Incentive program for migrating a Morpho variable rate position to a fixed rate
Selected wallets that migrate an eligible Morpho variable rate USDC position on Ethereum, Base or Arc to a fixed rate, and complete one automatic roll, receive a USDC amount assigned to the wallet in advance, from 10 to 1,000 USDC. The program runs while the pool lasts.
How it works
- Connect your wallet in the Tenor app to see whether it is eligible, which Morpho variable rate markets qualify, your assigned reward and the minimum you need to migrate.
- Migrate your Morpho variable rate position into an eligible term, with auto-roll on, and keep at least your minimum borrowed. Market and limit migrations qualify; a resting limit offer reserves nothing until it fills.
- The condition for the reward is met when the position completes its first automatic roll. A keeper (any third party can act as one) can roll the position within the limits you set; a roll is not guaranteed. The reward is distributed in USDC on Base on the claim date shown in the app, through Merkl, and you claim it from the Rewards menu in the Tenor app.
The rules
| Reward | 10 to 1,000 USDC, assigned in advance to each eligible wallet. One reward per wallet; migrating more does not increase it. |
|---|---|
| Eligibility | Selected wallets and their listed Morpho variable rate USDC markets, from a fixed snapshot allowlist. Check your eligibility in the app. |
| Chain | Positions on Ethereum, Base and Arc qualify. Rewards are paid on Base, whichever chain you migrated on. |
| Eligible terms | Shown in the app. The reward is the same for any eligible term; a later term means a later claim date. |
| Condition | Keep auto-roll on until the first automatic roll, and keep at least your minimum borrowed until then. Rolling by hand before that roll forfeits the reward, and so does an automatic roll that falls back to a variable rate. Liquidation does not itself forfeit the reward. |
| Claim | On the claim date shown in the app, shortly after the term you migrated into matures, through Merkl on Base. Claim from the Rewards menu in the Tenor app. |
| Duration | Started on 28 Sep 2026. No fixed end date: the program runs while the pool lasts, or until Tenor decides to stop it. New reservations close as soon as the pool runs out. |
Example
Suppose the app shows a 50 USDC reward for your wallet. On 25 Oct, you migrate an eligible Morpho variable rate position into the 27 Nov 2026 term with auto-roll on and keep at least your wallet’s minimum borrowed. If pool funds remain, 50 USDC is reserved. If the position completes its first automatic roll on 27 Nov, the condition for that reward is met. The 50 USDC is distributed on Base on Mon 30 Nov, and you claim it from the Rewards menu. Migrating more would not change the 50 USDC. Picking a later eligible term gives the same reward, with a later claim date.
Questions
What counts as a migration?
Using the Migrate action on a Morpho variable rate position in the Tenor app. Repaying manually and borrowing fresh does not count.
How do I know whether my position qualifies?
Check the program page in the app (the Check if you qualify link above). Both your wallet and the Morpho variable rate market you migrate from must be on the allowlist, and the migration must meet your assigned minimum and go into an eligible term.
Which term do I have to pick?
Any term the app marks as eligible. A later term gives the same reward, with a later claim date. Picking a term that is not eligible shows a warning.
Does it have to be USDC?
Yes. Only eligible Morpho variable rate USDC positions qualify, on Ethereum, Base or Arc. Rewards are paid in USDC on Base.
Can I migrate part of a bigger position?
Yes, if you migrate at least your wallet’s minimum. Separate Morpho variable rate positions are not added together. Your reward is assigned in advance, so moving extra debt does not increase it.
Can a limit migration fill in parts?
Yes. Executed fills from the same Morpho variable rate position into the same fixed market can reach your minimum over time. Your place in the pool is set when that minimum is reached. Fills only count while the term is still eligible, so an offer that has not reached your minimum by then needs to move to a later eligible term. Repayments between fills still count against the minimum.
Can I repay or close the position?
Before the first automatic roll, keep at least your minimum borrowed: a repayment that goes below it forfeits the reward. After the first completed roll, you can repay or close without losing the reward. No additional holding period is required.
What if I turn auto-roll off or roll by hand?
Before the first roll, the reward shows as forfeited while auto-roll is off. Turning it back on restores the reservation if the other conditions are still met. Rolling the position by hand before its first automatic roll forfeits the reward. The app keeps warning you about these until your position has actually rolled, including during the renewal window before maturity.
What happens to a forfeited reward?
It does not return to the pool. The pool only counts USDC that has not yet been reserved.
What if my term is no longer shown as eligible after I migrated?
Nothing changes for you. You keep your own term and claim date, and the app keeps showing them.
Where do I see my status?
Portfolio, the program page and the Rewards menu in the Tenor app all show the same status. Reserved means pool funds are set aside. A completed first roll meets the condition for the reward; claiming opens once the Merkl distribution is available. If your term matures without a roll, the status shows as pending final eligibility review.
Terms
Tenor may determine eligibility, change or cancel reservations, and adjust, withhold or forfeit rewards at its sole discretion. Tenor may change, suspend or end the program at any time; migrations already made into an eligible term still count.