Jan 2, 2026 • 10 min read
The Year-End Issue
The Year-End Issue: Celebrating 2025 and looking ahead to 2026. USP at $1.048904, 7-day APY 26.04%, TVL $5.54M. Featuring Piku's 2025 journey from 1.5 years of building to $5.5M+ TVL, 2025 macro year in review, Giza partnership spotlight, Proposal 11 voting live, and 2026 roadmap preview with PIKU token launch and major partnerships ahead.
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The Year-End Issue | Week of December 29, 2025
Welcome Back to PIKUP
Welcome to the fourth edition of PIKUP, and our final issue of 2025.
As we close out the year, this isn't just another weekly update—it's a celebration of everything we've built together, a reflection on a transformative year for both global markets and the Piku ecosystem, and a look ahead at what's coming in 2026.
2025 was the year Piku went from vision to reality. 2026 will be the year we scale it—together.
Let's look back, look forward, and close out the year strong.
Piku 2025: Year in Review
The Journey
Until August 2025: We spent 1.5 years quietly building—infrastructure, protocols, and refining the core of the Piku ecosystem. No hype, no shortcuts. Just building.
September 2025: USP, our yield-optimized stablecoin, launched. Minting began. The vision became real.
Week One: TVL reached $4.5M, driven by engaged early believers and closely watching investors who understood what we were building.
Today: $5.54M TVL, a proven yield engine, and a foundation ready for growth.
2025 By the Numbers
| Milestone | Achievement |
|---|---|
| USP Launch | September 2025 |
| Week 1 TVL | $4.5M |
| Current TVL | $5.54M |
| USP Appreciation | $1.00 → $1.048904 (+4.89%) |
| Governance Proposals Passed | 10 |
| Security Audits Completed | 4+ |
| Backing Strategies Active | 8 |
What We Proved in 2025
- Yield-optimized stablecoins work. USP has appreciated consistently since launch.
- Diversification protects. When one strategy faced headwinds, others offset the impact.
- Transparency builds trust. On-chain reserves, 24/7 verification, no quarterly reports—just live data.
- Community governance delivers. 10 proposals passed, with participation growing each vote.
Piku Protocol Update
This Week's Performance (Dec 22-29)
| Metric | Value |
|---|---|
| USP Price | $1.048904 |
| Weekly Appreciation | +$0.008407 (+0.81%) |
| 7-Day APY | 26.04% |
| 30-Day APY | 16.05% |
| Total Value Locked | $5.54M |
| Backing | Fully collateralized, diversified |
- Transparency Dashboard: dune.com/piku_dao
Governance: Active Proposal
Proposal 11: Zealy Campaign Incentives
Status: Active - Your Vote Needed!
| Detail | Value |
|---|---|
| Allocation | $10,000 USD worth of PIKU |
| Token Amount | 62,500 PIKU (at $80M FDV) |
| Purpose | Zealy community campaign rewards |
| Source | PikuDAO Treasury |
This proposal funds the next phase of community growth through Zealy quest incentives. More engagement, more contributors, stronger ecosystem.
USP Backing Breakdown
Exactly where your backing is deployed and how each strategy performed this week.
Week 52 Performance (Dec 22-29)
| Strategy | Allocation | Value | Weekly Return |
|---|---|---|---|
| BMMF Turkey FX Arbitrage | 66.47% | $3.69M | 41.81% |
| Giza Arma Agent | 9.71% | $535K | 2.52% |
| USD AI sUSDai | 8.78% | $484K | 7.86% |
| Aave aUSDT/USDT0 | 4.88% | $258K | 4.52% |
| Midas mF-ONE | 2.85% | $156K | 5.00% |
| Midas mAPOLLO | 2.47% | $136K | 7.25% |
| Cap USD stcUSD | 2.44% | $134K | 5.98% |
| Cap USD cUSD | ~0% | $132K | 0.19% |
Total Backing: $5.50M → $5.53M (+$27,263) | Net Weekly Effect: 30.39%
What This Means
- BMMF dominates: Our largest allocation delivered another strong week, contributing over 91% of USP's appreciation.
- All strategies positive: 7 of 8 strategies generated positive returns—diversification working as designed.
- Your USP grew: If you held 1,000 USP at the start of the week, it's now worth $8.41 more—automatically.
Verify anytime: Dune Dashboard | DeFiLlama
2025 Macro Year in Review
The global forces that shaped markets this year.
United States: A Year of Resilience
2025 defied expectations. Despite recession fears entering the year, U.S. equities delivered strong returns:
| Index | YTD Performance |
|---|---|
| S&P 500 | +17.82% |
| Nasdaq Composite | +22.18% |
| Dow Jones | +14.49% |
| Russell 2000 | +13.64% |
Key Themes:
- Fed pivot: Multiple rate cuts through the year brought rates down from their 2024 peaks
- AI boom continued: Tech and AI-related stocks drove Nasdaq outperformance
- Soft landing achieved: GDP grew 4.3% in Q3—fastest pace in two years
- Labor market held: Unemployment remained manageable despite rate uncertainty
Europe: Slow Growth, Policy Shifts
European markets delivered modest gains amid economic stagnation:
- Germany: Bundesbank projects just 0.2% GDP growth for 2025, accelerating to 0.6% in 2026
- UK: Bank of England navigated sticky inflation with gradual policy normalization
- ECB: Maintained accommodative stance as inflation approached target
Japan: Historic Policy Normalization
2025 marked the end of an era:
- BOJ raised rates multiple times—highest levels since 1995
- 10-year JGB yield climbed to 2.04%, up from near-zero
- Yen volatility: Currency swung between 140-160 against the dollar
- Nikkei 225 showed resilience despite rate normalization
China: Stimulus and Struggles
The world's second-largest economy faced headwinds:
- Growth target: World Bank estimates 4.9% for 2025, forecasting 4.4% for 2026
- Property sector: Continued restructuring weighed on sentiment
- Stimulus efforts: Government deployed multiple support measures
- Retail weakness: November sales grew at slowest pandemic-era pace
Crypto: The Institutional Era
2025 was the year crypto went mainstream:
- Bitcoin ETFs: Massive flows transformed market structure; BlackRock's IBIT crossed $70B AUM
- Ethereum upgrades: Fusaka hard fork delivered on the "sharding dream since 2015"
- Regulatory clarity: Japan cut crypto tax to flat 20%; institutional allocations normalized
- Stablecoin evolution: Yield-bearing stablecoins emerged as a distinct category
This Week in Macro
A snapshot of the final trading week of 2025.
United States
- Markets rally: S&P 500 +95 pts, Dow +576 pts in holiday-shortened week
- GDP confirmed: Q3 growth at 4.3% annual rate—fastest in two years
- Consumer caution: Conference Board confidence fell to 89.1 (from 92.9)
- Labor resilient: Initial claims at 214K, below expectations
- Treasuries steady: 10-year yield range-bound at 4.1%-4.2%
Europe
- Mixed week: STOXX 600 +0.20%, DAX +0.21%, CAC 40 -0.59%, FTSE 100 -0.27%
- Germany outlook: 26% of firms expect deteriorating conditions in 2026
- BOE watch: 50% probability of rate cuts to 3.5% by March 2026
Japan
- Nikkei rallies: +2.51% for the week, TOPIX +1.16%
- BOJ signals: Governor maintains readiness for further rate increases
- Yen strengthens: Trading around 156 vs dollar
China
- Indices gain: CSI 300 +1.95%, Shanghai Composite +1.88%
- 2026 outlook: World Bank forecasts 4.4% growth
- Structural challenges: Fixed asset investment tracking toward first annual contraction since 1998
Partner Spotlight: Giza
AI-Powered Yield Optimization
This week, we're highlighting our partner Giza and their autonomous ARMA agent—one of the key strategies powering USP's diversified backing.
What Giza Does
Giza's ARMA (Autonomous Risk-Managed Agent) is an AI-powered DeFi agent that continuously optimizes yield across lending protocols. It's not a static strategy—it's an intelligent system that:
- Scans continuously: Monitors lending pools and yields in real-time
- Calculates post-fee returns: Factors in gas costs and switching benefits
- Executes autonomously: Rebalances when expected value is positive
- Compounds rewards: Auto-sells reward tokens to increase allocations
Giza in USP's Backing
| Metric | Value |
|---|---|
| Allocation | 9.71% of USP backing |
| Value Deployed | ~$535K |
| This Week's Return | %12.52 |
| Contribution | 4% of weekly appreciation |
Why This Partnership Matters
Traditional yield strategies are static—set it and forget it. Giza represents the next evolution: autonomous agents that adapt to market conditions in real-time.
By integrating Giza into USP's backing, we're not just capturing yield—we're capturing optimized yield, managed by AI 24/7.
This is what the future of DeFi looks like. And it's already working for USP holders.
2026: The Growth Year
What's Coming
We've built the foundation. Now we scale it—together.
Q1 2026:
- Launch of the PIKU utility token
- New campaigns launching in the first week of January
- Big announcements coming—stay tuned
Throughout 2026:
- Major partnerships and collaborations with high-impact players
- DAO expansion with new members actively joining decision-making
- Stronger, more decentralized ecosystem built together
Our Commitment
2025 was about proving the model works. 2026 is about growing it responsibly—with security, transparency, and community at the center of everything we do.
Thank you for being part of this community. Thank you for choosing to build something meaningful—for all of us, and for yourself.
Active Campaigns & Rewards
Earn while you participate in the Piku ecosystem:
1. Merkl Rewards (Pre-TGE)
Current opportunities (as of Dec 29):
| Opportunity | APR | TVL | Action |
|---|---|---|---|
| Hold USP | 67.7% | $5.31M | Earn Rewards |
| Uniswap V4 LP (USP-USDC) | 191.18% | $209K | Provide Liquidity |
Current campaign ends Jan 1, 2026. New campaigns launching first week of January!
2. Zealy Community Quests
The "Future of Finance" campaign continues. Complete quests, climb the leaderboard, earn rewards.
Proposal 11 (currently voting) will add 62,500 PIKU to the Zealy reward pool!
What's Next
- Vote Now: Proposal 11 is active—make your voice heard
- New Campaigns: Launching first week of January 2026
- Big News: Major announcements coming in Q1 2026
Thank You
To everyone who joined us in 2025—whether you minted USP in week one, voted on your first proposal, or just discovered us this month:
Thank you.
You're not just users. You're owners. You're governors. You're the reason Piku exists.
2025 was about building. 2026 is about growing—together.
See you next year.
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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