May opened a new chapter for Merkl. Support for non-EVM chains went live starting with Stellar, over 2 million Trezor users gained access to onchain yield, the Merkl App shipped a redesigned opportunity page, and a new Developer Portal opened the platform to builders.
Here is everything that shipped and happened in May.
Incentives campaigns
Several notable campaigns went live in May, spanning new partners, new chains, and new use cases:
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Trezor brings onchain yield to Trezor Suite
Over 2 million Trezor users can now earn yield on their USDC and USDT without leaving Trezor Suite. The vaults are powered by Morpho and curated by Steakhouse Financial, with an extra $MORPHO reward boost distributed through Merkl. -
First incentives on Aave V4
The first incentive campaigns on Aave V4 went live, powered by Merkl. Users who supply frxUSD or USDG to Aave on Ethereum earn rewards. -
Edel Finance tokenized stocks
Edel Finance integrated Merkl to power all of its yield distribution. Users who supply xStocks, tokenized equities such as the S&P 500, Nasdaq 100, Tesla, Nvidia, and MicroStrategy, on Edel on Ethereum earn a stable 15% APY in $EDEL.
Chains supported
May marked a new chapter for Merkl with support for non-EVM chains. Stellar is the first. Any protocol on Stellar can now launch and manage reward campaigns through Merkl in minutes, and users can earn rewards on the chain through the Merkl App.
Flare is now supported as well. Protocol teams building on Flare can distribute incentives directly from Merkl Studio, and users can earn rewards on the chain by participating in live campaigns.
Protocols integrated
New protocols joined Merkl in May:
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Everdraw on Monad: Everdraw vaults on Monad are now supported. Campaign creators can distribute rewards to users who deposit into Everdraw vaults.
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Edel Finance on Ethereum: Edel Finance integrated Merkl to distribute rewards across its tokenized stock lending markets. Users who supply xStocks earn $EDEL rewards.
New features
May shipped meaningful updates on both sides of the platform.
For users
Max daily rewards now displayed
The Merkl App now surfaces the maximum daily rewards an opportunity can pay, not just the current value. Opportunities sort by max daily rewards by default. In the opportunity list, the max appears under the daily rewards, with a tooltip when the gap is above 5%. On the opportunity page, the max is shown under the daily rewards and inside the campaign block in the overview.
Redesigned opportunity page
The opportunity page has a new two-block architecture that makes navigation smoother, especially on mobile. The redesign includes:
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A clearer APR display with a full breakdown.
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A supply CTA that stays visible, so users can participate at any point.
- Campaigns shown first as rewards to make the concept easy to grasp, with dedicated campaign pages for users who want more detail.
Linked opportunities, redesigned
Linked opportunities have a new display that maps how each opportunity connects to others, since distributed rewards can cascade across pools and vaults. Users can now see these links clearly, compare them, and pick the best place to earn.
For companies
Developer Portal
Merkl launched a Developer Portal, a dedicated hub for teams building on Merkl. It lets developers learn the Merkl ecosystem, integrate Merkl rewards into external apps, read live campaign data, APRs, and TVL, and push protocol-native APR into Merkl. Key features:
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API key management: create, view, and revoke keys, and track usage with analytics.
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Interactive API reference: Scalar-powered docs for the main API and the Analytics API.
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Guides and documentation: integration guides, attribution resources, and brand assets.
Credit system for campaign creators
Creators can now deposit USDC on Ethereum and Base to fund their point campaigns, through a dedicated Credits page that also lists every credit operation, from top-ups to charges. Credits are now required before creating a point campaign, a step built into the creation flow to make sure point campaigns are funded upfront. Token and pre-TGE campaigns are not affected.
APR simulator
Creators can now simulate expected APR directly inside the campaign creation flow, in Merkl Studio, and lock in the exact budget they want to spend. The forecast reacts instantly to TVL, duration, and distribution method, so teams can fine-tune a campaign before going live, then apply the budget in one click.
Two-layer target total APR
Merkl extended its target total APR campaigns so that a single campaign can reward two different groups, based on how much yield is available at any moment.
The idea is simple. A protocol sets a target total return, split into two layers. Up to the first level, users are guaranteed their yield: if the market does not pay enough on its own, Merkl tops it up. Everything above that first level, up to the target ceiling, goes to a second recipient instead, for example the protocol's treasury. If the market already pays more than the ceiling, Merkl adds nothing.
The campaign reads the live yield and adjusts on its own. When the market pays little, users are topped up to their guaranteed level. When it pays a lot, users still receive exactly that level and the surplus flows to the second recipient. One campaign covers every market condition, with a predictable outcome on both sides.
Conclusion
May was a milestone month for Merkl. Support for non-EVM chains went live with Stellar, extending reward distribution well beyond the EVM world. Trezor brought onchain yield to millions of hardware wallet users, the Merkl App shipped a clearer opportunity page, and the new Developer Portal made it easier than ever for builders to plug into Merkl. More chains, more partners, more ways to earn and distribute rewards.
Don't miss next month's recap!
