OKX Wallet USDG Loop bonus campaign ends

OKX Wallet's bonus APY campaign for supplying USDG Loop (PT-USDG-29OCT2026) to Aave ends on October 28, 2026 at 15:00 UTC+8, which is 07:00 UTC. The campaign involves the USDG stablecoin and a Pendle principal token maturing on October 29, and rewards become claimable after the end.

What is happening

OKX Wallet ran a promotional program that offered a bonus APY, capped at 2%, to users who supplied USDG Loop or PT-USDG-29OCT2026 to Aave through the designated OKX Wallet campaign page. Transactions made through Aave or other third-party websites do not qualify. The announced reward pool is 490,000 USDT, and the campaign closes on October 28 at 15:00 UTC+8, with rewards claimable afterward.

Distribution depends on each eligible participant's share of deposits, and the actual payout may be lower than the announced pool. The terms cover the October token only. Eligibility for any rewards on the replacement February token, as well as the expiry of separate OKX Exchange Earn incentives, would require their own terms.

The end of the campaign comes just before the maturity of the Pendle token on October 29. According to OKX Wallet's FAQ, a PT position does not automatically redeem, unwind, renew or roll over at maturity, and promotional PT rewards stop at that point. A new-term subscription depends on product availability.

Why it matters

Leveraged looping strategies on this market depend heavily on incentives. Risk provider LlamaRisk attributes the profitability of participating loop users to external OKX Exchange Earn incentives and says that an end to those incentives would likely encourage users to unwind. A separate Aave proposal would let borrowers roll collateral into a new PT maturing on February 25, 2027, but as of October 10 the replacement token's implied yield of about 2.98% was below quoted borrowing rates for USDT0 (4.12%) and USDC (5.87%), and slightly below USDG at 3.75%.

For holders and traders, the key question is whether extending a leveraged position still makes financial sense once bonus rewards stop. Outcomes depend on the new entry price, actual borrowing costs, leverage, fees and reward eligibility. It is also worth watching whether the proposed Aave configuration and the separate OKX integration are implemented, and how the roughly 59.79 million October PT units supplied as collateral are handled around maturity.

Key details

• Date: October 28, 2026, 15:00 UTC+8 (07:00 UTC)
• Project: OKX Wallet
• Coins: USDG
• Category: Staking
• Status: Confirmed
• Source: CryptoSlate, "Aave's proposed USDG rollover faces higher borrowing costs and uncertain rewards" (https://cryptoslate.com/aaves-proposed-usdg-rollover-faces-higher-borrowing-costs-and-uncertain-rewards/)