API3 Launches Merkl Campaign on Morpho: 3.​65% Fixed APR for wstETH Borrowers

💰 Bold Borrowers Rewarded

By API3
Dec 15, 2025, 5:13 PM
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API3 introduces new incentive campaign on Morpho lending protocol offering 3.​65% fixed APR for USDC borrowers.​

Key Details:

  • Use wstETH as collateral to borrow USDC
  • Maintain health factor below 1.​2 to qualify
  • Campaign runs through Merkl rewards platform
  • Available on Ethereum mainnet

How it works: Borrowers deposit wstETH collateral and take USDC loans while keeping their position's health factor under the 1.​2 threshold to earn the fixed rate.​

This builds on API3's existing Morpho incentives, which previously offered $1k/day for wstETH/USDC borrowing and additional rewards for cbBTC/USDC markets.​

Participate in campaign

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