Lend sUSDe and USDe on Aave (looping required)
Campaign check · Ethereum · Aave · 29 Jul 2025 to 25 Sep 2026 · 61 reward periodsCost per retained dollar can't be given: rewards continued on this pool from another campaign.
Deposits
before, at the end, afterSource: on-chain totalSupply() of the USDe and sUSDe markets, the smaller of the two, priced daily.
Against the same asset
benchmarkShare of all USDe and sUSDe not compared: rewards counted each user's smaller deposit across USDe and sUSDe, so there is no single asset supply to compare with.
| Peer pool | Day 30 vs its end level |
|---|---|
| Morpho Blue · SUSDE | 107% |
| Morpho Blue · USDE | 255% |
| Morpho Blue · SUSDE | 100% |
| Morpho Blue · SUSDE | 90% |
Share-adjusted figures use the asset's total on-chain supply, the method of the DRIP Season 1 study. Peer pools come from DefiLlama, net of borrows.
What to keep in mind
Two markets. Rewards counted each user's smaller deposit across USDe and sUSDe, and required a borrow; the reading is the smaller market's total, an upper bound on the deposits that qualified.
Rewards continued. Other campaigns kept paying this pool after the end
Also run under other Merkl listings (same funder, no break of more than a week; counted as part of this program):
- Lend sUSDe and USDe on Aave (looping required), 26 Sep 2025 to 14 Nov 2025, 7 reward periods
- Lend sUSDe and USDe on Aave (looping required), 14 Nov 2025 to 5 Dec 2025, 2 reward periods
- Lend sUSDe and USDe on Aave (looping required), 5 Dec 2025 to 17 Apr 2026, 19 reward periods
- Lend sUSDe and USDe on Aave (looping required), 17 Apr 2026 to 24 Apr 2026, 1 reward period
- Lend sUSDe and USDe on Aave (looping required), 24 Apr 2026 to 8 May 2026, 2 reward periods
- Lend sUSDe and USDe on Aave (looping required), 8 May 2026 to 11 Sep 2026, 20 reward periods
- Lend USDe on Aave (looping required), 11 Sep 2026 to 25 Sep 2026, 2 reward periods
Other programs on the same deposits:
- Lend USDe on Aave (looping required) (same address), 25 Sep 2026 to 30 Oct 2026
How this was measured
Rewards: each reward period's amount, spread evenly over its days and priced with that day's DefiLlama price. Days without a price are listed, never filled in.
Deposits: read the day before the program started, on its last paid day, and 7 and 30 days after the rewards stopped. When the same funder moved the program to another Merkl listing with no break of more than a week, both listings count as one program. Only growth up to the last paid day is credited. Cost per retained dollar is withheld when other campaigns paid the same deposits, rewards continued after the end, the campaign was under half of the pool, or deposits grew less than 5% during the program.
Merkl opportunity 1382629150650042449. Research only, not investment advice.