What changed

At the September 4 observation, Merkl showed $507.76K of reward-eligible TVL, 139.147 USDC of daily rewards and a 10% Merkl APR. The current Merkl view shows $983.64K of eligible TVL, 269.558 USDC per day and the same 10% APR. Eligible TVL increased by $475.88K, or about 93.7%, while daily rewards rose by 130.411 USDC, also about 93.7%. Separately, Glider said on September 18 that Mag7X had reached $1,020,271 from 1,585 users. Glider's total is $36,631, or about 3.7%, above Merkl's eligible TVL, indicating a difference in measurement scope and/or update timing.

Why it matters

Mag7X is not a single-stock vault or LP. Users directly hold tokenized Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla and SpaceX positions in their own accounts, while Glider rebalances them to Bitwise's model. The displayed 10% APR is funded by an external USDC incentive rather than organic stock yield; the underlying portfolio return remains driven by the market prices of the constituent tokenized stocks. Reward-eligible balances nearly doubling without a higher incentive rate shows a meaningful expansion in usage of this direct-to-wallet tokenized-stock composition.

Evidence

  • Merkl — Earn 10% on Bitwise Mag7x portfolio by Glider — Displayed a 10% APR, entirely Merkl APR, $983.64K TVL and 269.558 USDC of daily rewards. The campaign runs from August 24 through October 23, 2026, with 39.4K USDC of total rewards, a $300 minimum deposit and rewards capped to balances up to $50,000. 2026-09-20T01:05:28+09:00
  • Glider — How Bitwise launched the first ATP — The September 18 article says Mag7X reached $1,020,271 from 1,585 people in 23 days. It describes holdings in Coinbase Tokenized Stocks for Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla and SpaceX, owned in accounts controlled by each investor. 2026-09-20T01:05:28+09:00
  • SIGNA ET STRUCTURA — prior Mag7X observation — The prior public observation recorded a 10% Merkl APR, $507.76K of eligible TVL, 139.147 USDC of daily rewards and 39.4K USDC of total campaign rewards. 2026-09-04T01:45:24+09:00
  • Glider — Institutional Capital Onchain Without Giving Up Custody — Glider describes a 0.15% Bitwise methodology access fee and a 0.30% fee on automated trading volume. It also states that limited-authority session credentials can be revoked by the user. 2026-09-20T01:05:28+09:00

Limitations

Merkl's $983.64K figure is incentive-eligible TVL, while Glider's $1,020,271 figure is a Glider portfolio total; the definitions and update times are not necessarily identical, so they should not be treated as the same TVL measure. The 10% figure is an annualized external USDC incentive that ends on October 23, 2026 and does not imply a 10% absolute return over the remaining campaign period or any post-campaign yield. The underlying portfolio is exposed to the price volatility of eight equities, as well as rebalance execution, slippage and turnover, the 0.15% methodology fee and 0.30% automated trading-volume fee, smart-account and session-authorization risk, tokenized-stock issuer/custody/redemption/eligibility constraints, and the mismatch between 24/5 equity markets and 24/7 Base markets. Tokenized stocks are restricted to eligible non-US persons in supported jurisdictions.

Disclosure

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