Incentives

Boros runs PENDLE-denominated reward programs to bootstrap liquidity. There are two distinct incentive surfaces — one for order-book makers and one for AMM liquidity providers. Both can be queried through the Open API; this page describes how each is computed and where to read it.

Maker Incentives (Order Book)

The maker-incentive program rewards traders that place resting limit orders close to the prevailing implied APR. It is split into two tracks per market.

Add-Liquidity Incentive

Distributes a PENDLE budget per hour to makers whose resting size sits within an incentiveRange of the mid-implied APR.

Concept	Meaning
incentiveRange	Symmetric APR distance from mid above which an order stops earning. Long orders below mid - range and short orders above mid + range are out of range.
budgetPerHour	Nominal PENDLE budget for the side per hour.
currentInRangeLiquidity	Sum of in-range YU (notional × time-to-maturity) on that side at the latest hourly snapshot.
currentCappedDistributionPerHour	Actual hourly emission after a per-side liquidity cap is applied (the budget is throttled when liquidity is below a target).
currentEligibleShare	The supplied maker's share of currentInRangeLiquidity at the latest hourly snapshot.
accumulatedReward	Lifetime PENDLE accrued by maker on that side.

Long and short are scored independently — there are separate budgetPerHour, incentiveRange, and currentEligibleShare values for each side. A given account can earn on both at once.

The hourly evaluation means makers must keep their orders resting in-range across the hour boundary; flickering an order through the snapshot does not cause it to count.

Filled-Volume Incentive

Distributes an epoch budget proportional to each maker's filled-as-maker notional during the epoch.

Concept	Meaning
epochTimestamp	Start of the current epoch (Unix seconds, UTC). Epochs are weekly (Monday 00:00 UTC).
totalEpochReward	PENDLE budget for the maker's epoch.
totalMakerVolume	Total notional that was filled-as-maker across all accounts in the epoch.
userMakerVolume	The supplied maker's portion of that volume.
avgRewardPerYu	totalEpochReward / totalMakerVolume — useful for comparing fill density across markets.

The user's share of the epoch reward is approximately userMakerVolume / totalMakerVolume × totalEpochReward.

Reading the Campaign

GET /v1/incentives/maker-incentives/campaigns/{marketId} returns both tracks in one payload. The maker query parameter is optional:

• Without maker: aggregate fields are populated; per-maker fields (currentEligibleShare, accumulatedReward, userMakerVolume) stay at 0. Costs 1 CU.
• With maker: the per-maker lookup is performed. Costs 2 CU.

AMM Incentives

LPs in the AMM accrue two reward streams in parallel:

1. Swap fees — otcFee charged on every taker swap against the AMM, denominated in the market's collateral asset.
2. PENDLE incentives — protocol-funded PENDLE token rewards distributed continuously to LPs.

GET /v1/incentives/amm-incentives reports both streams per user, in USD:

Field	Meaning
accruedAmountInUsd	Total rewards earned to date across all AMMs (claimed + unclaimed).
unclaimedAmountInUsd	Subset of the accrued total still claimable.
perMarket[]	Per-market breakdown — each entry has unclaimedRewards (raw, in collateral units) and allTimeRewards: { pendleRewards, swapFeeRewards } for lifetime totals.

The user parameter is optional — omitting it returns zeros and an empty per-market list (handy for wiring up a UI before a wallet is connected).

How They Compose

The two programs target different liquidity surfaces and don't overlap:

Surface	Earns from
Resting limit orders on the book	Maker incentives (add-liquidity + filled-volume)
AMM LP shares	AMM swap fees + PENDLE LP incentives

A single account can participate in both simultaneously by holding LP tokens and placing resting orders on the same market.

Related Endpoints

• GET /v1/incentives/maker-incentives/campaigns/{marketId}
• GET /v1/incentives/amm-incentives
• GET /v1/accounts/amm-states — per-user LP positions and unclaimed rewards
• GET /v1/amm/states — AMM state, fee rate, implied rate

Related Pages

• AMM Mechanics — How the AMM is priced and how liquidity is added
• Fees — otcFee (paid to LPs) vs takerFee (paid to protocol treasury)
• Order Book Mechanics — Tick semantics, mark rate, mid rate