CVP Proposal: Merkl

Introduction

Merkl is an innovative platform designed to optimize and streamline liquidity mining in the DeFi space. By leveraging advanced off-chain data analysis and computing on-chain actions, Merkl enables efficient and accurate reward allocations for various DeFi activities such as providing liquidity in liquidity pools, and in lending protocols.

Merkl’s building blocks are its campaigns. Campaigns make it incredibly simple for users to farm and earn competitive returns, and at the same time enable protocols to distribute incentives simply, easily and without operational hassles.

Our mission

Our mission is to create a seamless and efficient reward distribution system that maximizes the benefits for both users and incentive providers in the DeFi ecosystem. We aim to provide a transparent, reliable, and user-friendly platform that drives engagement and growth in DeFi.

Merkl features

For DeFi Users

  • Competitive APRs: With over $33M distributed, Merkl stands as an all-in-one incentivization hub offering attractive returns.
  • No Staking Required : You don’t need to stake any assets to earn rewards. Simply participate in the eligible activities and start earning.
  • Gas Optimization : Merkl’s system allows users to claim all their rewards in a single transaction, minimizing gas fees and simplifying the process.

For Protocols

  • Easy and simple to start incentivizing: In less than 5 minutes, anyone from your team can create a campaign.
  • Flexibility: Customize campaigns to suit your specific needs and goals, providing the flexibility to incentivize various behaviors and actions.
    • Efficient Liquidity Incentives: Merkl enables protocols to incentivize liquidity more efficiently across various pools, including both V2 and concentrated liquidity (V3) pools, as well as lending protocols or yield aggregators
    • Token Snapshots: Easily take snapshots to reward users based on their holdings at a specific point in time.
    • Airdrops: Distribute tokens or rewards seamlessly to a broad user base using Merkl’s airdrop functionality.
    • Built-in reporting: View in real time which users got rewarded by your campaigns and track how much of the rewards were claimed
    • Easy integration: Integrate Merkl data into your app effortlessly with the fully maintained Merkl API by Angle Labs. However, you don’t have to integrate it if you don’t want to; the Merkl App will show your users everything they need, including the ability to claim their tokens directly from there.

Merkl’s Roadmap

The roadmap is designed to support as many Metis protocols as possible and provide new features for existing ones

  1. Grant: Merkl will apply for the grant program to enable the team to launch Merkl on Metis and support protocols from day 1.
  2. Integration of Hercules DEX and Gamma: Merkl will start tracking Hercules pools and Gamma vaults to support them once it launches
  3. Public Launch: Protocols will be able to create incentives campaigns on Merkl and users will begin earning rewards
  4. Continuous Integration of new protocols: Our goal is to help any Metis protocol to grow their TVL through incentives. Any protocol who is interested is welcome to reach out on our discord or reply on this proposal!
  5. Continuous feature additions: We’re working hard to provide new features for protocols using Merkl for liquidity mining. For example we’ll be releasing a new “bridge” feature in partnership with Jumper to enable protocols to only incentivize liquidity which has been bridged to the chain within a given timeframe.

Audits

Merkl smart contracts have been audited by Code4rena. Find the audit report here.

Merkl’s Team

With over 5 years of experience in defi, our core team comprises 3 backend developers, a frontend developer, a solidity developer, a designer and a business developer. The Merkl team also works closely with the rest of the Angle Labs team.

As a matter of fact, Merkl started as an internal tool for Angle Labs to incentivize conctrated liquidity pools with EURA (previously named agEUR).

Conclusion

In short, Merkl is set to enable any protocols on Metis to grow their TVL through incentives and provide a great farming experience for Metis users, no staking needed!

Thank you for considering Merkl!

OFFICIAL LINKS:

Hey merkl, i want you to tell me something.
How do you envision Merkl’s innovative features, such as gas optimization and competitive APRs, impacting the overall user experience in the DeFi ecosystem?

Hey @Bells ,

Merkl improves the user experience in various ways.

  1. Innovative features: Merkl was the first tool which enabled protocols to incentivize concentrated liquidity pools, many protocols who would otherwise not incentivize these pools are able to do so thanks to Merkl. Another example is cross-chain rewards: Merkl can incentivize an asset on chain A and distribute the rewards on chain B. This allows protocols to incentivize on a chain without having to bridge their token.
    Impact: More farming opportunities/competitive APRs available to defi users

  2. Because creating campaigns on Merkl is very easy for protocols, some protocols which would not have distributed incentives will do so thanks to Merkl.
    Impact: More farming opportunities/competitive APRs available to defi users

  3. No staking needed to earn rewards
    Impact: Users save gas because they don’t need to have an extra staking transaction to start earning rewards. This is also more secure, because you don’t have to stake your tokens, earning rewards from Merkl incurs no extra risk for your funds (non-custodial solution)

  4. Single transaction claiming and user dashboard
    Impact: Users can monitor their ongoing farming positions and claim all the rewards in a single transaction

Hope this answers your question, I’d be happy to provide more details if needed