Rewards
Rewards are campaign incentives for selected activities such as supplying, borrowing, providing collateral, or looping. They are separate from vault interest, so a position can have both a base rate and a reward rate.
Check the eligible action and account, campaign period, funding, reward token, caps, distributor, claim route, and whether the app already includes rewards in APY or ROE. Campaigns can change or end and may require opt-in or a claim.
Merkl campaigns
Merkl is a separate campaign and distribution system. Campaigns define eligible actions and calculate entitlements under their own rules. Verify the network, vault, action, period, methodology, token, caps, and claimable amount with the linked distributor.
rEUL
rEUL is a reward instrument used by selected campaigns, not another name for Merkl rewards. Its vesting, early-redemption, and forfeiture rules are separate from campaign eligibility. See Reward EUL before valuing it.
Rewards in APY and ROE
Campaigns generally report reward APR based on estimated token value and eligible balances. It is not compounded by the EVK vault. Euler's ROE calculation can value eligible supply and borrow rewards and divide their rate contribution by NAV.
Before including rewards, verify eligibility for the address or sub-account, campaign funding and limits, token liquidity and vesting, and whether the displayed rate already includes them. Gas, taxes, token-price changes, and claim or redemption constraints can reduce realized value.
Euler SDK reward actions include LEND, BORROW, BORROW_COLLATERAL, and LOOPING. Eligibility can also depend on collateral, multiplier range, whitelist, or blacklist, so a headline APR may differ from the connected account's rate.