Season 1 Overview: Apyx Pips, Multipliers, & Future Airdrop Allocation

Apyx

05 Mar 2026 • 3 min read

Apyx Pips is the points program for Apyx. Simply put, a Pip is a point: it represents your participation and engagement across the Apyx ecosystem, both on-app and across DeFi liquidity venues. Pips earned will, at some point in the future, translate to APYX rewards, or the native governance token behind the Apyx protocol.

Season 1 is live, and this post is the complete overview: how the season works, how you earn Pips (including yield tokenization on Pendle), and the airdrop allocation tied to Season 1 participation.

Breaking Down Season 1

The Pips campaign is structured across multiple short-duration seasons (“epochs”) and runs on a multiplier framework. Points are awarded based on the USD value of eligible activity multiplied by the applicable multiplier.

Season 1 will end when either 12 weeks have elapsed from our February 27, 2026 start date, or apxUSD reaches $1 billion in supply, whichever happens first.

The headline: APYX airdrop allocation

We are allocating 5% of total APYX supply to a Season 1 airdrop for eligible participants. With APYX having a fixed supply of 100,000,000 APYX, that means 5,000,000 APYX will be rewarded at the conclusion of the season.

Those interested in learning more about APYX value accrual, usefulness, tokenomics, fixed supply, tight float dynamics, and why 50% of monthly reserve growth goes to APYX stakers, can learn more at: blog.apyx.fi/apyx-tokenomics/

Earning Pips in Season 1

Season 1 Pips are calculated as:

Pips = USD value of eligible position × multiplier

There are four main ways to earn:

Hold, lock, commit

Hold apxUSD: 10x (includes apxUSD supplied to supported lending markets).
Commit apxUSD: 20x, capped at $100M total commitments. Users may initiate unlock at any time; unlock takes 14 days, and the multiplier is removed immediately upon uncommit initiation.
Lock apxUSD to receive apyUSD: 1x (base incentive; yield-bearing exposure).

Liquidity Provision & Borrow

You can earn Pips by providing liquidity to Curve apxUSD pools and committing the LP tokens through the Apyx frontend, as well as borrowing apxUSD via Morpho.

apxUSD/USDC LP on Curve (commit): 12x, $50M cap
apxUSD/apyUSD LP on Curve (commit): 6x, $20M cap
apxUSD/apyUSD on Morpho (borrow): 5x, no cap

Note: Simply providing liquidity does not earn Pips. LP tokens must be committed. A 14-day unlock applies, and the multiplier is removed immediately once uncommit is initiated.

Yield tokenization (Pendle)

Season 1 also rewards yield tokenization activity on Pendle.

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.

Tracking your Pips

You can track your Pips in the Rewards tab of the Apyx frontend. The same tab is also where you commit apxUSD and Curve LP tokens to apply the relevant multipliers.

Program integrity and updates

The incentives are designed for long-term participants and genuine users of the protocol, not short-term airdrop behavior with a fast exit. Attempts to exploit, manipulate, or game the system may result in points removal or full disqualification.

For updates, follow us on Twitter and join our Discord.

Summary

Season 1 is simple: deploy capital in ways that deepen apxUSD liquidity and align with the protocol’s long-term growth, and earn Pips based on USD value × multiplier.

As a reminder, if you want the full APYX value-accrual model (fixed supply, tight float, and 50% of monthly reserve growth flowing to stakers with the fee switch on), read our most recent blog post, “APYX Tokenomics: How the Governance Token Accrues Value.”