Supply USDC, USDT or GHO to the Fluid fUSDC, fUSDT or fGHO vaults
Campaign check · Arbitrum · Fluid · 3 Sep 2025 to 18 Feb 2026 · 12 reward periodsFor every dollar still deposited 30 days after the rewards stopped, the program paid $0.028 in rewards.
Deposits
before, at the end, afterSource: on-chain totalAssets() of the GHO, USDC and USDT markets, combined, priced daily.
Against the same asset
benchmark| Peer pool | Day 30 vs its end level |
|---|---|
| Aave V3 · USDC | 93% |
| Aave V3 · USD₮0 | 76% |
| Gauntlet · Gauntlet USD Alpha | 23% |
| Compound V3 · USDT | 105% |
| Compound V3 · USDC | 69% |
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
Several vaults. Rewards paid deposits in any of the GHO, USDC and USDT markets; the reading is their combined total.
Also run under other Merkl listings (same funder, no break of more than a week; counted as part of this program):
- Supply USDC or USDT to the Fluid fUSDC or fUSDT vaults, 3 Sep 2025 to 17 Sep 2025, 1 reward period
- Supply USDC, USDT or GHO to the Fluid fUSDC, fUSDT or fGHO vaults, 17 Sep 2025 to 1 Oct 2025, 1 reward period
- Supply USDC, USDT or GHO to the Fluid fUSDC, fUSDT or fGHO vaults, 1 Oct 2025 to 12 Nov 2025, 3 reward periods
- Supply USDC to the Fluid fUSDC vault, 21 Jan 2026 to 4 Feb 2026, 1 reward period
- Supply USDC, USDT or GHO to the Fluid fUSDC, fUSDT or fGHO vaults, 4 Feb 2026 to 18 Feb 2026, 1 reward period
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 15488028672504788104. Research only, not investment advice.