Jan 9, 2026 • 9 min read
The First Steps Issue
The First Steps Issue: 2026 begins with USP crossing $1.05, delivering 21.50% 7-day APY and 20.08% 30-day APY. TVL at $5.68M. Featuring full USP backing breakdown, Balsa Finance partner spotlight, U.S. Venezuela strikes macro analysis, crypto market reaction, @derik_webX community feature, and Merkl rewards up to 165% APR.
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Welcome Back to PIKUP
Welcome to the fifth edition of PIKUP—and our very first issue of 2026.
A new year has begun, and so has a new chapter for PikuDAO. While the world rang in 2026 with celebrations (and some unexpected geopolitical drama), your USP was quietly doing what it does best: appreciating. No fanfare required.
This week's theme is "First Steps"—because every journey begins with one, and 2026 is shaping up to be a year of meaningful strides for the Piku ecosystem. We closed 2025 having proven the model works. Now, we take the first steps toward scaling it.
One step at a time. One yield at a time.
Let's dive in.
Piku Protocol Update
Performance & Stats
| Metric | Value |
|---|---|
| USP Price | $1.053865 |
| Weekly Appreciation | +$0.004961 (+0.47%) |
| 7-Day APY | 22.02% + PIKU Airdrop |
| 30-Day APY | 21.47% + PIKU Airdrop |
| Total Value Locked | $5.68M |
| Backing | Fully collateralized, diversified |
- Transparency Dashboard: dune.com/piku_dao
USP continues its steady climb, crossing the $1.05 mark for the first time. While others were popping champagne, your stablecoin was compounding. That's the beauty of delta-neutral yield generation—it doesn't take holidays.
Governance
No New Proposals This Week
The DAO took a brief governance pause over the holiday period. However, the community should expect a backing reallocation proposal in the coming days as we continue optimizing our strategy distribution.
Stay tuned on Snapshot for updates.
USP Backing Breakdown
Exactly where your backing is deployed and how each strategy performed this week.
Week 1 Performance (Dec 29 - Jan 5)
| Strategy | Allocation | Value | Weekly Return |
|---|---|---|---|
| BMMF Turkey FX Arbitrage | 66.47% | $3.71M | +34.85% |
| Giza Arma Agent | 9.71% | $545K | +4.80% |
| USD AI sUSDai | 8.78% | $543K | +6.35% |
| Aave USD Stable (USDT0,USDC) | 4.88% | $270K | +4.54% |
| Midas mF-ONE | 2.85% | $157K | +8.03% |
| Midas mAPOLLO | 2.47% | $136K | +9.93% |
| Cap USD stcUSD | 2.44% | $140K | +6.28% |
| Cap USD cUSD | 2.41% | $137K | -0.24% |
Total Backing: $5.68M | Net Weekly Appreciation: +$0.004961
What This Means
- BMMF dominates again: Our flagship strategy delivered the best return among all backing strategies this week.
- 7 of 8 strategies positive: Diversification is doing its job. Multiple yield sources, risk spread across the board.
- Your USP grew: If you held 1,000 USP at the start of the week, it's now worth $4.96 more. Automatically, passively, while you slept.
This is what sustainable yield looks like. No unsustainable incentives. No ponzinomics. Just real strategies generating real returns.
Verify anytime: Dune Dashboard | DeFiLlama
Macro Developments
A look at the broader market forces shaping our world.
United States
- Markets Retreat: S&P 500 fell 1.04%, Nasdaq declined 1.54%, and Dow dropped 0.67% in a holiday-shortened week. Despite the pullback, 2025 marked the third consecutive year of double-digit gains.
- Energy Outperforms: The energy sector led gains amid rising geopolitical tensions (more on that below).
- Labor Market Resilient: Weekly jobless claims fell to 199,000—down 16,000 from the prior week.
- Fed Divided: December FOMC minutes revealed divisions among officials on the pace of future rate cuts. Markets pricing only a 15% probability of a January cut.
- Housing Rebounds: Pending home sales jumped 3.3% in November—the largest monthly increase since February 2023.
Europe
- STOXX 600 Gains: The pan-European index rose 1.26% for the week, capping a strong 2025 with +17% annual returns.
- Regional Performance: DAX +0.82%, CAC 40 +1.13%, FTSE 100 +0.82%.
- Inflation Cooling: Spain's inflation eased to 3.0% in December; France's unemployment fell by 21,500 in November.
Japan
- Nikkei Pulls Back: The Nikkei 225 declined 0.8%, TOPIX fell 0.4%.
- JGB Yields Elevated: 10-year Japanese government bond yield at 2.07%—reflecting continued BOJ normalization.
- BOJ Steady: Bank of Japan maintaining rates at 0.75% following December's historic hike.
China
- Mixed Signals: CSI 300 saw a slight decline, while Hang Seng gained 2.0%.
- Manufacturing Recovers: PMI improved to 50.1 in December from 49.2, ending an eight-month contraction streak.
- 2026 Outlook: World Bank projects 4.4% GDP growth for China in 2026.
Geopolitical Shock: U.S. Strikes Venezuela
The week's biggest story wasn't in the markets—it was in Caracas.
On January 3, 2026, the United States launched military strikes against Venezuela in an operation codenamed "Absolute Resolve." President Nicolás Maduro and his wife were captured and transported to the United States, where they were arraigned in Manhattan federal court on drug trafficking charges. Both pleaded not guilty.
Key Details:
- Over 150 U.S. aircraft participated in the operation
- Major Venezuelan military installations targeted
- President Trump stated the U.S. would "run the country" until a transition is arranged
- International condemnation from Brazil, Russia, and China
- Domestic criticism from Democratic lawmakers citing concerns over congressional authorization
This marks one of the most significant U.S. military interventions in Latin America in decades. Markets are still processing the implications.
Crypto Markets
- Initial Reaction (Jan 3): Bitcoin dipped below $90,000 on the Venezuela headlines; Ethereum touched $3,000; XRP briefly fell to $1.90.
- Swift Recovery (Jan 4-5): BTC rebounded to $91,000+, briefly touching $93,000. ETH stabilized around $3,160.
- Liquidation Flush: Over $260 million in positions liquidated in 24 hours, with $200 million in shorts wiped out.
- Expert Consensus: Analysts don't foresee a major correction stemming from the Venezuela situation. Some suggest reduced oil supply could actually benefit risk assets including crypto.
Looking Ahead
- Jan 8: Current Merkl campaigns end—new campaigns expected
- Jan 10: U.S. December jobs report (Nonfarm Payrolls)
- Jan 17: Maduro's next court appearance scheduled
- Jan 28-29: FOMC Meeting—first Fed decision of 2026
Partner Spotlight: Balsa Finance
Powering USP's Primary Yield Engine
This week, we're spotlighting Balsa Finance—the team behind BMMF (Balsa Money Market Fund), the strategy that currently comprises over 66% of USP's backing.
BMMF is a tokenized market-making fund created by Balsa Technology, an Istanbul-based fintech company. The fund employs delta-neutral strategies to capture yield from structural inefficiencies in the Turkish foreign exchange and cryptocurrency markets.
This Week's Performance
| Metric | Value |
|---|---|
| Allocation | 66.47% of USP backing |
| Value Deployed | $3.71M |
| Weekly Return | +34.85% |
The Turkish lira carry trade remains one of the best-performing in emerging markets, and BMMF continues to capture this opportunity for USP holders.
Want to learn more? We've published a detailed deep-dive on how BMMF works, why Turkey presents a unique opportunity, and what makes this strategy tick: What is BMMF?
Community Spotlight: @derik_webX
This week we're featuring community member @derik_webX, who published an excellent introductory thread on Piku for newcomers.
The Hook
"Most stablecoins are designed to survive. What if one was designed to win and make you money while it does?"
Thread Highlights
@derik_webX broke down the Piku ecosystem in simple terms:
- USP as "a Bank Account that earns high interest safely, but powered by crypto strategies"
- How yield is generated through smart trading, DeFi lending, and real-world assets
- The governance model where "decisions are made by the community, not a single company"
- The three-token system (USP, PIKU, sPIKU) and how each plays a role
"Piku DAO is built for the reality we're living in today: rising inflation, unstable fiat and a growing need for transparency."
Exactly right. Thank you, @derik_webX, for helping spread 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. Visit our Rewards Center to see all available opportunities.
Merkl Rewards (Pre-TGE)
Current opportunities (as of Jan 5):
| Opportunity | APR | TVL | Ends | Action |
|---|---|---|---|---|
| Hold USP | 67.21% | $5.35M | Jan 8 | Just Hold |
| Uniswap V4 LP (USP-USDC) | 165.73% | $241K | Jan 8 | Provide Liquidity |
No extra steps required. Just hold USP in your wallet and you're automatically earning PIKU rewards. Rewards vest continuously every week, and you can claim anytime from the Rewards Center.
APRs are dynamic and subject to change. PIKU rewards are Pre-TGE tokens.
Zealy Campaign: Complete!
The "Future of Finance" Zealy campaign has officially concluded. Rewards are now claimable!
Thank you to everyone who participated. Your engagement helped grow the Piku community significantly. Stay tuned for future campaigns.
View All Piku Opportunities on Merkl
What's Next
- Backing Proposal: Expect a new governance proposal on backing reallocation in the coming days
- New Campaigns: Fresh Merkl campaigns launching after Jan 8
- Big Announcements: We have some exciting news in the pipeline—stay tuned
2026 is just getting started. First steps taken. Many more to come.
Why Piku?
In a world of unstable fiat, inflationary pressures, and opaque financial systems, Piku offers something different:
- Yield that works for you: USP appreciates automatically through diversified, delta-neutral strategies
- Transparency by default: Every dollar of backing is verifiable on-chain, 24/7
- Community governance: You're not just a user—you're an owner with a voice
- Institutional strategies, retail access: The same yield opportunities previously reserved for accredited investors, now available to everyone
Your stablecoins shouldn't just sit there. They should work as hard as you do.
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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