01Live
Track
Every Merkl campaign, linked to the market it pays for, deposits read daily from the protocol.
768campaigns
$688Ka day
spend by share of yield from rewards
NewDRIP Season 1: what stayed after the rewards ended →
Incentives rent liquidity.
Incentives rent liquidity.
Vantra measures what stays.
Every live reward campaign, followed after the rewards stop: what stayed, what left, and what the spend bought.
0:00 / 0:35
Real data: campaigns from Merkl as of 31 Oct 2026; DRIP Season 1 from Vantra's study. Open the live app ↗
700+Live campaigns tracked
$700K+Rewards paid per day
70%+Of spend followed after it ends
80+Campaign endings recorded
Programs measuredArbitrum DRIPEthenaPlasmaAaveMorphoEulerFluidFelix
Built on data fromMerklDefiLlamaMorphoAaveOn-chain reads
Published checks
What each dollar of rewards bought.
The same method on every program, from public data: rewards paid, divided by the extra deposits still there 30 days after the rewards stopped. None was paid for by the protocol it covers.
Aave · USDG · EthereumCheck
Deposits kept growing after the rewards stopped
$110K paid, Jan to Feb 2026. $0 to $33M, and $53M thirty days after the end.
$0.0033per dollar still deposited 30 days after the end
Arbitrum DRIP · FluidCheck
DRIP on Fluid: 90% still there at day 30
$796K of ARB, Sep 2025 to Feb 2026. Other lending markets kept 76%.
$0.028per dollar still deposited 30 days after the end
Sentora RLUSD · EulerCheck
Almost all of it left when the rewards stopped
$8.19M paid, Sep 2025 to Sep 2026. 1% of the deposits stayed to day 30.
$25.88per dollar still deposited 30 days after the end
Research
What stayed after DRIP Season 1.
We measured Arbitrum's DRIP Season 1 seven months after its rewards stopped. Most of the deposit growth it paid for had left. Vantra now runs that measurement on every live campaign.
Share-adjusted gain by protocol, $MEnd of Season 1 · 18 Feb 20265 Oct 2026
16%
of the end-of-season gain was still there seven months later.
Platform
Two parts run daily. The third is in development.
Alerts, and rewards that step down when a campaign stops paying its way, are being built with design partners on the same data.
02Live
Measure
When a campaign really ends, what stayed after 7 and 30 days. Renewals and gaps are flagged, not estimated.
03In development
Act
Alerts when a campaign stops paying its way, then rewards that step down on a schedule your governance approves.
Process
How an incentive review runs.
Fixed scope and fee, agreed up front. The same research discipline we use on the public tracker, pointed at your program.
01Week 1
Measure the spend
Every reward you pay, per pool, against the deposits and volume that came with it.
You getSpend and reward dependence per campaign
02Week 1
Compare with peers
The same assets on other venues: what they pay for liquidity, and what they get.
You getPeer benchmark for each market
03Week 2
Find what didn't stay
Past campaigns measured after they ended, and the spend that rented liquidity which left.
You getRetention by campaign, and where to cut first
04Ongoing
Keep watching
Every campaign tracked daily, a monthly report, and an alert when one stops paying its way.
You getMonthly report and alerts
Data
Built on public data you can check yourself.
Every campaign, every chain
Data from
Merkl
Morpho
Aave
DefiLlama
Campaigns tracked on
Ethereum
Base
Arbitrum
Plasma
Optimism
Polygon
Sonic
Unichainand more
Reads the market itself
Deposits come from the protocol, not from the campaign's own TVL, which stops updating when it ends.
Merkl campaign$49.3K/dayMorpho market0x54cf…7354Deposits$359.8M
Tells renewals apart
A weekly top-up is not an ending. Only real endings are measured.
Read-only
Vantra only reads public data. There is nothing to install or approve, and it never holds funds.
No keysNo contract accessNo custodyEvery number linked to its source
Vantra Research
Notes on what incentives buy.
Short, sourced analyses from the tracker. Published as the data comes in.
Study
DRIP Season 1: what stayed after the rewards ended
Five Arbitrum lending markets, seven months after the season. About 16% of the end-of-season gain was still there.
Read the study →Data note
Where $650K a day of liquidity rewards goes
More than a third pays for deposits whose yield is almost all rewards.
Method
Why a campaign's own TVL can't tell you what stayed
It freezes when the rewards stop. The market keeps moving.
Check
$32.6Mpaid
Ethena on Ethereum: one program, fourteen months
Weekly rewards from July 2025 to September 2026 across eight Merkl listings, followed as one program. Deposits $122M before, $189M on the last paid day.
New analyses by email, about twice a month.
Start with one campaign
that has ended.
We'll check it before you pay for anything: what it paid, what it bought, and how much was still there 30 days after the rewards stopped. We reply within two working days.
info@vantrafinance.com