Incentive efficiency
What your incentive spend actually bought.
An advertised APR says what a program pays. It does not say what it paid for. We reconstruct each completed incentive window from chain state and report the equity behind the rewarded positions, the leverage on top of it, and the cost per dollar of real capital — every figure with its bound, every withheld figure with its reason.
01
Reconstruct every rewarded position
From the reward distribution and chain state at pinned blocks: what each recipient held, what it borrowed, how close it sat to liquidation.
02
Measure the equity underneath
Separate the capital a program attracted from the leverage stacked on it. A position ten times its equity is a different purchase from one that is all equity.
03
Price it against the field
Annualized spend per dollar of measured equity, beside the same measurement for every other program — the comparison an advertised APR cannot make.
04
Follow the capital after rewards stop
Once a campaign ends, the same recipients are read again: what stayed, what left, and what the incentive rented rather than bought.
Get your program’s report
Reports are private: each program gets its own link, readable only by the people it is sent to.