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What it is
Apyx is an onchain yield platform. It takes real-world income, like dividends from preferred stocks and interest from U.S. Treasuries, and turns it into crypto tokens that earn yield while staying usable across DeFi.
It started with “Digital Credit” (dividends from companies like Strategy/MSTR) and is now expanding into Treasury-backed yield too.
The products:
- apxUSD: A stablecoin that doesn’t earn yield. It’s built for liquidity and to be used as collateral, and it’s always overcollateralized.
- apyUSD: Stake apxUSD to get apyUSD, which earns yield from dividends paid by crypto treasury companies like Strategy.
- alqUSD: A plain $1 stablecoin, redeemable 1:1 for USD. It’s the base unit that aptUSD is measured against.
- aptUSD: Earns U.S. Treasury yield. Its value grows over time relative to alqUSD, so it’s basically onchain cash management for idle funds.
Season 1 (finished)
- Allocation: 5% of total APYX supply. Since APYX has a fixed supply of 100,000,000 tokens, that’s 5,000,000 APYX.
Season 2 (live, extended)
- Allocation: 9% now, up from 6%. It was originally 4%. In May, the allocation was raised from 4% to 6% of total supply.
- Season 1 bonus: Season 1 wallets get a +20% boost on Season 2 Pips.
- Multipliers are much higher than in Season 1. One report says they reach 128x for YT-apxUSD and 100x for LP-apxUSD.
- Referrals: 5% of your referrals’ Pips (capped at 100% of your own Pips), plus 1% of referred apxUSD deposits as cash rewards.
A few things to keep in mind before you jump in
First, the timing is tricky right now. Season 2 doesn’t have an end date anymore, but the YT expires in November. If the season keeps going after that, your YT stops earning Pips while everyone else keeps stacking them, and your slice of the airdrop gets smaller. It’s worth waiting until Apyx announces the new end date, or until a pool with a later maturity shows up, before you put in any serious money.
Second, this can go to zero. That’s just how YT works: it’s worth nothing at maturity. The only thing you’re really buying is Pips, so if the APYX you end up getting is worth less than what you paid, you take the loss.
Third, there’s some risk on the protocol side. Apyx pushed the TGE back partly because STRC, the asset behind apxUSD, took a big hit recently. If apxUSD ever slips off its $1 peg, your YT will take a hit too.
And lastly, don’t trust old numbers. Multipliers and allocations have changed quite a few times already, so always check the live figures on the Apyx rewards page and on Pendle instead of relying on older guides or calculators.
How to farm it
In order. Skipping the first step is how people end up ineligible.
You need an EVM wallet (Rabby or MetaMask) with USDC, USDT or ETH on Ethereum mainnet. There's also an apxUSD market on Base if you prefer cheaper gas. Here, best option is apxUSD on Ethereum and holding along will receive pips.
Register (opens in a new tab)If you want to maximixe point exposure before TGE, my best bet is on YT-apxUSD on Ethereum by risking 50 USDC. Please note that Pendle YT comes with a risk, spend only max 50 USDC worth. However, gives you high point exposure when comparing with just holding apxUSD.
Pendle YT (opens in a new tab)Pendle YT can go to zero. That's just how YT works: it's worth nothing at maturity. The only thing you're really buying is Pips, so if the APYX you end up getting is worth less than what you paid, you take the loss.
Apyx airdrop calculator, check your estimated $APYX allocation by pasting your EVM wallet address
Calculator (opens in a new tab)