Merkl — Staking Pools & DeFi Yield

Explore all yield opportunities on Merkl — 100 active pools across 5 blockchains with a combined TVL of $8.60B. Find the best Merkl pool for your risk profile and start earning passive DeFi income today.

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Protocol Overview

Total Pools

100

Total TVL

$8.60B

Best APY

20.01%

Chains

Stable Pools

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Top Merkl Pools

The table below shows up to 20 of Merkl's highest-TVL pools. Click any pool for its full APY history, risk analysis, and step-by-step staking guide.

Pool	Chain	APY	TVL	Tags
USDC	Ethereum	0.21%	$964.91M	Stable
USDE	Ethereum	3.08%	$623.96M	Stable
USDT	Ethereum	0.34%	$471.89M	Stable
USDC	Ethereum	0.34%	$369.86M	Stable
PYUSD	Ethereum	0.31%	$354.88M	Stable
SENPYUSD	Ethereum	0.31%	$303.82M	Stable
USDT	Ethereum	0.37%	$267.81M	Stable
PYUSD	Ethereum	0.59%	$235.79M	Stable
RLUSD	Ethereum	2.18%	$211.72M	Stable
USDC	Base	1.00%	$199.64M	Stable
STEAKUSDC	Ethereum	0.18%	$189.85M	Stable
SENPYUSD	Ethereum	0.59%	$185.43M	Stable
SENPYUSDMAIN	Ethereum	4.40%	$185.16M	Stable
SENPYUSDMAIN	Ethereum	0.59%	$185.16M	Stable
USDT	Ethereum	0.25%	$135.79M	Stable
USDC	Base	0.00%	$127.89M	Stable
USDC	Ethereum	0.18%	$125.43M	Stable
AVUSD	Avalanche	0.00%	$122.00M	Stable
USDC	Ethereum	0.34%	$118.61M	Stable
USDC	Ethereum	0.18%	$117.69M	Stable

View all 100 Merkl pools →

About Merkl

Merkl is a decentralized finance protocol operating across 5 blockchains including Ethereum, Base, Avalanche. The protocol enables crypto holders to earn yield through automated smart contracts — no custodians, no KYC, and full transparency via on-chain data.

With $8.60B in total TVL across 100 pools, Merkl represents a significant segment of the DeFi yield landscape. Users interact directly with the protocol's smart contracts via any compatible Web3 wallet, maintaining full custody of their assets throughout.

How Merkl Generates Yield

Merkl creates yield for depositors through primarily stablecoin-focused pool mechanics. Yield sources include trading fees from every swap routed through liquidity pools, interest paid by borrowers in lending markets, and protocol incentive distributions to attract and retain liquidity. The specific yield source varies by pool — check each pool's APY breakdown (Base APY vs. Reward APY) to understand where the yield comes from.

Base APY represents sustainable fee income; Reward APY comes from token incentives that can change as protocol programs evolve. For long-term positions, prioritize pools with strong base APY. For short-term yield farming, high-reward-APY pools can be lucrative if entered and exited strategically before incentive programs wind down.

Merkl Across Blockchains

Merkl is deployed on 5 chains: Ethereum, Base, Avalanche, Monad, Hyperliquid L1. Each deployment offers different pools, liquidity levels, and gas costs. The Ethereum mainnet deployment has the deepest liquidity but higher gas costs. Layer 2 deployments offer similar opportunities with significantly lower transaction costs. Choose the chain that best matches your position size and fee tolerance.

Security & Risk Profile

Before depositing into any Merkl pool, assess the specific risks. Pools with the IL tag involve multi-asset positions where price divergence can reduce your effective return. Pools with the Stable tag use stablecoin assets, minimizing price volatility risk on your principal. All DeFi pools carry inherent smart contract risk — verify Merkl's audit status from their official documentation before depositing large amounts.

Merkl Pool Risk Summary
Pool Type	APY Range	IL Risk	Recommended For
Stablecoin pools	3–15% typical	None	Conservative yield, capital preservation
Single-asset pools	Varies	None	Yield on existing holdings without ratio risk
Multi-asset AMM pools	Higher	Moderate–High	Active yield farmers comfortable with IL

How to Use Merkl Effectively

To maximize returns on Merkl: start with pools that have high TVL (lower exit slippage), check whether APY is fee-based or emission-based, and review the protocol's incentive program timeline. For multi-asset pools, calculate your expected IL at various price scenarios before committing — many DeFi calculators are available online for this purpose.

For tax purposes, each reward claim from Merkl pools is typically a taxable event in most jurisdictions. Keep records of your deposits, withdrawals, and reward harvests with timestamps and USD values at the time of each transaction.

Frequently Asked Questions

What is Merkl?

Merkl is a DeFi protocol offering 100 yield pools across 5 blockchain networks. It enables crypto holders to earn passive yield through stablecoin pools, liquidity provision, and protocol incentives. Total TVL across all Merkl pools is $8.60B.

What is the best APY on Merkl?

The highest current APY on Merkl tracked by APY Hub is 20.01%. Rates vary by pool and change daily based on utilization, trading volume, and incentive programs. Browse all Merkl pools sorted by APY to find the current best opportunity.

How do I stake on Merkl?

To start earning on Merkl: acquire the required tokens from an exchange, set up a Ethereum wallet, visit the official Merkl app, connect your wallet, select a pool, and deposit. Your yield begins accruing immediately with no lockup period in most pools.

Is Merkl audited and safe?

Most established DeFi protocols like Merkl conduct regular security audits. Verify audit status on the official Merkl documentation or their GitHub repository. The protocol's TVL of $8.60B indicates significant user trust, but always check audits and never invest more than you can afford to lose.

On which blockchains does Merkl operate?

Merkl is deployed on Ethereum, Base, Avalanche, Monad, Hyperliquid L1. Cross-chain deployments allow users to access Merkl pools on the chain with the most suitable fees and liquidity for their needs.

Merkl Tokens Available on These Exchanges