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Earn Merkl rewards on Mento FPMMs (Monad)

The first Mento FPMMs are live on Monad — and you can earn Merkl campaign rewards (paid in USDm) by providing liquidity to the USDC/USDm and GBPm/USDm pools. Campaigns launched on March 12, 2026 (4pm CET) and are expected to run until June 1st, with rewards increasing over time.

This page walks you through getting USDm and GBPm on Monad (or on Celo, then bridging) and adding liquidity to earn.

One important difference between the two campaign pools: GBPm/USDm is an FX-priced pool and inherits FX market-hours restrictions from OracleAdapter -> MarketHoursBreaker, while USDC/USDm is not subject to that specific weekend/holiday gate.

Why provide liquidity on these pools?

  • Oracle-priced FPMMs — Swaps use the fair FX rate; no curve slippage. As an LP you earn swap fees and, for the duration of the campaign, Merkl rewards paid in USDm on top.
  • Two pools, two ways to participate — USDC/USDm (reserve-backed USDm) and GBPm/USDm (CDP-backed GBPm). Pick one or both.
  • Simple path from any chain — Swap into USDm or GBPm on Monad in the Mento app (no bridge needed). If you swap on Celo instead, bridge your Mento stables to Monad via Portal Bridge, then add liquidity in the Mento app.

Step 1: Get USDm and GBPm

USDm (reserve-backed)

USDm is backed by the Mento Reserve. You can get it in two main ways:

Option A — On Monad

  • Go to Mento app (Monad swap).
  • Connect your wallet and select Monad.
  • Swap USDC or AUSD into USDm at the oracle rate (no slippage).

Option B — On Celo, then bridge to Monad

  • On Celo: open Mento app (Celo swap), connect your wallet, and swap into USDm (e.g. USDC → USDm).
  • Bridge USDm (or other assets) from Celo to Monad using Portal Bridge — the recommended way to move Mento stables from Celo to Monad.

If you’re starting on another EVM chain (e.g. Ethereum mainnet), use Squid Router to route to Celo, then swap and/or bridge to Monad as above.

GBPm (CDP-backed)

GBPm is created when users borrow against collateral in a CDP; it is not minted by the Reserve. You can get it in three ways:

Option A — Borrow on Celo

  • Go to Mento app (Celo borrow).
  • Connect your wallet on Celo, select GBPm, and open a trove: deposit USDm as collateral and borrow GBPm.
  • To use that GBPm on Monad, bridge it (and any other assets) via Portal Bridge.

Option B — Swap on Monad

Option C — Swap on Celo, then bridge

Step 2: Add liquidity and earn Merkl rewards

Once you have USDm and/or GBPm (and the other side of the pair) on Monad, add liquidity to the FPMM pools in the Mento app. Your position earns swap fees and, for the campaign period, Merkl rewards.

Pool links (Monad)

Pool Add liquidity (Mento app) Merkl campaign
USDC/USDm Open in Mento app View on Merkl
GBPm/USDm Open in Mento app View on Merkl

Celo pools (for swapping or LP)

  1. Open the pool link above (Mento app, Monad).
  2. Connect your wallet and ensure you’re on Monad.
  3. Enter amounts for both sides of the pair (e.g. USDC and USDm, or GBPm and USDm). The app shows the required ratio.
  4. Confirm. You’re now an LP and will earn swap fees plus Merkl rewards (in USDm) for the campaign period.

Weekend And Holiday Impact

The two campaign pools do not behave the same way on weekends and holidays:

  • USDC/USDm — not subject to the FX market-hours breaker
  • GBPm/USDm — subject to the FX market-hours breaker because it depends on a live GBP/USD-style FX rate

Under the current MarketHoursBreaker, FX is treated as closed:

  • from Friday 21:00 UTC until Sunday 23:00 UTC
  • on Dec 25 and Jan 1
  • after 22:00 UTC on Dec 24 and Dec 31

What This Means In Practice

  • On GBPm/USDm, quotes and swaps are unavailable while FX markets are closed
  • On GBPm/USDm, rebalancing is also unavailable while FX markets are closed
  • On USDC/USDm, this specific FX weekend/holiday restriction does not apply
  • If you already hold both tokens, adding or removing liquidity is not blocked by this FX market-hours gate at the pool level

If you want to enter the GBPm/USDm campaign by swapping into GBPm first, do that while FX markets are open, or wait until the market reopens.

Campaign details

  • Start: March 12, 2026, 4pm CET
  • Expected end: June 1st (rewards increase over time).
  • Pools: USDC/USDm and GBPm/USDm on Monad.
  • Rewards: Paid in USDm and distributed via Merkl for liquidity provision in these FPMM pools. Check the Merkl links above for current APRs and claim instructions.

Quick links

What you need Link
Swap on Celo Mento app (Celo)
Swap on Monad Mento app (Monad)
Borrow GBPm (Celo) Mento app (Celo borrow)
Bridge Celo → Monad portalbridge.com
Route from other EVM (e.g. Ethereum) to Celo app.squidrouter.com
USDC/USDm pool (Monad) Mento app · Merkl
GBPm/USDm pool (Monad) Mento app · Merkl

More: Getting Mento stables · Swap & liquidity · On Celo · Troubleshooting