Merkl, the onchain distribution infrastructure used by Circle and Coinbase, powered major summer launches: Robinhood Earn (rate management), Coinbase Tokenized Stocks (cashback on Base), and 1inch Aqua (volume rewards). Merkl also expanded to three new chains—Pharos, Kaia, and Robinhood Chain—and made its Stellar debut with Templar and Upshift vaults live.
Merkl powered some of the most visible onchain finance launches in July and August 2026. Robinhood Earn went live with Merkl managing rates for stablecoin yields in Morpho vaults; Coinbase Tokenized Stocks launched on Base with a cashback program distributed through Merkl; and 1inch introduced Aqua, a shared liquidity layer, with initial campaigns offering up to 10M 1INCH in rewards. Merkl expanded to three new chains: Pharos, Kaia, and Robinhood Chain. Critically for Stellar, the first incentive campaigns went live on Merkl, with Templar launching XLM/USDC lending markets earning yield, and Upshift deploying fixed-APR vaults offering 10% on USDC and 5% on XLM. Merkl also launched three tiers of Merkl Services for teams managing distribution programs. In July and August, the platform created 3,360 campaigns distributing over $21M in rewards.
