The Resilience Issue

The Resilience Issue | Week of February 3–9, 2026

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Welcome Back to PIKUP

Welcome to the tenth edition of PIKUP.

Fear & Greed hit 5 this week. Five. Not a typo. FTX-era lows. Last week was bad — Bitcoin below $80K, $650 billion wiped, Black Sunday II. This week was worse. Bitcoin fell another 11%, crashing below $69,000. Ethereum touched $1,875. Over $2 billion in liquidations. The sentiment gauge hit levels not seen since the FTX collapse.

And while all of that was happening, USP went from $1.068012 to $1.070511.

This is the Resilience Issue.

Because resilience isn't about never falling — it's about always getting back up. It's about diversified backing that keeps generating when single-strategy protocols go to zero. It's about a protocol that posted $24,475 in profit during the worst sentiment week since FTX.

This week: USP hits $1.070511 — another all-time high. $6.51M TVL. Nine backing strategies, nine positive returns — the first full week with Neutrl sNUSD in the lineup after Proposal 14 passed unanimously. Plus: the PikuDAO Ambassador Program launches.

Let's get into it.

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Piku Protocol Update

Performance & Stats

• Transparency Dashboard: dune.com/piku_dao

Another week, another all-time high for USP. During the worst sentiment reading since FTX.

7-day APY jumped to 20.20% — up from 17.91% last week. The strongest weekly performance since the early weeks. After last week's storm proved the architecture works under stress, this week proves the architecture compounds through even deeper stress.

30-day APY sits at 15.68% — down from 19.03%. Expected, as the exceptional early weeks continue rolling off the smoothing window. The 7-day tells you what the protocol is doing now. The 30-day tells you the floor is rising.

TVL held at $6.51M — flat from last week. Capital stayed through the crash, stayed through the extended selloff, and stayed through Fear & Greed at 5. That's not momentum-chasing. That's conviction.

USP launched at $1.00. It's now $1.070511. That's +7.05% in pure appreciation — no staking, no lockups, no watching charts at 3am. Just hold. The protocol does the rest.

Governance

Proposal 14 — Passed: Add Neutrl sNUSD to USP Backing Reserve

Proposal 14 passed unanimously this week with 20 votes and 8.88M voting power — all in favor, zero against, zero abstaining.

What Changed:

The DAO voted to add Neutrl's Staked NUSD (sNUSD) to the reserve distribution at 2.5%, funded by reducing the Giza Arma allocation from 10% to 7.5%. The max allowance for both sNUSD and NUSD was set at 10% each — room for the DAO to expand the position in the future.

This is the first RWA-native stablecoin in USP's backing. It's also governance working exactly as designed: propose, vote, execute, measure. You can already see the results in this week's backing table below.

View Proposal 14 on Snapshot →

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USP Backing Distribution

This is the part most protocols hide. We publish it weekly.

Week 6 Performance (Feb 3–9)

Total Backing: $6.51M | Weekly Profit: $24,475.00 | DAO Transfer: $2,447.50

The Resilience Thesis

Nine strategies. Nine positive returns. First full week with the expanded backing lineup after Proposal 14's execution — and every single strategy delivered.

Here's what stood out:

BMMF roared: 24.85% APY — up from 17.87% last week. The Turkish central bank's rate environment continues to fuel FX arbitrage opportunity. This strategy doesn't care if Bitcoin is crashing to $69K or bouncing to $100K. It cares about the Lira-USD spread. Different universe entirely.

Giza Arma Agent surged: 19.66% APY — the AI-powered strategy's strongest week yet, even at a reduced 7.5% allocation after the rebalance. The machine learned something useful during the volatility.

Midas mF-ONE steady: 11.25% APY from a 2.43% allocation. The smaller strategies keep punching above their weight.

Staked Yuzu USD reliable: 10.65% APY. RWA exposure continues to deliver regardless of crypto market conditions.

Neutrl sNUSD's debut week: 3.61% APY from the newest backing strategy. Modest but consistent — exactly what institutional-grade, delta-neutral RWA yield looks like. The DAO voted it in for a reason.

The math that matters: If you held 1,000 USP at the start of the week, it's now worth $2.50 more — automatically, without touching a button. Do that 52 times and you've got consistent annualized yield. No leverage. No impermanent loss. Just resilience.

Don't trust. Verify: Dune Dashboard | DeFiLlama

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Macro Developments

The storm didn't pass. It deepened. Your yield doesn't care.

United States

• Markets Diverged: S&P 500 was essentially flat for the week. Nasdaq posted its worst week since November, hammered by AI disruption fears. But value and small-caps bucked the trend — S&P MidCap 400 (+8.53% YTD) and Russell 2000 (+7.59% YTD) continue to outperform.
• Labor Market Cracking: ADP private payrolls came in at just 22,000 — less than half the 45,000 forecast. Job openings fell to 6.54 million, lowest since September 2020. Initial claims jumped to 231,000 from 209,000. Announced layoffs surged 118% year-over-year. The cracks are widening.
• Manufacturing Revival: ISM Manufacturing PMI hit 52.6 — highest since 2022, up 4.7 points. Services PMI held at 53.8, marking the 19th consecutive month of expansion. The economy isn't uniform — it's rotating.
• Treasuries Rally: Yields declined across most maturities as risk-off sentiment drove capital into safe havens. Bond markets are pricing in what equity markets haven't acknowledged yet.

Europe

• STOXX 600: +1.00% for the week. DAX +0.74%, FTSE 100 +1.43%, CAC 40 +1.81%. European equities quietly outperforming while everyone watches US tech melt down.
• ECB Held at 2.0%: Fifth consecutive hold. But Eurozone inflation decelerated to 1.7% (from 1.9%), with core at 2.2% — lowest since October 2021. Rate cuts are coming.
• Bank of England: Maintained 3.75% but Governor Bailey signaled "scope for some further easing" — possible March cut. Currency markets are repricing.

Japan

• Equities Up: Nikkei +1.75%, TOPIX +3.72% — the bright spot in a rough global week.
• Yen Weakened: To approximately 157 JPY/USD from 154.8. The carry trade environment keeps shifting.
• JGB Yields Elevated: 10-year at ~2.23%, highest since 1997. Japan's post-ZIRP world remains expensive.
• Consumer Pullback: Household spending fell 2.6% YoY in December — sharp reversal from November's +2.9%. Japanese consumers are retrenching.

China

• Markets Down: CSI 300 -1.33%, Shanghai Composite -1.27%, Hang Seng -3.02%. Broad weakness.
• PMI Mixed: Services PMI rose to 52.3, but manufacturing at 50.3 barely holds expansion territory. Official statistics paint an even bleaker picture.
• Structural Headwinds: Provincial GDP target cuts, weak retail, contracting investment. The recovery narrative keeps getting pushed back.

Crypto Markets

Here's where Piku holders can exhale — again.

• Bitcoin: ~$69,100. Down another 11% this week, falling from ~$78K to below $69K. Touched $68,000 mid-week as over $2 billion in positions were liquidated. Down ~45% from the October ATH of $126K. Giving up all post-election gains. Digital asset investment products saw $1.7 billion in outflows — second consecutive week.
• Ethereum: ~$2,050. Hit $1,875 intraday on February 5 — lowest since May. Down roughly 60% from last year's peak. Six consecutive months of negative returns, the longest streak since Bloomberg began tracking. $576 million in ETH liquidations alone.
• Fear & Greed: Hit 5 mid-week. Five. FTX-era lows. Down from last week's already extreme 14. The market isn't just scared — it's in capitulation mode.
• Liquidations: $2.7 billion total. Bitcoin positions worth $1.42 billion wiped. Leveraged longs obliterated across the board.

The takeaway: Bitcoin lost another 11%. Ethereum hit its lowest since May. Fear & Greed dropped to FTX-era levels. $2.7 billion liquidated. And USP generated $24,475 in profit — up 53% from last week's $15,990. Because delta-neutral strategies don't care about direction. They care about spreads, rates, and lending demand. Those didn't crash.

That's not a guarantee. It's architecture.

Looking Ahead

• Feb 12: US CPI release — watch for inflation surprises
• Feb 12: Current Merkl campaigns end — new campaigns incoming
• Feb 19: FOMC minutes — clues on Fed policy direction
• Coming Soon: Ambassador Program onboarding and new partner integrations

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Partner Spotlight: Neutrl (sNUSD)

Institutional-Grade RWA Yield, Now Live in USP Backing

This week we're spotlighting Neutrl — the regulated, delta-neutral RWA protocol that just became the ninth strategy powering USP, after Proposal 14 passed unanimously.

What is Neutrl?

Neutrl's Staked NUSD (sNUSD) is a yield-bearing stablecoin backed by institutional-grade, delta-neutral strategies — including OTC arbitrage and funding rate capture. Think of it as the bridge between traditional finance yields and DeFi composability.

Why Neutrl Matters

1. Delta-Neutral, Institutional-Grade Neutrl generates yield from market-neutral strategies — no directional risk. This week, while Bitcoin dropped 11% and Ethereum hit May lows, sNUSD delivered a steady 3.61% APY. That's the point.

2. Non-Correlated Yield When DeFi yields compress during bear markets, strategies like Neutrl's OTC arbitrage and funding rate capture can thrive on the very volatility that hurts directional protocols. It's a hedge within a hedge.

3. Composable and Liquid sNUSD remains liquid and composable — USP's backing can benefit from sustainable yield generation while preserving flexibility. No lockups. No illiquidity risk.

The Vote

Proposal 14 passed unanimously — 20 votes, 8.88M voting power, 100% in favor. The DAO spoke clearly: RWA-native backing is the direction.

To make room, Giza Arma Agent was reduced from 10% to 7.5% allocation. Despite the smaller position, Giza posted its strongest week yet (19.66% APY). Both strategies are now working in concert.

View Proposal 14 on Snapshot →

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Community Spotlight: Ambassador Program Launch

This Week: We're Recruiting the Next Generation of Piku Advocates

Instead of featuring one creator this week, we're opening the doors to everyone. PikuDAO just launched its Ambassador Program — and if you've been waiting for a way to get more involved, this is it.

What Is the Ambassador Program?

A global network of Piku advocates who create educational content, grow the community, and participate in governance. You become the voice of USP and PikuDAO.

This isn't a paid shill program. It's for believers who want to help build the future of yield-optimized stablecoins.

Who We're Looking For

• Passionate about DeFi and DAOs
• Deep understanding of USP mechanics
• Active on social media (X, YouTube, etc.)
• Engaged in crypto communities
• Ready to educate — not just hype

What You'll Do

Content Creation

• X threads explaining USP mechanics
• Video content (YouTube, TikTok, Shorts)
• Blog posts and deep-dive articles
• Memes that actually educate

Community Building

• Answer questions in Discord/Telegram
• Welcome newcomers
• Host events and AMAs
• Be the friendly face of Piku

Governance Participation

• Vote on proposals
• Explain DAO decisions to the community
• Gather feedback and bring it to the team

Why Now?

Piku is at an inflection point:

• $6.51M TVL — held through Fear & Greed at 5
• USP at $1.070511 — all-time high, mid-capitulation
• 20.20% 7-Day APY + PIKU Airdrop
• Proposal 14 passed — ninth strategy live, RWA exposure expanding
• 4,966 Galxe participants — community growing through the storm
• Real yield. Real growth. Real resilience.

We need advocates who can explain WHY this matters and HOW it works — not just shill a ticker.

How to Apply

"We're looking for passionate advocates to help build the future of yield-optimized stablecoins. If you believe in transparent, community-governed finance, this is for you."

— PikuDAO on X

Read the full announcement thread →

DM @piku_dao or reply to the thread to express interest. Applications reviewed on a rolling basis. Serious inquiries only.

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Regular community spotlights return next week. Tag us @piku_dao with your Piku content — threads, analysis, memes, whatever you've got. The best one each week earns 10,000 Voting Power.

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Active Campaigns & Rewards

Fear & Greed at 5 doesn't pause your rewards. Neither do we.

Merkl Rewards (Pre-TGE)

Current opportunities (as of Feb 9, 2026):

Uniswap LP TVL grew from $322K to $339K — more liquidity providers entering the pool even during the selloff. APR compressed from 124% to 117.80% as depth increases. Healthy growth.

Current campaigns end February 12. As always — when one campaign ends, the next begins. Recurring. Consistent. No gap.

The stack: Hold USP for native yield (20.20% 7-day APY) + Merkl PIKU rewards (59.25% APR) + Galxe loyalty points. Three layers of value from one position.

APRs are dynamic and subject to change. PIKU rewards are Pre-TGE tokens. Campaigns are recurring — when one ends, the next begins.

Galxe Campaign

Status: LIVE — 4,966 participants Rewards: $10,000 worth of $PIKU + $1,000 USDC + surprise rewards Link: app.galxe.com/quest/PikuDAO

Nearly 5,000 people have entered the questline. During the worst sentiment reading since FTX. That's not marketing. That's product-market fit.

View All Piku Opportunities on Merkl

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What's Next

• Feb 12: US CPI release — watch for inflation surprises that could move markets
• Feb 12: Current Merkl campaigns end — new campaigns incoming
• Feb 19: FOMC minutes — clues on Fed policy direction after labor market weakness
• Coming Soon: Ambassador Program onboarding, new partner integrations, and campaign announcements

Stay tuned on X for real-time updates.

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Why Piku? Resilience as a Feature

Last week, the market lost $650 billion. Black Sunday II. Fear & Greed at 14.

This week was worse. Bitcoin fell another 11% to $69K. Ethereum touched $1,875. Fear & Greed hit 5 — FTX-era lows. $2.7 billion liquidated. Digital asset products saw $1.7 billion in outflows.

And USP posted its strongest 7-day APY in weeks. $24,475 in profit — up 53% from last week. Nine strategies, all positive. TVL held. Another all-time high.

That's the thesis in three paragraphs.

Most protocols are built for bull markets. They thrive when ETH is pumping and liquidity is abundant. But when the bear arrives — when yields compress, TVL flees, and narratives collapse — they die.

Remember those 2021 protocols promising 100,000% APY? They're gone. The NFT projects that raised $50M? Most are worth zero. The DeFi farms that relied on token emissions? Dead.

Piku was built differently.

The resilience isn't an accident. It's engineered:

Nine Diversified Strategies

No single point of failure. When one source underperforms, eight others pick up the slack. You're not betting on one protocol's token emissions — you're earning from FX arbitrage, RWA, DeFi lending, and AI agents simultaneously.

Real-World Asset Exposure

Through Neutrl sNUSD and other RWA strategies, USP captures yield that doesn't depend on DeFi hype cycles. When crypto winter hits, delta-neutral strategies keep paying. When DeFi yields compress, OTC arbitrage and funding rate capture often expand.

Transparent Weekly Reporting

You always know exactly where your money is and what it's earning. No black boxes. No "trust us, it's fine." Just verify. Every week. Every strategy. Every dollar.

Community Governance

The protocol adapts. This week, the DAO unanimously voted in Neutrl as the ninth backing strategy. When better strategies emerge, the DAO votes them in. When risks appear, the DAO hedges. You're not locked into a static product — you're part of a living system that evolves.

Sustainable Tokenomics

70% of PIKU supply goes to the community. 40% to USP holders over 8 years. Voting rewards. Staking rewards. No VCs dumping on you. No team allocation rugging the price. Just fair distribution.

The Yield Isn't a Promotion. It's Architecture.

In a world of:

• Declining Treasury yields as risk-off sentiment drives bond rallies
• 0% bank savings accounts
• Negative real returns on most "safe" assets

USP delivers yield without gatekeepers.

No minimums. No KYC for holding. No lock-ups (though longer holds reward more via the Sprout system coming in Root).

This is what financial resilience looks like in 2026:

Not betting on the next 10x. Not timing the market. Not chasing pumps.

Just steady, sustainable, verifiable yield — week after week, cycle after cycle.

Your stablecoins shouldn't be lazy. And they definitely shouldn't be fragile.

Hedge against the machine. But more importantly — hedge against volatility.

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Stay Connected and Hedge against the machine!!

Website | App | Rewards | X (Twitter)

Disclaimer: This newsletter is for informational purposes only and does not constitute financial advice. USP involves risks; please read our documentation and risk disclosures before participating.

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