What changed

The public observation at 2026-09-24 14:01 JST recorded Merkl's listing at 97.48% APR, $724.74K TVL and about $1.93K in daily rewards. The currently retrieved public listing shows 70.51%, about $1.0M and about $1.92K/day. Using the rounded current TVL, that is approximately +$275K (+38%) in TVL and -26.97 percentage points in APR, while the daily USDC reward amount is broadly unchanged. Reward density has therefore continued to compress as participating capital increased against a largely fixed incentive budget.

Why it matters

Revert's published terms state that this USDC incentive is not allocated simply pro rata by TVL: rewards are distributed hourly based on trading fees actually earned, and only in-range liquidity qualifies. The lower headline APR therefore signals further reward-density dilution, while realized yield for an individual position still depends heavily on range selection, time in range, trading volume and actual fee generation.

Evidence

  • Merkl — Coinbase tokenized stocks on Aerodrome, via Revert — The public listing shows the Base / Aerodrome / cStocks opportunity routed via Revert at 70.51% APR, $1M TVL, $1.92K in daily rewards and 10 days left. 2026-09-27T04:49:34+09:00
  • SIGNA ET STRUCTURA — previous public observation — The public observation at 2026-09-24 14:01 JST recorded the same Merkl listing at 97.48% APR, $724.74K TVL and about $1.93K in daily rewards. 2026-09-27T04:49:34+09:00
  • Revert public announcement mirror — Revert states that the roughly 25,000 USDC reward program applies to eligible positions opened through Revert, pays hourly based on fees actually earned, and rewards liquidity only while it is in range. 2026-09-27T04:49:34+09:00

Limitations

Merkl currently rounds displayed TVL to $1M, so the TVL change is approximate. The retrieved public listing is a search-indexed snapshot and may lag the live app. A same-time reading from Merkl's individual opportunity page was not independently retrieved in this observation. Headline APR does not guarantee realized yield for any position and depends on fee tier, range, time in range, trading volume and any separate AERO or other reward layers. Concentrated liquidity adds range-out and IL/LVR risk; tokenized stocks add the timing mismatch between 24/5 underlying-equity price formation and 24/7 Base trading, as well as issuer, custody, redemption and eligibility constraints. Aerodrome/Revert smart-contract and automation risks also apply.

Disclosure

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