing shows Coinbase tokenized stocks on Aerodrome, via Revert at 97.48% APR, $724.74K TVL and about $1.93K in daily rewards. 2026-09-24T14:01:45+09:00
  • SIGNA ET STRUCTURA — previous public observation — The public observation at 2026-09-23 14:19 JST recorded the Merkl listing at 138.93% APR, $508.5K TVL and about $1.93K in daily rewards. 2026-09-24T14:01:45+09:00
  • Revert public announcement mirror — Revert states that the roughly 25,000 USDC reward program applies to positions opened through Revert, pays hourly based on fees actually earned, and only rewards liquidity while it is in range. 2026-09-24T14:01:45+09:00

Limitations

Merkl's listing and direct opportunity page show different APR and TVL values in the same observation window, indicating a refresh-time or aggregation-cache mismatch. Headline APR does not represent guaranteed realized yield for any position and depends on fee tier, range, time in range and trading volume. Concentrated liquidity carries range-out and impermanent-loss/LVR risk, while tokenized stocks add the timing mismatch between 24/5 equity price formation and 24/7 Base trading. Aerodrome/Revert smart-contract and automation risks also apply, together with issuer, custody, redemption and eligibility constraints for the underlying tokenized stocks. The USDC incentive is scheduled to end on 2026-10-05.

Disclosure

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