Apyx airdrop guide: farm Pips on the first dividend-backed dollar (2026)

Apyx invented a category and then attached an airdrop to it. It is the first Dividend-Backed Dollar (DBD) protocol, turning the roughly 11.5% monthly dividends of Strategy's Nasdaq-listed STRC into on-chain yield, and its Pips points program pays toward a future APYX token with 5% of supply allocated. It is live on Ethereum and Base (Solana coming), and Pendle positions on its pools qualify for Pips. It is also a protocol whose stablecoin has already been tested by a real depeg, which we will cover honestly. Start on Apyx.

Apyx is a protocol built around a single, sharp idea: a high, reliable dividend is just a cash flow, and a cash flow can back a dollar. The dividend in question comes from STRC, a variable-rate perpetual preferred stock issued by Strategy (formerly MicroStrategy), Michael Saylor's company, that pays roughly 11.5% annually in monthly cash. Apyx calls the result a Dividend-Backed Dollar, and it is the first protocol to formalize that category.

The system has three tokens. apxUSD is the stablecoin liquidity layer, the dollar you hold and move. apyUSD is the yield-bearing token that accrues the STRC dividend flow. And APYX is the future governance token, which is what the Pips points are farming toward. If that structure sounds familiar, it is the same shape as Saturn's USDat/sUSDat and the broader STRC-on-chain movement we break down in STRC is eating DeFi : a stable base, a yield-bearing wrapper, and a points program on top.

Apyx is live on Ethereum and Base, with Solana support announced as coming. Deploy on Apyx.

The APYX token is planned, not yet trading, so treat the airdrop as speculative but well-defined. On 27 February 2026 Apyx launched its points program with an explicit promise: deploy capital, earn Pips, get airdropped APYX, with 5% of total APYX supply allocated to the Season 1 Pips campaign. A published allocation and a stated mechanism put this ahead of vaguer pre-token farms.

The mechanics are concrete: you earn Pips by deploying capital into apxUSD and apyUSD, and crucially, Pendle positions on Apyx pools qualify for Pips, which opens the same Yield-Token concentration play that makes STRC farms so efficient. The signal read is genuine: a novel category, a real-world-asset yield backing, a dated points program with a published 5% allocation, and Pendle integration. The counterweight is the risk section below, which is more pointed than usual because this protocol has already been stress-tested in public. Weigh both. Farm it on Apyx.

• Project: Apyx
• Chain: Ethereum and Base (Solana coming)
• Type: First Dividend-Backed Dollar (DBD) protocol, backed by Strategy's STRC (~11.5% dividend)
• Status: Live. Pips points program since 27 February 2026. APYX token planned, not yet live
• Tokens: apxUSD (stablecoin liquidity layer) · apyUSD (yield-bearing) · APYX (future governance)
• Allocation: 5% of total APYX supply to the Season 1 Pips campaign
• Points: deploy capital into apxUSD/apyUSD to earn Pips; Pendle positions on Apyx pools qualify
• Known risk event: apxUSD briefly depegged to ~$0.90 during a Bitcoin selloff (detailed below)
• Related airdrops: Saturn, xStocks, Ethena
• Join: Apyx

Gas is on Ethereum and Base; Base is cheap, Ethereum mainnet is not, so route where it makes sense. Your capital sits in apxUSD or apyUSD, which earn while they farm, so the base carrying cost is low to positive. The Pendle YT is a spent premium that decays to zero, so budget it as active risk capital, not principal. The genuine cost that is unusual here is the peg risk itself: apxUSD is designed to track STRC, so a portion of your "stable" position can lose value in a Bitcoin drawdown, which is a real, demonstrated cost rather than a theoretical one. Start with an amount you would be comfortable holding through a 10% wobble in the backing.

Be clear-eyed, because this is the section that matters most for Apyx. In a Bitcoin selloff, apxUSD briefly slipped below its peg, to around $0.90. The protocol described this as a feature of a dividend-backed design rather than a bug, and there is real logic to that: apxUSD is meant to reflect the value of what backs it, and STRC's value moves, so the token is behaving as designed rather than failing. But the practical lesson for you is blunt: a dollar backed by a preferred stock is only as stable as that preferred stock, and STRC is tied to Strategy, whose fortunes track Bitcoin. This is a higher-yield, higher-volatility dollar, not USDC, and you should size it that way.

On the positive side, Apyx is a real protocol with a novel, coherent design, live on two chains, with a published 5% allocation and a dated points program, which is more transparency than most pre-token projects offer. The other risks are ordinary: smart-contract risk, the Pendle YT decaying to zero, and an unconfirmed final airdrop. Use only the official apyx.fi domain, never approve a blanket token allowance to "claim" anything, and never share your seed phrase. Read how to avoid airdrop scams .

How do Pips work?

Pips are Apyx's points, earned by deploying capital into apxUSD and apyUSD, with Pendle positions on Apyx pools also qualifying. The program launched 27 February 2026 with 5% of total APYX supply allocated to Season 1. The APYX token is not yet live, so treat the conversion as planned but unconfirmed.

What is a Dividend-Backed Dollar?

It is Apyx's category: a dollar backed by the dividend cash flow of a high-yield instrument, in this case Strategy's STRC at ~11.5% annually. apxUSD is the stable layer, apyUSD accrues the dividend. It is the first protocol to formalize this structure.

Why did apxUSD lose its peg?

During a Bitcoin selloff, STRC's value fell, and because apxUSD is designed to reflect its backing, it dipped to around $0.90. The team frames this as intended behaviour for a dividend-backed design. The takeaway is that apxUSD is only as stable as STRC, so it is not a risk-free dollar.

Is there a Pendle angle on Apyx?

Yes, and it is the efficient route. Pendle positions on Apyx pools qualify for Pips, so holding the Yield Token concentrates your dividend exposure and farms Pips harder per dollar, the same mechanic as Saturn's yt-USDat and xStocks' yt-STRCx. Verify the live pool first; YT decays to maturity.

What are related airdrops to farm alongside Apyx?

The STRC cluster: Saturn and xStocks monetize the same STRC yield, so one thesis farms three programs. See STRC is eating DeFi . Browse the airdrops list .

Related: STRC is eating DeFi , Saturn Credit airdrop guide , and the xStocks Pendle method . Full list: browse the airdrops catalog .

Apyx is a novel, published-allocation farm on a genuinely new category, with a peg risk you should respect rather than ignore. Join airdropSEA, mint apxUSD on Apyx, size it for the wobble, and farm the STRC thesis across three protocols at once.

Research, not financial advice. apxUSD is backed by STRC and can depeg; yield tokens decay to maturity. Web3 carries risk, do your own diligence.