Jan 2, 2026 • 7 min read
Pikup - The Holiday Issue
PikuDAO isn't taking a holiday—we're actively managing your backing so you can rest easy. This week: introducing USP Backing Breakdown, USP at $1.044, 7-day APY 23.76%, and Proposal 10 passes with record 9M+ votes. Plus: Pine Analytics research spotlight and full macro coverage.
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Welcome Back to PIKUP
Welcome to the third edition of PIKUP, your weekly window into the PikuDAO ecosystem.
As the holidays approach, we want you to know: PikuDAO isn't taking a break. We're actively monitoring and managing your backing around the clock—so you can enjoy your holidays with peace of mind. Your USP keeps appreciating while you rest.
This week, we're also excited to introduce a new recurring section: USP Backing Breakdown. Each week, we'll show you exactly where your backing is deployed, how each strategy performed, and what drove USP's appreciation. Full transparency, every week.
This is what "verify, don't trust" looks like in practice.
Let's dive into the numbers.
Piku Protocol Update
Performance & Stats
| Metric | Value |
|---|---|
| USP Price | $1.044259 |
| Weekly Appreciation | +0.41% (+$0.004261) |
| 7-Day APY | 23.76% |
| 30-Day APY | 13.75% |
| Total Value Locked | $5.47M |
| Backing | Fully collateralized, diversified |
- Transparency Dashboard: dune.com/piku_dao
Governance
Proposal 10 Passed: Treasury Liquidity Deployment
This week, PikuDAO passed Proposal 10 with a record-breaking vote—over 9 million votes cast, with 99.78% voting "For."
What It Does:
- Deploys $20,000 from the DAO Treasury into the USP/USDC pool on Uniswap
- Adds 10,000 USDC + 10,000 USDC-equivalent USP
- Improves pool depth, reduces slippage, and strengthens USP price stability
Why It Matters: The DAO Treasury is funded by 10% of the protocol's daily yield. This proposal puts those funds to work—deepening liquidity while remaining fully retrievable by future governance decisions. It's productive treasury management in action.
Status: ✅ Passed — View on Snapshot
USP Backing Breakdown
A new weekly section showing exactly where your backing is deployed.
This Week's Performance (Dec 15-22)
| Strategy | Allocation | Value | Weekly Return |
|---|---|---|---|
| BMMF Turkey FX Arbitrage | 66.47% | $3.65M | 37.26% |
| Giza Arma Agent | 9.71% | $531K | 13.53% |
| USD AI sUSDai | 8.78% | $479K | 7.88% |
| Aave aUSDT/USDT0 | 4.88% | $258K | 4.54% |
| Midas mF-ONE | 2.85% | $155K | 6.37% |
| Midas mAPOLLO | 2.47% | $135K | 10.06% |
| Cap USD stcUSD | 2.44% | $133K | 5.85% |
| Cap USD cUSD | ~0% | $131K | 0.08% |
Total Backing: $5.47M | Net Weekly Effect: 27.57%
What This Means
- BMMF continues to lead: Our largest allocation—the Turkey Stablecoin FX Arbitrage strategy—delivered strong returns again this week, contributing nearly 90% of USP's price appreciation.
- Diversification at work: All eight strategies generated positive returns, demonstrating the value of our multi-strategy approach.
- Your USP grew: If you held 1,000 USP at the start of the week, it's now worth $4.26 more—without you doing anything.
Want to verify? Check our live backing data on Dune or DeFiLlama.
Macro Developments
A look at the broader market forces shaping our world.
United States
- Markets Mixed: S&P 500 gained 0.10%, Nasdaq rose 0.48%, while Dow fell 0.67% and Russell 2000 declined 0.86%. YTD, S&P 500 leads with +16.20%.
- Inflation Cooling: Core CPI rose just 2.6% year-over-year—the slowest pace since early 2021. This supported risk assets mid-week.
- Labor Market: November nonfarm payrolls added 64,000 jobs, though unemployment ticked up to 4.6%.
Europe
- STOXX 600 Advances: The pan-European index gained 1.60%. Italy's FTSE MIB led (+2.86%), followed by UK's FTSE 100 (+2.57%), France's CAC 40 (+1.03%), and Germany's DAX (+0.42%).
- Central Banks Diverge: ECB held rates steady at 2.0%. Bank of England cut by 25 bps to 3.75% as UK inflation cooled to 3.2%.
Japan
- Nikkei Falls: The Nikkei 225 declined 2.61%, with TOPIX down 1.17%. Tech stocks weakened alongside US counterparts.
- BOJ Hikes to 0.75%: The Bank of Japan raised its benchmark rate by 25 bps—its highest level since 1995. Core CPI remained at 3.0% YoY.
China
- Markets Struggle: CSI 300 declined 0.28%, Shanghai Composite flat (+0.03%), Hang Seng fell 1.10%.
- Economic Concerns Mount: Retail sales grew only 1.3% YoY (slowest since pandemic). Fixed asset investment fell 2.6%, tracking toward its first annual contraction since 1998.
Crypto Markets
- Bitcoin: BTC trading around $88,850, up ~0.8% on the day. After peaking above $125K in October, BTC has settled ~30% off highs, consolidating in the mid-$80Ks through December.
- Ethereum: ETH broke back above $3,000, trading at ~$3,030 (+1.9%). Outperforming BTC on the day as DeFi and RWA sectors see renewed interest.
- Sector Rotation: RWA, DeFi, and Layer 1 tokens extending gains. NFT sector up nearly 6% on the week.
- Uniswap Governance: UNI's "UNIfication" proposal crossed quorum with 69M+ tokens voting in favor of a token burn/fee switch.
- 2026 Outlook: Galaxy Digital's Alex Thorn calls 2026 "one of the most difficult years to forecast" due to macro uncertainty, though maintains long-term bullish outlook ($250K BTC target by end of 2027).
Looking Ahead
- Dec 25: Christmas Day - Global markets closed
- Dec 31: New Year's Eve
- Jan 1: New Year's Day - Markets closed
- Early Jan: Watch for year-end rebalancing flows and 2026 outlook reports
Partner Spotlight: Pine Analytics
Independent Research Recognition
This week, we're thanking Pine Analytics for their independent research thread on Piku Protocol.
What They Said
"Piku is a new yield-bearing stablecoin protocol on Ethereum that generates yield through a backing model combining arbitrage strategies, carry trades, on-chain yield, and RWAs."
Pine Analytics published a data-driven thread examining Piku's adoption metrics and returns since launch—exactly the kind of independent analysis that helps the ecosystem make informed decisions.
Why This Matters
We don't pay for coverage. When researchers like Pine Analytics take the time to dig into our protocol mechanics, backing strategies, and performance data, it validates what we've been building. Independent analysis > marketing claims.
Read the Full Thread
View Pine Analytics' Research Thread on X
Thank you, Pine Analytics, for the objective coverage.
Community Spotlight: @ZiloByte
This week we're featuring community member @ZiloByte who captured the USP value proposition perfectly:
"Ever feel like your stablecoins are just sitting there, missing out? That's the gap @piku_dao was made to fill. They're not launching another static stablecoin. They're creating $USP, a 'Yield-Optimized Stablecoin' designed to work for you, not just sit in your wallet."
Exactly right. Your stablecoins shouldn't be lazy—and neither should we.
Thank you, @ZiloByte, for spreading the word!
Want to be featured in PIKUP? Tag us @PikuDAO with your Piku content—threads, memes, explainers, whatever you've got.
Active Campaigns & Rewards
Earn while you participate in the Piku ecosystem:
1. Zealy Community Quests
The "Future of Finance" campaign continues on Zealy. Complete quests, climb the leaderboard, and earn rewards.
2. Merkl Rewards (Pre-TGE)
Current APRs on Merkl (as of Dec 22):
| Opportunity | APR | TVL | Action |
|---|---|---|---|
| Uniswap V4 LP (USP-USDC) | ~246.77% | $162K | Provide Liquidity |
| Hold sPIKU | ~10.25% | $4.88M | Earn Rewards |
APRs are dynamic and subject to change. PIKU rewards are Pre-TGE tokens.
View All Piku Opportunities on Merkl
What's Next?
- Piku Airdrop: The campaign continues—keep engaging with the protocol to secure your allocation
- Next Week: Stay tuned for our 2025 year-end recap and 2026 roadmap preview
- Follow Us: Stay tuned on X/Twitter for announcements
Stay Connected and Hedge against the machine!!
Website | App | Twitter (X)
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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