Make Base the best place
to put capital to work.

Sources: the historical scorecard (campaign scorecard), the live Telegram observations and follow-up corrections (partner conversations and follow-up notes), the October 18 partner-attribution report and the October 22 verified analysis. Enso routes for Oku, Kyo and Nami; Spire and BaiBai are one partner; 1inch’s dApp and Wallet share a campaign. The source archive includes additional campaigns outside this presentation’s selected scope.

Volume counts each stock involved in a swap, so a stock-to-stock trade counts both sides. These are historical gross-volume tables; the main deck now shows post-campaign claimant return. A weekly trader is a distinct wallet with at least one priced buy, sell or swap through the app that week. Glider can trade automatically when portfolios rebalance. Another $2.989bn of total volume cannot be linked to an app and is excluded from campaign results. The campaign analysis has the full table of 29 apps, including Aerodrome, GMGN and Relay, which were outside the program.

Eligibility here checks dates and stocks, but not whether customers met any holding requirement. App data includes eligible purchases missing from partner feeds. For Jumper, that adds 7,261 records ($993,915, 4,304 wallets), which changes the acquisition-cost calculation. Across the ten measured apps, 9,156 distinct wallets made eligible purchases; 374 used more than one app. A transaction between two 1inch trading wallets creates two wallet records, with the value split between them.

*Configured budgets can differ from agreed funding. Subtracting allocations and refunds does not prove how much funding is available. 1inch’s original agreement was $25k; its two campaign IDs are configured at $43,837.99. Allocated and claimed amounts come from the October 25 reward records. “Claimed” is Merkl’s reported amount; it is not a set of onchain transfers traced to each campaign. Creator refunds and bookkeeping entries are excluded. Jumper and KyberSwap include rewards published after October 21 whose earning periods cannot be identified in the saved data. Spire/BaiBai has no published cashback rewards yet and is excluded. The snapshot excludes 1inch E4, subsequently settled at $24,892.68 after prior-reward offsets. Current published 1inch awards total $56,980.35 across three IDs; see current trading results. Bankr’s eight LP campaigns appear on the next slide.

Feel’s rewards are recorded in token units. Dollar values use the agreed closing-price file. A second payment of up to $8,656.96 for 82 holders at campaign close depends on the November 5 check. These balances show rewards for each program; they do not measure cashback acquisition cost or retention.

The latest available reward records were collected October 21; individual campaign records have different dates. Child campaigns are included in their parent totals to avoid double counting. These balances measure participant rewards, not new capital or trading-cashback results.

Covers the first three reward periods ending October 5, or each app’s earlier end. Customers are counted by wallet, including eligible wallets that earned no reward. A missing payment record does not mean zero acquisition cost.

Follow-up starts at each wallet’s first eligible campaign purchase (day 0). A return means another trade on a later UTC date within the window. History starts July 29; complete days end October 21, 00:00 UTC. At this historical cutoff the largest three apps lacked post-campaign follow-up. The October 28 campaign analysis now measures their seven-day return; its claimant population differs from these older first-use tables. The October 18–24 app totals mix campaign and post-campaign days, and 1inch’s same-app export ends October 19. These results do not show whether incentives caused customers to join or return. Wallets may also earn through other programs after an app’s campaign ends.

Feel’s 309 stock-and-wallet entries match the participant reward records exactly; the dollar amounts use agreed October 20 cutoff prices, not later market valuation. Beefy, Revert, Bankr LP, Superform, Pendle and Tau/IPOR allocations are in the accounting appendix.

Public templates define campaign settings; they do not show that Base campaign creation is automated. On October 20, Merkl said the volume work was manual/custom and proposed an integration built by a developer. Peter and Merkl need to confirm the cashback and competition rules, which code will run them, and which settings it supports. Sources: Merkl research, template-mapping.json, raw/.

Measure how many customers see the campaign, activate it, qualify, have rewards available, claim and return. Also track time from agreed inputs to launch, reused and new components, manual work between teams, data delays, support cases and differences in reported totals. Sources: Base partner rewards plan; partner conversation summary; Merkl research.

• Product directionOctober 29 XPR sync and supplied trader / Black prototypes: standard trader analytics, a limited partner portal and Black application / benefits in Q4. October 26 AGM/Kunal and October 28 Dashboard discussions; Paige’s October 29 direction on the opening vision, Q4 partner dashboard, Q1 shared-activity discovery and Spindl as a later operator option.
• Current campaign resultsSaved October 28 reward balances (~00:40 UTC) and campaign analysis (01:01 UTC). Seven-day return: October 19 16:00 to October 26 16:00 UTC. The newer stock export has not replaced campaign and claimant joins.
• Incentive feedbackOctober 27 call: AGM relays Jesse’s feedback on weak channel outcomes, spending and getting people trading. The presentation’s interpretation is supported separately from attributed remarks.
• BackpackOctober 21 campaign: volume thresholds, multiple boxes, guaranteed stock rewards and published odds. Campaign rules.
• Shared loyaltyNectar collector rules and oneworld benefits, reviewed October 29: partner earning and status recognition.
• Embedded loyalty researchOctober 29 comparison of LoyaltyLion, Smile, Rivo, Yotpo, Stamped, Antavo, Open Loyalty, Talon.One and Voucherify. API/component, configuration and lifecycle patterns inform the appendix.
• Partner and implementation contextPartner conversations through October 28; Base partner rewards and portal specifications; FOMO and Zerion pilot work. Paige’s October 29 correction sets the FOMO presentation offer to 2× creator rewards paid in tokenized stocks. Example interfaces use illustrative balances.
• MerklSupported campaign calculations and distribution. Encompassing documentation. Earlier evidence tables retain their original dates.