USDM

Merkl's 2026-04-30 report highlights top stablecoin liquidity incentives, with USDm offering 24.10% APR via Mento and Monad. Other notable yields include 21.33% for EURm-USDm pairs and 18.67% for apxUSD on Ethereum. Campaigns require over $100k liquidity and more than 5 days remaining.

MegaETH launches with a unique token design featuring low effective float, KPI-gated rewards tied to network milestones, and a USDe/USDM stablecoin flywheel to drive liquidity. The project emphasizes alignment of incentives through structured vesting, buybacks funded by T-bill yields, and DeFi integration with Aave.

MegaETH launches its token generation event (TGE) with a unique structure emphasizing low effective float, KPI-gated token unlocks, and buybacks funded by real yield from T-bills. The design includes aggressive revenue capture mechanisms, alignment of stakeholders through milestone-based rewards, and a DeFi-driven USDe/USDM liquidity flywheel.