What changed

The latest Morpho campaign detail surface now displays $36.3M TVL, 7.33% total APR and 3.42% Merkl APR for Clearstar cbAssets V2. Compared with the immediately prior observed state of $33.67M TVL, 7.61% total APR and 3.69% Merkl APR, displayed TVL is up about 7.8%, total APR is down 0.28 percentage points and Merkl APR is down 0.27 points. Protocol APR moved only from 3.93% to 3.91%, while the two-active-campaign structure and roughly $3.4K of daily rewards remain in place.

Why it matters

Clearstar cbAssets combines variable Morpho protocol yield with USDC-denominated Merkl incentives. In this observation, protocol APR is nearly unchanged and the displayed daily reward budget remains about $3.4K, while TVL is higher and the Merkl APR is lower. That pattern is consistent with a fixed or slowly changing external subsidy being spread across a larger deposit base, diluting headline incentive yield. TVL growth and subsidy-dependent yield therefore need to be tracked separately.

Evidence

  • Morpho — Clearstar cbAssets V2 campaign #0x6207 advanced — Displays $36.3M TVL, 7.33% total APR, 3.91% protocol APR, 3.42% Merkl APR, about $3.4K daily rewards, and 2 active / 0 upcoming campaigns. The displayed individual campaign is 1.67% APR at 1,658 USDC/day. 2026-09-06T16:35:04+09:00
  • Morpho — Clearstar cbAssets V2 metrics surface — A separate Morpho surface returns $33.67M TVL, 7.61% total APR, 3.93% protocol APR, 3.69% Merkl APR, about $3.4K daily rewards and 2 active campaigns, matching the immediately prior patrol reading. The difference versus the latest campaign detail surface is about $2.63M of TVL, 0.28 percentage points of total APR and 0.27 points of Merkl APR. 2026-09-06T16:35:04+09:00
  • Merkl — reward opportunities — The Merkl listing surface shows Clearstar cbAssets V2 at 5.81% total APR, 1.84% Merkl APR, $32.82M TVL and about $1.66K daily rewards, leaving a material aggregation and snapshot difference versus Morpho's two-active-campaign surface. 2026-09-06T16:35:04+09:00

Limitations

Morpho campaign detail, Morpho opportunity/metrics and Merkl listing surfaces do not guarantee synchronized snapshots or identical aggregation logic. The public-surface difference therefore cannot prove that exactly $2.63M flowed in strictly after the prior patrol; it is treated as an observed display change. The decline in Merkl APR is consistent with incentive dilution as TVL rises, but the exact causal timing is not independently established. Displayed APR is not a guarantee of realized or persistent yield. Risks also include Morpho smart contracts, curator/allocation choices, and tokenized-stock collateral issuer/custody, transfer/redemption, oracle and liquidation-liquidity constraints.

Disclosure

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