Rewards Program

The configured reward incentives will be visible to users immediately after setup. Because these incentives can influence trading behavior and price formation within the market, carefully review all details before publishing.

Curators can add a Reward Proxy to enable users to claim rewards based on their LP token holdings.

Using the Curator App

Follow the steps below to add a Reward Proxy to a market:

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Step 1: Preparation

• Access the Curator Dashboard.

• If your account is not verified, complete verification under Verify Your Account.

• If you haven’t created a market yet, follow the steps in Create Market.

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Step 2: Confirm a Reward Proxy Support

Use the checklist below to quickly figure out Rewards Proxy support.

Distribution style	Underlying token	Support	What to do
Linearly streamed	Non-rebasing	✅ Supported	Use a custom reward proxy (e.g., Morpho, Covex)
Linearly streamed	Rebasing	❌ Not supported	—
Airdrop-style	Non-rebasing	⚠️ Indirect	Rewards accrue to the treasury and are then redistributed by the Napier DAO via Merkle campaigns (Pendle-style).
Airdrop-style	Rebasing	⚠️ Indirect	Rewards accrue to the treasury and are then redistributed by the Napier DAO via Merkle campaigns (Pendle-style).

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Step 3: Add a Reward Proxy

Select a Provider

• Choose based on the reward distribution mechanism.

Types
Morpho	Morpho
Euler, Aave, Compound Blue	Merkl
Convex	Convex

Add a reward token address(es)

• Click Reward Program

• Paste ERC-20 reward token address (es)

  • If Merkl distributes COMP: COMP: 0xc00e94Cb662C3520282E6f5717214004A7f26888

  • If Euler distributes EUL via Merkl: EUL: 0xd9fcd98c322942075a5c3860693e9f4f03aae07b

• Add multiple tokens if the protocol pays more than one (e.g., AAVE / COMP / EUL).

Save a configuration

• Click Save to finalize.

The Rewards Proxy automatically distributes rewards to YT, allowing YT holders to claim them just like yield. However, if rewards are paid to the underlying in an airdrop-style distribution, the curator claims them first and they accrue to the treasury. The Napier DAO will then redistribute those rewards later via a Merkle campaign.