What changed

The campaign moved from pre-launch to active status at 2026-09-23 03:00 JST, making live participation and reward-rate metrics observable. Merkl's detail page showed 15 participants, 25.063K USDC in total rewards and 100% of the campaign budget remaining at the observation time.

Why it matters

A fixed pool of USDC incentives is currently being distributed across a still-small initial liquidity base, producing unusually high early reward density. Rewards are not a simple pro-rata share of TVL: eligible Aerodrome LP positions must be opened through Revert, and rewards are paid hourly based on fees actually earned while liquidity is in range.

Evidence

  • Merkl opportunity list — The Coinbase tokenized stocks on Aerodrome, via Revert opportunity displayed 250.05% APR, $282.52K TVL, $1.93K in daily rewards and 13 days remaining. 2026-09-23T05:49:46+09:00
  • Merkl campaign detail — The detail page displayed 357.93% APR, $197.37K TVL, 1.928K USDC in daily rewards, 15 participants, 25.063K USDC in total rewards and 100% budget remaining. 2026-09-23T05:49:46+09:00
  • Revert Finance public announcement mirror — Revert said the campaign allocates 25,000 USDC across NVDAc, TSLAc, AAPLc, GOOGLc, MSFTc, AMZNc, METAc, MSTRc, SNDKc and SPCXc, each paired with USDC, with hourly rewards based on LP fees actually earned by positions opened through Revert; in-range liquidity earns and out-of-range liquidity does not. The campaign began at 2026-09-22 18:00 UTC (2026-09-23 03:00 JST) and runs through 2026-10-05. 2026-09-23T05:49:46+09:00

Limitations

This is an observation from the first few hours of the campaign, so APR can fall quickly as eligible liquidity and participant counts rise. Merkl's list and detail surfaces showed different APR and TVL values — 250.05% versus 357.93% APR and $282.52K versus $197.37K TVL — while both showed $1.93K in daily rewards. The cause is not confirmed and may reflect different snapshots or eligible-TVL denominators. Realized rewards depend on fee generation and time spent in range. Other material limitations include concentrated-liquidity range risk, IL/LVR, the 24/5 underlying-equity market versus 24/7 onchain trading, Aerodrome/Revert contract risk, and tokenized-stock issuer, custody and redemption constraints.

Disclosure

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