Season 2 Is Here: Official Airdrop Date, New Multipliers, Loyalty Boost, & Even More $APYX To Earn
When we launched the Apyx Pips program in March 2026, we made a simple promise: deploy capital, earn Pips, get airdropped APYX. Season 1 delivered on that promise, with 5% of the APYX token supply allocated to early participants. Now Season 2 begins, and in a rare move for DeFi, the reward pool is getting larger, not smaller. Season 2 allocates 6% of total APYX supply to participants, making it even larger than Season 1.
This post breaks down exactly how to earn, the refreshed multipliers, the Season 1 loyalty boost, and what comes next as the APYX token generation event (TGE) and airdrop takes place on October 13, just ~7 months after launch. If you participated in Season 1, your positions carry over with no gap. If you are new, this is the map of every way to earn in Season 2.
Giving Away 6% of The APYX Supply
Season 2 allocates 6,000,000 APYX, 6% of total supply, to participants. Combined with the 5% distributed in Season 1, that means 11% of all APYX supply is being distributed directly to early users of the protocol. That is unusually high for DeFi, especially considering Apyx will reach TGE just ~7 months after launch.
Most protocols spend years raising venture capital, selling discounted allocations, and using token incentives to rent TVL before the community ever has a meaningful opportunity to participate. Apyx took a different path.
The protocol raised zero dollars from venture capital. There is no investor cap table waiting to be made whole. No private round sitting ahead of users. No VC unlock schedule creating future sell pressure. No token side deals used to temporarily attract liquidity to the protocol.
The growth of Apyx came from users who believed in the idea of onchain digital credit yield and deployed capital accordingly. That is the entire reason an 11% community allocation is even possible. It is also the reason Season 2 became larger rather than smaller. The protocol grew, the conviction behind rewarding the community grew with it, and there were no outside investors standing in the way of making that decision.
How Season 2 Works
The mechanic is unchanged in spirit. Pips accrue daily, based on the USD value of your eligible positions multiplied by the relevant multiplier:
Pips = USD value of eligible position × multiplier, accrued daily
Pips earned in Season 1 carry forward and continue to count. From May 23 onward, accrual transitions to the Season 2 multipliers below. Your Season 2 Pip balance determines your share of the 6,000,000 APYX Season 2 allocation.
Season 2 keeps the focus where it has always been: holding apxUSD and apyUSD, providing liquidity through Pendle and Curve, and putting apxUSD to work across lending markets. The multipliers have been refreshed and rescaled, and lending carries real weight now because that is where apxUSD's reach across DeFi is being built.
The Season 1 Loyalty Boost
If you participated in Season 1, every Pip you earn in Season 2 is boosted by 20%. There is no minimum threshold, nothing to claim, and no extra step. If you held a position during Season 1, you are in.
Here is how it works. We take the set of wallets that were active in Season 1 and apply a 1.2x rate to every Pip those wallets earn in Season 2. A Season 1 wallet earning Pips through holding, Pendle, Curve, or lending earns them at 1.2x across the board. Everyone else earns at the standard rate. The boost is applied automatically at the wallet level, so there is nothing for you to track or activate.
This is our way of saying thank you to the people who showed up first. Season 1 participants took a position in the protocol when it was newer and smaller, and that early support is a meaningful part of why Season 2 is bigger. The boost makes that explicit. The earlier you were here, the more every Season 2 Pip is worth to you.
If you were not part of Season 1, none of the Season 2 earning opportunities below are diminished for you. The full multiplier set is open to everyone. The boost is simply an additional thank you layered on top for the wallets that were already here.
How To Earn Pips in Season 2
There are four core categories. You can stack across them, and a position can earn in more than one category at once.
Holding
The simplest way to earn, and apxUSD carries the highest weight of any hold position in the program.
- Hold apxUSD: 40x (includes apxUSD supplied to supported lending markets)
- Hold apyUSD: 4x
- Commit apxUSD: 80x
- Hold senior Royco apyUSD: 4x
- Hold junior Royco apyUSD: 4x
Curve liquidity
Providing liquidity earns a premium over simply holding, in exchange for taking on LP risk. Both pools pay more per dollar than they did in Season 1.
- Curve apxUSD/USDC LP: 60x
- Curve apxUSD/apyUSD LP: 24x
Pendle
The highest multipliers in the program. Yield tokens carry the most weight, with liquidity provision close behind.
- YT apxUSD: 128x
- LP apxUSD: 100x
- YT apyUSD: 52x
- LP apyUSD: 32x
- YT senior Royco apyUSD: 52x
- LP senior Royco apyUSD: 32x
- YT junior Royco apyUSD: 52x
- LP junior Royco apyUSD: 32x
Lending and borrowing
Borrowing against your position earns Pips across supported lending venues. Note that on these markets it is the borrow side that earns, supplying assets to a lending market on its own does not. The one exception is the supported vault, where deposits earn at a base rate.
- Borrow on Morpho, all markets: 12x
- Borrow on Silo: 12x
- Future lending markets, as integrated through the season: 12x
- Supported vault deposit: 4x
What Changed From Season 1
If you were here for Season 1, the short version:
- Bigger Numbers, Same Logic: Multipliers were rescaled across the board. Holding apxUSD and Pendle yield tokens remain the highest-weight activities.
- Liquidity Pays More: Both Curve pools earn more per dollar than they did last season.
- Lending Is Now Weighted: Borrowing across supported venues earns Pips, reflecting where apxUSD is going across DeFi.
- Royco Tranches Are Included: Senior and junior Royco apyUSD positions earn alongside native apyUSD activity.
- The Season 1 Loyalty Boost Is New: Up to 20% on Season 2 Pips for everyone who kept capital deployed through Season 1.
- Even More APYX Than Before: In Season 1, we allocated 4% of total APYX supply to the upcoming airdrop. In Season 2, we bumped it up to 6%.
Season 2 Timeline
Season 2 begins May 23, Ends October 11
There is no gap between seasons. Season 1 Pip balances are finalized at the close of Season 1, and accrual moves to the Season 2 multipliers immediately.
Pendle Positions Roll
The current Pendle markets mature shortly after the season change. New markets will be live before then. If you are in a maturing market, roll into the new one to keep earning under Season 2.
Curve and Lending Positions Transition Seamlessly
There is nothing to do. Your positions keep earning, now under the Season 2 multipliers.
APYX TGE & Airdrop on October 13
The APYX governance token, which will open the door to xAPYX and yAPYX as outlined in our latest blog post, will TGE on October 13 with an airdrop to Season 1 & Season 2 participants taking place same day.
- xAPYX (Staking Vault): Users deposit APYX and receive xAPYX. The vault buys APYX with 50% of the staker share of protocol revenue and feeds it back into the vault. The xAPYX exchange rate appreciates over time against unstaked APYX, meaning your yield is denominated in APYX. When users unstake, they’ll get back more APYX than deposited as the protocol generates revenue.
- yAPYX (Dividend-Bearing Staking Vault): Users deposit APYX and receive yAPYX. The vault accumulates apxUSD as protocol revenue accrues, and that apxUSD is paid out to yAPYX holders as dividends. yAPYX is the natural extension of what Apyx already is, a dividend-backed protocol. Users stake APYX and collect dividends in apxUSD.
Track Your Pips
You can track your Pips in the Rewards tab of the Apyx app. The same tab is where you manage the positions that apply the relevant multipliers.
A reminder that has been held since the first day of this program: attempts to exploit, manipulate, or game the system may result in points removal or full disqualification. The program is designed for people supporting the protocol over time, and the loyalty boost is built around exactly that principle.
Summary
Season 2 is a larger reward pool than Season 1, refreshed multipliers that reward liquidity and lending more than ever, and a structural advantage for the people who were already here.
6% of total APYX supply is being distributed in Season 2 alone, bringing total community distribution across Seasons 1 and 2 to 11% of supply before TGE.
Deploy capital in the ways that deepen apxUSD’s reach across DeFi, keep it deployed, and let the multipliers work.
For updates, follow us on Twitter and join the Apyx Discord.