Echelon Autumn USDC Campaign

Earn bonus rewards from supplying new USDC

Eligibility

To qualify for Echelon Autumn rewards, participants must meet the following criteria:

1. Asset Type

   • Only net new USDC supplied on Aptos Mainnet is eligible.

   • Other assets supplied are not included.

2. Timeframe

   • Only net USDC supplied after Sept 15, 2025, 13:00 UTC.

   • Net USDC supplied prior to the campaign snapshot will be excluded.

3. Net Supply Requirement

   • Rewards are based on net new USDC supply, which subtracts borrows across all other stablecoins.

     • Example: supply 1,000 USDC, borrow 400 USDT → only 600 USDC earns extra rewards.

   • Campaign rewards will be distributed to users proportional to their time-weighted net supply (TWNS) of USDC

4. Exclusions

   • Attempts to circumvent the net new supply rule will lead to the addresses being ineligible to receive rewards.

Mechanics

• Net Supply: Deposits − Borrows

• TWNS (units: $·seconds): Σ(Net Supply × Time Duration)

• User Share: User TWNS / Total TWNS

• User Rewards (per epoch): Total Epoch Rewards × User Share

• APR (units: %/year): (Total Rewards / Total TWNS) × Seconds_in_Year

  • Derivation: APR = Total Rewards ÷ (Total TWNS / Seconds_in_Year)

Example (epoch length = 1,000 s)

Events

• t=0: Alice deposits 1,000 USDC

• t=100: Bob deposits 2,000 USDC

• t=200: Bob borrows 2,000 USDC

• t=400: Alice deposits 1,000 USDC (Alice total deposits now 2,000)

• t=800: Alice withdraws 1,000 USDC (Alice deposits back to 1,000)

• t=900: Alice borrows 500 USDC (Alice net supply 500)

TWNS

• Alice: 1,000×400 + 2,000×400 + 1,000×100 + 500×100 = 1,350,000

• Bob: 2,000×100 = 200,000

• Total TWNS: 1,550,000

Rewards split (1 APT total):

• Alice: 1,350,000 / 1,550,000 ≈ 87% → 0.87 APT

• Bob: 13% → 0.13 APT

If 1 APT = $4, then: APR = (4 / 1,550,000) × 31,536,000 ≈ 81.38%.