PIKUP Vol. 13: The Scaling Issue

Week of February 24 – March 2, 2026

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Welcome Back to PIKUP

Welcome to the thirteenth edition of PIKUP.

Fear & Greed reads 11. Up from 8 last week. Still Extreme Fear — but the market took a breath. Bitcoin climbed back toward $70,000. Ethereum crossed back above $2,000. A five-week institutional outflow streak in BTC ETFs snapped with $787M flooding back in. The doom-staring turned into cautious watching.

And Piku's TVL doubled.

This is the Scaling Issue.

Not doubling as hyperbole. Doubling as a verifiable on-chain fact. USP total supply went from 7,039,466 to 13,620,696 — 93.5% growth in a single week. TVL went from $7.56M to $14.65M. $7.09M in new capital. The largest single-week inflow in protocol history. More capital entered this week than in every previous week combined.

USP now lives across the DeFi stack. Pendle. Yield markets — PT, YT, LP. Morpho. $3.52M vault, live lending market, 90.62% utilization. Uniswap V4. Deepest USP liquidity pool on-chain. Eight simultaneous Merkl campaigns distributing pre-TGE PIKU to every position — USP holding, sPIKU staking, Uniswap V4 LP, Morpho vault supply, Morpho borrow, Delegator voting, Pendle LP, Pendle YT. Three proposals passed unanimously. The third added PayPal's PYUSD and Agora's AUSD to backing allowance — passed and executed.

USP at $1.07555 — another all-time high. Week 9. Nine strategies. Nine positive returns.

Let's get into it.

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Piku Protocol Update

Performance & Stats

Transparency Dashboard: dune.com/piku_dao

The 7-day APY reads 6.33%. Let's address that first. BMMF — the 65.58% allocation — delivered 10.52% APY this week, a strong performance. But when TVL nearly doubles mid-week, new capital enters at lower accumulated yield, diluting the rolling 7-day calculation. The protocol grew faster than the short-term window can capture. That's a good problem to have.

The 30-day APY at 9.64% tells the sustained story. Consistent, compounding annualized yield on a stablecoin, maintained across nine consecutive weeks of all-positive returns.

USP moved from $1.073409 to $1.074977 during the measured week (23/02-02/03) — a $0.001568 gain per token. $1.57 on every 1,000 USP. Quiet. Consistent. Automatic.

But the headline isn't the weekly price move. It's the scale. Total supply went from 7.04M to 13.62M USP in a single week. 93.5% supply growth. 6.58 million new USP minted. During a bear market. During Fear & Greed in single digits. During Bitcoin's worst sustained drawdown since FTX.

TVL: $14.65M. Up from $7.56M last week. $7.09M in new capital — the largest single-week inflow in PikuDAO history by a significant margin. More capital entered this week than in all previous weeks combined.

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Governance

Three Proposals Passed. All Executed. The DAO at Full Velocity.

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Proposal 18 — Passed: Morpho Integration — Update USP Holding Incentive Allocation

The Morpho integration is live. USP is now collateral in the Alpha USDC Forex V2 lending market on Morpho. PIKU incentive restructure:

View Proposal 18 on Snapshot →

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Proposal 19 — Passed: Add Upshift earnAUSD Vault to USP Backing Reserve Distribution

The DAO voted to add the Upshift earnAUSD Vault to USP's active backing distribution at a 5% target allocation. Upshift vaults systematically allocate stablecoins across vetted DeFi yield strategies — lending, basis trades, structured allocations — providing diversified, risk-adjusted returns on AUSD. The integration replaces Cap stcUSD and Midas mAPOLLO.

After Proposal 19 — Target Distribution:

View Proposal 19 on Snapshot →

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Proposal 20 — Passed & Executed: Add AUSD and PYUSD to USP Reserve Backing Maximum Allowance

This proposal authorized the possibility — and it's now executed. PYUSD (PayPal's stablecoin) and AUSD (Agora Finance) are added to USP's maximum allowance framework, each capped at 10%. Both are fully backed, widely recognized stablecoins. Expanding the eligible backing universe opens two additional yield surfaces for USP — and two additional airdrop eligibility windows. Since PYUSD and AUSD are USD-pegged, any allocation not yet deployed into active yield strategies is held in the DAO treasury wallet, preserving capital stability while the DAO governs future deployment through separate proposals.

View Proposal 20 on Snapshot →

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USP Backing Distribution

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

Week 9 Performance (Feb 23 – Mar 2)

Total Backing: ~$13.43M (end of week) | Weekly Profit: $15,515.09 | DAO Transfer: $1,551.51

The Scale Week

Last week: $13,312. This week: $15,515.09. Up 16.5%. But the profit number isn't the story this week — the scale is.

BMMF delivered. 10.52% APY on a 65.58% allocation. $12,302 in absolute profit — 79.3% of total weekly returns from a single strategy. When Turkish rate dynamics are favorable and FX spreads are wide, BMMF is the engine. It ran well this week.

Staked Neutrl USD (sNUSD) at 9.80% — its best performance in the tracking period. $460 in profit from a 2.46% allocation. The RWA-native strategy is maturing into a reliable double-digit contributor.

Upshift earnAUSD joins the backing. First week live following Proposal 19 — with only three days of active returns captured in this reporting period. 3.16% APY as a baseline as the vault deploys across its diversified yield strategies. Watch this one develop over the coming weeks.

Eight strategies. Eight positive returns. Nine consecutive positive weeks. The diversification is doing exactly what it was designed to do.

A note on APY divergence: the backing CSV shows 7.91% weekly APY while the app's 7-day rolling figure reads 6.33%. Both are accurate. The massive capital inflow mid-week dilutes the rolling calculation — new capital entering late in the cycle hasn't yet accumulated a full week of yield. The 30-day APY (9.64%) captures the truer sustained performance.

The math that matters: if you held 1,000 USP at the start of the week, it's worth $1.57 more. Quiet week for the price diff. Still compounding. Always.

Don't trust. Verify: Dune Dashboard | DeFiLlama

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Macro Developments

Stagflation data. Treasury yields below 4%. Crypto recovering. USP supply doubled. The world keeps sending mixed signals — the protocol keeps sending one.

Source: T. Rowe Price Global Markets Weekly Update

United States

• Markets Declined: Dow Jones -1.31%, S&P 500 -0.44%, Nasdaq -0.96%. Equities found no catalyst to reverse the multi-week trend.
• PPI Re-Accelerated: January PPI rose 0.5% month-over-month (vs. 0.3% expected), 2.9% annually. Producer-side inflation running hotter than forecast — adding to the stagflation narrative.
• 10-Year Treasury Below 4%: First time since November. A flight-to-safety rotation — not a Fed pivot signal, but a risk-off positioning move.
• Factory Orders -0.7%: December factory orders declined. Demand weakening while supply-side costs rise. Stagflation in the data, not just the commentary.
• Consumer Confidence: 91.2 — up 2.2 points but remains well below the four-year peak of 112.8 from November 2024.
• Jobless Claims: 212,000 — labor market holding for now.

Europe

• STOXX 600 +0.52%: European equities outperforming US for the second consecutive week. Italy FTSE MIB +1.59%, France CAC 40 +0.77%, UK FTSE 100 +2.06%.
• German Business Confidence at 88.6: Highest since summer — an early forward signal for European industry.
• Bank of England Signals Three Rate Cuts in 2026: Monetary policy diverging from the US. The BoE is moving toward easing while the Fed sits still.
• Inflation Cooperative: Germany 1.9%, France 1.1%, Spain 2.5%. Broadly below target, giving the ECB and BoE room to act.

Japan

• Nikkei +3.56%, TOPIX +3.42%: Japan outperforming global equities for the second consecutive week. Record highs.
• BOJ Signals Rate Hike Reviews: March and April meetings flagged for normalization consideration. Japan's monetary path is moving opposite to the US.
• Yen at 156 JPY/USD: Weaker yen supporting export earnings and complicating BOJ timing.
• Tokyo CPI 1.8% YoY: Beat the 1.7% estimate — the inflation case for normalization is building.

China

• Markets Reopened Post-Lunar New Year: CSI 300 +1.08%, Shanghai +1.98%, Hang Seng +0.82%. A relief bounce as liquidity returned.
• Tourism Spending: 803.5B Yuan: Up 126.5B yuan from 2025 levels — domestic consumption present.
• PBOC Cut Forex Risk Reserve to Zero: Reduced friction in capital flows — a softening of currency defense posture.

Crypto Markets

The first signs of recovery after three consecutive weeks of single-digit Fear & Greed.

• Bitcoin: ~$70,000. Recovered from the $64,000 range earlier in the period — a significant weekly bounce. Down ~44% from its $126,000 peak but showing the first meaningful recovery in weeks. (CoinDesk)
• Ethereum: ~$2,049. Crossed back above $2,000 after spending three consecutive weeks below. The psychological threshold reclaimed. (CoinDesk)
• Fear & Greed: 11. Up from 8 last week. Still Extreme Fear — but the trend reversed for the first time since early January. (alternative.me)
• ETF Flows: After five consecutive weeks of net outflows totaling ~$4 billion — the longest losing streak since February 2025 — Bitcoin ETFs snapped the streak with an estimated $787.3M in net inflows this week. February 26 alone saw $254.4M net positive, driven by IBIT (+$275.8M) and BITB (+$69M). March 2 added $458.2M, led by IBIT (+$263.2M) and FBTC (+$94.8M). Total ETF AUM: ~$89B, down from $110.9B a month prior — but the direction reversed. (The Block | ainvest)

The takeaway: Bitcoin crossed $70,000. Ethereum crossed $2,000. Fear & Greed ticked up for the first time in weeks. A five-week institutional outflow streak reversed in a single week with $787M flowing back in. A recovery is beginning. And USP's TVL doubled during the same week — meaning conviction capital arrived before the recovery, not because of it. The people who moved into yield-bearing stablecoins this week weren't chasing a rally. They were positioning ahead of one.

That's not marketing. That's math.

Looking Ahead

• Proposal 20: Passed & executed — AUSD and PYUSD now authorized as eligible backing assets
• March 17-18: FOMC Meeting — stagflation data will dominate the conversation
• Ongoing: Ambassador Program outreach to first candidates
• Ongoing: Morpho market growing, Pendle market deepening, Galxe Season 2 active

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Partner Spotlight: Morpho

USP as Collateral. A Live Lending Market. And the Loop That Changes the Math.

Morpho is live with USP. This week we go deep — what Morpho actually is, how the Alpha USDC Forex V2 market works, and the mint-borrow loop that lets sophisticated users amplify their yield exposure without selling a single token.

What Is Morpho?

Morpho is one of DeFi's leading lending infrastructure protocols. Unlike Aave or Compound — where all assets share a common pool with uniform risk parameters — Morpho enables the creation of isolated lending markets. Each market has its own collateral asset, borrow asset, liquidation parameters, and curator.

This isolation is the key design choice. When you lend or borrow in a Morpho market, your exposure is scoped to that specific market. If a collateral asset in another market goes sideways, it doesn't affect you. The risk is contained, not pooled.

The Alpha USDC Forex V2 vault is curated by Alpha — a specialized vault curator focused on foreign exchange-related credit strategies — and is specifically designed for the USP/USDC lending pair. USP goes in as collateral. USDC comes out as a loan.

Live Market Stats

The market launched days ago. The data is already telling a story.

Current market data:

$3.52M in the vault. USDC depositors immediately recognized the opportunity: 8.68% net APY on a lending vault backed by appreciating, yield-bearing collateral. The vault deployed $1.50M of that into the active USP/USDC lending market — and borrowers filled it to 90.62% utilization within days. $1.36M in USDC borrowed against USP collateral means $1.36M worth of USP holders accessed liquidity without selling a single token. $2.02M in remaining vault liquidity is idle and available — ready for more borrowers to draw against their USP.

How the Two Sides Work

As a borrower (USP holder):

• Deposit USP as collateral into the Morpho market
• Borrow USDC up to 86% of your collateral value
• Your USP continues appreciating while posted as collateral — the yield mechanism doesn't pause
• Your PIKU Merkl rewards (22.04% APR on borrowed USDC) accrue continuously
• You now hold USDC liquidity and your USP position and are earning PIKU rewards simultaneously

The net economics: borrow cost is 6.93% APY. PIKU rewards on the borrow side are 22.04% APR. The reward rate more than covers the borrow rate at current levels — meaning borrowers are being paid to take on productive leverage, not just paying for it.

As a supplier (USDC holder):

• Deposit USDC to the Alpha USDC Forex V2 vault
• Earn base interest from borrowers (6.26% base APY)
• Earn MORPHO token rewards (~0.24% APR)
• Earn PIKU token rewards (~2.56% APR)
• Total supply APY: 9.31% — on USDC, in a lending vault, overcollateralized by yield-bearing USP

For USDC holders seeking yield with lower risk exposure, 9.31% APY on a vault backed by appreciating collateral is a compelling risk-adjusted position.

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The Mint-Borrow Loop — How to Turn USP Into a Yield Engine

This is the strategy that sophisticated DeFi users have been waiting for. The mint-borrow loop uses Morpho to create recursive leverage on USP's yield — amplifying your exposure without adding directional crypto market risk.

The logic: USP is a yield-bearing stablecoin. It earns yield while it sits as collateral on Morpho. You can borrow against it, use the borrowed USDC to mint more USP, and post that new USP as additional collateral. Each loop adds more USP to your position. Each USP appreciates. PIKU rewards compound across every layer.

Step by step, starting with $1,000:

1. Mint USP — deposit $1,000 in assets to Piku. Receive $1,000 USP earning ~6-10% APY automatically.
2. Deposit to Morpho — post your $1,000 USP as collateral in the Alpha USDC Forex V2 market.
3. Borrow USDC — borrow up to 86% LLTV = $860 USDC.
4. Mint more USP — bring the $860 USDC back to Piku. Receive $860 more USP.
5. Deposit to Morpho again — post the new $860 USP as additional collateral.
6. Borrow again — borrow $739 USDC (86% of $860).
7. Repeat until your target leverage is reached.

After 5 loops from $1,000:

From $1,000 of initial capital, you now have ~3.8x leveraged exposure to USP's yield.

The full economics:

At current incentive rates, the PIKU rewards on the borrow side alone ($716) exceed the total borrow cost ($225) by more than 3x. The DAO is effectively subsidizing the leverage, and then some. Borrowers are being rewarded to participate — not just permitted to.

This is a pre-TGE window. PIKU rewards are being distributed before the token is publicly tradeable. The current rates will not persist forever. Early participants in the mint-borrow loop are accumulating PIKU at levels that will compress as capital scales.

The Risk Profile — Stated Plainly

Liquidation risk: If USP's value falls relative to USDC, your collateral ratio can breach the 86% LLTV threshold. The structural defense: USP is architecturally designed to appreciate against USD — its yield compounds into the token price week over week. Nine consecutive weeks of positive returns. No strategy eliminates risk entirely, but the collateral here is not volatile — it's yield-accruing.

Borrow rate risk: The current borrow APY is 6.93%. At 90.62% utilization, rates can move quickly if utilization pushes toward 100%. Monitor your health factor. The PIKU borrow reward (22.04%) covers this at current levels, but rates are dynamic.

Gas overhead: Each loop is a transaction. At current Ethereum gas prices, the loop is more capital-efficient at larger position sizes. Smaller positions may find gas costs dilute returns.

PIKU reward normalization: As more capital enters the Morpho market, Merkl APRs compress. Early participants capture the highest rates. This is a feature of the pre-TGE incentive design, not a flaw.

Who This Is For

The yield maximizer: You've been holding USP for base yield and Merkl rewards. The loop extends that into a leveraged compounding position — more USP exposure, more reward surfaces, more appreciation on a larger base.

The PIKU accumulator: The combined PIKU rewards across USP holding and Morpho borrow represent one of the highest pre-TGE accumulation rates in the protocol. The loop maximizes both.

The capital-efficient allocator: Stablecoins sitting in lower-yielding positions elsewhere. The loop deploys that capital productively across USP yield, borrow rewards, and the Morpho supply side simultaneously.

The conservative: You don't need to loop. Depositing USP as collateral and borrowing USDC once — without re-deploying — gives you liquidity against your yield-bearing position. No recursive leverage. Just capital efficiency. Your USP keeps appreciating. Your USDC is yours to use.

Open the Morpho Vault →

Borrow USDC on Morpho →

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Community Spotlight: @Lucky_of_Web3

"Both the Loan and the Collateral Generate Interest."

This week's featured creator didn't just post about Piku. They wrote the explainer that the DeFi Twitter timeline needed — a clear, analogy-driven breakdown of exactly what makes USP different from every static stablecoin in the market, landing at exactly the right moment: the week Morpho went live.

The Post

@Lucky_of_Web3 opened with a question the whole space should be asking:

"⏳WHY @piku_dao MIGHT BECOME THE NUMBER 1 YIELD OPTIMIZED STABLECOIN IN CRYPTO?"

Then they built the answer from the ground up — no assumed knowledge, no jargon left unexplained.

On the fundamental difference between USP and everything else:

"Traditional Stablecoins = 1:1 to fiat currency (Dollars) Piku stablecoin = 1:1 to USD + daily returns + $PIKU airdrop."

On what productive collateral actually means — using an analogy that anyone can understand:

"In traditional system, if you have your car as your collateral and you want to borrow some money from the bank. The value of your collateral (car) must be equal to what you are borrowing... but the interest goes only to the lender not the borrower.

But with PIKU DAO protocol: Both the Loan and the collateral used in collecting the loan can generate interest which makes it a 'productive collateral' powered by Piku DAO in collaboration with @Morpho."

Why We're Highlighting This

The productive collateral concept is one of the most important things to understand about USP after the Morpho integration — and it's also one of the hardest to explain clearly to someone new to DeFi. @Lucky_of_Web3 did it with a car loan analogy that works for anyone who's ever had a bank account.

What makes this post worth featuring:

• Ground-up construction. They defined yield-optimized stablecoins before explaining USP. They defined productive collateral before applying it. The education flows logically — no one gets left behind.
• Contrast that converts. "Traditional = dead collateral. Piku = collateral that works for you." Side-by-side framing is how newcomers understand value propositions. Not paragraphs. Comparisons.
• Morpho timing. This landed the exact week the Morpho market went live. The community is explaining integrations as they happen — before the official content even drops. That's a healthy ecosystem signal.
• A thread, not a post. The closing line — "I will explain how it works tomorrow" — signals a multi-part educational series building around PikuDAO. That's sustained content creation, not a one-time mention.

This is what the Ambassador Program is looking for. People who understand the protocol deeply enough to teach it, and care enough to spend the time doing so.

PIKUP Content Creator of the Week

Congratulations to @Lucky_of_Web3 — this week's featured creator earns 10,000 Voting Power (VP). DM @piku_dao to claim.

This happens every week. Create content that educates, analyzes, or explains Piku — and you earn governance influence. Not tokens. Not points. Real voting power in the DAO that governs the protocol.

Read the full thread on X →

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Ambassador Program Update

~1,000 Applications. Evaluated. Outreach Has Begun.

Three weeks ago we opened Phase 1. Approximately 1,000 people applied to represent PikuDAO — during a bear market, during Fear & Greed in single digits, during Bitcoin's worst sustained drawdown since FTX.

Phase 1 is closed. The evaluation is complete. This week, we began reaching out to the first candidates.

The evaluation wasn't a leaderboard sort. We reviewed for content quality, protocol understanding, community presence, and alignment. The bar is intentionally high. The ambassadors who represent this protocol will be the first point of contact for people hearing about PikuDAO for the first time. That's not a role for someone who skimmed the docs.

If you're waiting to hear back — patience. If you're selected — welcome. You're joining at the most consequential moment in PikuDAO's history. If you weren't selected in this cohort — Phase 2 applications will open. The program grows with the protocol.

Stay tuned on @piku_dao for the inaugural cohort announcement.

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Want to be featured in PIKUP? 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

USP is now deployed across four major DeFi protocols. Every position earns pre-TGE PIKU on top.

USP's DeFi Footprint — Where the Yield Lives

This is what USP's protocol surface area looks like right now:

*YT APR is a function of small TVL — early mover advantage. Will normalize as capital enters.

Every position stacks on top of USP's native yield (9.64% 30-day APY). The PIKU rewards above are additive — not instead of base yield.

How to read this as a DeFi user:

• Just hold USP → 6.33% native APY + 25.92% PIKU = ~32% blended pre-TGE
• Hold sPIKU → 8.56% PIKU on $5.83M in staked governance tokens — earn while you hold
• Delegate & Vote → Earn ongoing PIKU rewards for participating in governance; same eligibility whether you vote directly or delegate
• Morpho supply (USDC) → base supply APY + 2.56% PIKU + MORPHO rewards on USDC, overcollateralized by yield-bearing USP
• Morpho borrow loop → USP keeps yielding as collateral + 22.04% PIKU on borrowed USDC — borrow rate (6.93%) more than covered by rewards
• Uniswap V4 LP → 149.95% PIKU + swap fees on the deepest USP pool on-chain. Structured around the stable pair — tighter range, higher fee efficiency
• Pendle LP → 59.8% PIKU + USP native yield + swap fees from PT/YT traders — impermanent loss structurally minimized as PT converges to face value at maturity
• Pendle YT → pure leveraged yield conviction — if USP's rates outperform implied yield, YT holders win harder than anyone else in the stack

New this cycle: Morpho. First time in protocol history USP functions as collateral in a live lending market. $3.52M in vault TVL — $1.50M deployed to the USP/USDC market, $1.36M borrowed, 90.62% market utilization. Both sides of the market are live and active.

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

Galxe Season 2: Running at Full Speed

PikuDAO Season 2: Yield Has Layers — live, active, and climbing. The first Galxe season in PikuDAO history to include DeFi-native on-chain quests: minting USP, interacting with Pendle SY/PT/YT positions, alongside social quests across LinkedIn, YouTube, and TikTok.

$10,000 worth of PIKU in rewards. The leaderboard is live. The window is open. Don't sleep on the on-chain quests — they're the ones with the lowest competition and the highest signal for the Ambassador evaluation team.

Join Season 2 on Galxe →

View All Piku Opportunities on Merkl →

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What's Next

• Proposal 20: Passed & executed — AUSD and PYUSD now authorized as eligible backing assets
• March 17-18: FOMC Meeting — stagflation data dominates
• Coming Soon: Ambassador Program Phase 1 cohort announcement
• Ongoing: Morpho market live and growing, Pendle market deepening, Galxe Season 2 active

Stay tuned on X for real-time updates.

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Why Piku? Because Scale Is Proof.

Anyone can claim they're growing. Blockchain doesn't let you lie about it.

The on-chain record is simple. 7,039,466 USP in existence at the start of last week. 13,620,696 USP now. $7.56M TVL then. $14.65M TVL now. 6.58 million new USP minted in seven days. The largest single-week capital inflow in PikuDAO history — during Fear & Greed in single digits, during Bitcoin's worst sustained drawdown since FTX, during US macro printing stagflation signals.

That capital didn't come from a bull market narrative. It came from people reading the backing table, checking Dune, verifying the Snapshot record, and concluding that a protocol with nine consecutive positive weeks and integrations across Morpho, Pendle, and Uniswap V4 was the right place to be. Before the recovery started. Not after.

Here's what USP's DeFi footprint looked like one month ago vs. today:

One month ago: Hold USP, earn yield. That's it.

Today:

• Pendle — yield curve live. PT for fixed rates. YT for leveraged yield bets. LP for passive fee stacking. Maturity: June 25, 2026.
• Morpho — $3.52M vault TVL. $1.50M deployed to the active USP/USDC lending market, $1.36M borrowed at 90.62% market utilization. USP is now productive collateral — it earns yield while you borrow against it. Both sides live: supply USDC for 9.31% net APY, or borrow USDC against your USP position.
• Uniswap V4 — deepest USP liquidity pool on-chain. 149.95% APR in PIKU for LPs.
• Morpho + Piku loop — recursive leverage on yield, with borrow rewards more than covering borrow cost. This didn't exist two weeks ago.
• Galxe Season 2 — running at full speed. On-chain DeFi quests. Not just holding. Using.

Three proposals passed unanimously this week — Morpho live, earnAUSD added to backing, and PYUSD and AUSD authorized as eligible backing assets (Proposal 20 passed and executed). The DAO isn't reacting to growth. It's legislating the infrastructure for the next 10x.

And the market turned. Bitcoin back above $70K. Ethereum back above $2K. ETF flows reversed — $787M net inflows breaking a five-week streak. The recovery found Piku with doubled TVL, three live DeFi integrations, a Galxe season in full swing, and a thousand ambassadors in evaluation.

The protocols that build during bear markets are the ones that already have product-market fit when the cycle turns. Piku didn't need the bull market to grow. The bull market will find it already grown.

$14.65M TVL. 13,620,696 USP. $1.07555 ATH. 9.64% 30-day APY. $15,515.09 weekly profit. Nine strategies. Nine positive returns. Nine consecutive weeks. Morpho live: $3.52M vault TVL, 90.62% market utilization, 9.31% supply APY. Pendle markets deepening. Uniswap V4 pool active. Eight Merkl campaigns. Galxe Season 2 running. 1,000 ambassadors evaluated. Proposal 20 passed and executed.

The market is recovering. Piku was already here, already integrated, already composable, already scaled.

That's not a narrative. That's the on-chain record.

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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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