Apyx Pips Campaign Update
Recap
Apyx is entering a new phase of DeFi expansion.
apxUSD supply is approaching $43 million, while $21 million is locked in apyUSD. Around $7.5 million has been supplied as liquidity on Curve, and total liquidity deployed across Pendle markets has reached $7.2 million.
Update
As participation grows across holding, commitment, liquidity provision, and yield tokenization, the incentives framework should better reflect both how capital is deployed across the ecosystem and the differing risk profiles of each user group. This update is designed to strengthen that alignment.
The core change is simple: Pips multipliers tied to apxUSD activity are being doubled. The goal is to calibrate multiplier levels more accurately to the risk, utility, and capital commitment associated with each type of participation.
1) Hold, Lock, Commit
- Hold apxUSD: 5x -> 10x
- Commit apxUSD: 10x -> 20x
- Lock apxUSD to receive apyUSD: 1x
2) Provide liquidity on Curve and commit LP tokens on Apyx
You can earn Pips by providing liquidity to Curve Finance pools and committing the LP tokens through the Apyx frontend.
- Provide apxUSD/USDC LP + Commit: 12x
- Provide apxUSD/apyUSD LP + Commit: 6x
Note: Simply providing liquidity does not earn Pips. LP tokens must be committed.
3) Provide liquidity on Pendle or buy YT tokens
- LP in apxUSD Pendle market: 12x -> 24x
- LP in apyUSD Pendle market: 11x
- Hold YT-apxUSD: 16x -> 32x
- Hold YT -apyUSD: 13x
4) Referrals
Referrers earn 5% of referred users’ Pips, capped at 100% of the referrer’s own Pips, with no bonus for using a referral link. Generate your own referral link by clicking here.
What This Means Going Forward
This update is about more than just increasing headline multipliers. As Apyx expands across a broader set of DeFi venues, user behavior is becoming more differentiated. Some users prioritize liquidity, while others are more focused on points exposure. The multiplier framework should evolve to better reflect those differences, along with the varying levels of risk each strategy carries.
Pendle LP participants do not face impermanent loss if they hold through maturity, but they remain essential to keeping PT and YT markets liquid and efficient. YT-apxUSD holders, by contrast, take on meaningfully higher risk, making them some of the highest-conviction participants in the Apyx ecosystem.
As Apyx grows, incentives should more precisely align with how users deploy capital and the level of conviction and risk each strategy represents.