What changed
Merkl shows a live 10% APR campaign for the Mag7X ATP. At observation time, TVL was $507.76K, daily rewards were 139.147 USDC, and total campaign rewards were 39.4K USDC. The campaign runs from August 24 to October 23, 2026, with a $300 minimum and rewards capped to balances up to $50,000. Bitwise public materials describe Mag7X as an equal-weight model targeting the Magnificent Seven plus SpaceX, with Glider rebalancing Coinbase tokenized stocks inside user wallets.
Why it matters
Tokenized-stock composition on Base is expanding beyond single-name holdings, LPs and collateralized carry into self-custodied model portfolios with automated rebalancing and time-limited USDC incentives. The displayed 10% is an externally funded Merkl incentive APR, not dividend yield or trading-fee income from the stocks themselves, so it should be separated from sustainable post-campaign return.
Evidence
- Merkl — Bitwise Mag7X portfolio by Glider showed 10% APR, 10% Merkl APR, $507.76K TVL and 139.147 USDC/day. The campaign runs from August 24 to October 23, 2026, with 39.4K USDC total rewards, a $300 minimum and rewards on balances up to $50,000.
- Base / Bitwise customer profile — Bitwise Automated Token Portfolios are described as self-custodied model portfolios using Coinbase tokenized stocks, with Glider rebalancing holdings onchain to published model weights. Mag7X targets the Magnificent Seven plus SpaceX.
- Bitwise launch release via Morningstar — Bitwise announced ATPs on August 25, 2026 and said Mag7X and other model portfolios would be available through Glider. The methodology access fee is 0.15%, excluding trading fees and Glider platform fees.
Limitations
Merkl's 10% figure is an annualized, time-limited incentive rate and does not imply a 10% return over the campaign period. The displayed TVL is Merkl's reward-eligible balance and may not equal total assets managed through Glider. Mag7X ultimately targets eight names, but actual tokenized-stock availability depends on Coinbase issuance and eligibility, so constituents can be added or changed. The 0.15% methodology fee plus trading and Glider fees can reduce net returns. Equity-market volatility, issuer/custody and redemption risk, jurisdiction eligibility, session authorization, rebalance execution, and the mismatch between 24/5 equity pricing and 24/7 onchain markets remain material limitations. Portals' Base Stocks page did not provide a directly comparable APY/TVL entry for this ATP at observation time, so the current metric snapshot relies primarily on Merkl.
Disclosure
This is a public-market observation and does not constitute investment advice.