The APYX Airdrop & Start of Season 2: What You Should Know

On February 27, 2026, we launched the Apyx protocol points program with a simple promise: deploy capital, earn Pips, get airdropped APYX. With only 3 weeks left in Season 1, we want to give current and prospective users an idea of what to expect once the season ends on May 22, 2026.

In this post, we’ll cover what happens when Season 1 ends, what to expect in Season 2 (including a larger allocation than originally planned), and the underlying mechanics that will be powering the APYX governance token at our token generation event (TGE).

If you've been wondering how to prepare for Season 2, this post is for you.

The Conclusion of Season 1

Season 1 Pip balances will be finalized on May 22, 2026, reflecting aggregated daily Pips earned. Participants' balance will determine their share of the 5,000,000 APYX (5% of total supply) allocated to the Season 1 airdrop. From May 22 onward, Pips earned during Season 1 count toward Season 2 under a refreshed multiplier framework. There is no gap.

A few things to know:

Committed Positions Will Remain Committed
apxUSD and LP token commitments don't reset when the season ends. Your 14-day unlock continues to apply. Nothing about your positions changes, only Pip accrual transitions to the new season.

Pendle Positions Transition Automatically
The first Pendle markets mature on June 17, 2026, about four weeks after Season 1 ends. Pendle LP and YT positions will automatically begin earning Season 2 Pips from May 22 onward. New Pendle markets with new maturities will be available before Season 2 begins. Users will need to roll their position when they mature.

Morpho and Curve Positions Transition Seamlessly.
Same deal. Users' positions will keep earning Pips on May 23 and onward as Season 2 Pips.

xStock Points
Given our recent tokenization of STRC into xSTRC, Apyx is on pace to be the largest xStock points holder. Many questions have come from this relating to how the future rewards associated with said points will be distributed. Currently, we intend to sell any rewards earned and distribute them as a 50-50 split between overcollateralizing the Apyx protocol and distributing proceeds back to APYX governance token holders.

Season 2: Earn More & Earn For Longer

Season 2's allocation is set to be  4,000,000 APYX, or 4% of total supply. This represents a  meaningful step-up from what was originally signaled. Combined with Season 1’s 5%, 9% of total APYX is being distributed to early participants, made possible by the fact that we raised zero dollars from VCs. Here are some additional changes that are coming:

A Bigger Allocation Than Originally Planned
We initially scoped Season 2 at a smaller share of supply. As the protocol has seen tremendous growth, the case for rewarding sustained participation has gotten stronger. Apyx is competing for capital against every other yield product in DeFi, and the people who deploy through Season 2 are the people who make the protocol durable. We believe 4% is the right number.

A Season 1 Loyalty Boost
Balances maintained from Season 1 will earn up to a 20% boost on Season 2 Pips accrued. This is balance-based, not Pip-based. What matters is whether your capital is still deployed. There is no minimum threshold. Everyone who keeps their capital earns the boost.

Updated Multipliers
Season 2 keeps the focus on holding apxUSD and apyUSD, as well as providing liquidity through Pendle. We're adding more weight to lending markets, Morpho and similar venues, because that's where apxUSD's reach across DeFi is being built. Exact multipliers will be published ahead of the season’s launch.

Pendle Market Rollover
Current Pendle markets are set to expire on June 18. New markets will be live before then. If you're in the maturing markets, you can roll into the new ones to keep earning under Season 2.

In summary: a bigger reward pool, more time to earn, and a structural advantage for the people who were already here.

APYX Governance Token: How It’ll Work

Everyone keeps asking us, “When APYX token generation event?!” Though we are not ready to share exact timing, know that it is coming soon and when that time comes, the following will happen:

• Airdrop from pips earned will become claimable
• APYX staking will go live
• 50% of monthly reserve growth will flow to APYX stakers from day one

Here's the part that's new: APYX will have a three-token structure at launch. In other words, those who receive APYX will need to decide what kind of yield they’ll want to receive.

Three Tokens, One Fixed Supply

APYX
The base utility and governance token with a fixed supply of 100,000,000. ERC-20, transferable, listed on exchanges. This is what trades. More details on utility and governance later.

xAPYX
This will be a 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
This is a 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.

Both xAPYX and yAPYX are transferable tokens. We plan to integrate both across DeFi as collateral, in lending markets, on Pendle, and elsewhere. In other words, staked positions don’t have to sit idle to keep earning.

Users pick one or the other based on what they want:

• Bullish on APYX appreciation? Stake into xAPYX. Your yield compounds in APYX. If the token does well, your position does very well.
• Want predictable dollar dividends? Stake into yAPYX. Your yield is paid in apxUSD. You're collecting real cash flow, denominated in dollars, on top of your APYX position.

Both vaults have a 7-day cooldown when you want to exit. Thus, stakers commit to a one-week unbonding period in exchange for a share of protocol revenue.

Equal Voting Weight, Either Vault
Whether you stake into xAPYX or yAPYX, your voting weight is the same per APYX. However, note that xAPYX will give compounded voting power as the amount of APYX in the vault grows over time. The choice between vaults is about yield denomination.

Foundation Doesn't Stake, Stakers Get the Yield
More than 50% of total APYX supply at launch is non-staking by design. This includes the Foundation's allocation, undistributed future-season airdrops, and reserved growth allocations. None of this stakes, none of it earns staker rewards.

This is the part that matters: the entire 50% staker share of monthly reserve growth is split among the staking community alone. Fewer hands at the table for the same payout means each staker's slice is materially larger than it would be in a typical DeFi token where the foundation farms its own allocation. Stakers get the yield.

Regarding governance, we plan to publish more info on the governance forum and voting details before the APYX TGE.

What's Next

In the coming weeks, we will provide more information on Season 2 multipliers.

Apyx is built on real cash flow and soon APYX holders can earn that cash flow. The fee switch flips on day one. APYX holders who stake start earning a share of monthly reserve growth from August 1 onward, denominated in whichever asset they chose.

Season 2 starts May 22, and more details on the APYX TGE are coming soon. Stay tuned.

If you're already in Season 1, your positions carry over. Keep your capital deployed and let the multipliers do their work.