Piku (PikuDAO)
About
Piku is a yield-optimized stablecoin protocol governed by PikuDAO, issuing USP—a stablecoin backed by a diversified basket of delta-neutral yield strategies, arbitrage trades, carry trades, on-chain DeFi positions, and real-world assets. Users mint USP 1:1 with USD stablecoins (currently 0% minting fee), and the protocol deploys those reserves into yield-bearing strategies whose returns accrue into the USP token price itself, creating a savings instrument that appreciates above its $1 peg over time.
Where Does Yield Come From?
How USP earns yield
USP is a stablecoin whose value can rise above $1 over time. When you mint USP (deposit $1 of a stablecoin like USDC), the protocol takes those reserves and puts them to work in a basket of yield-earning strategies chosen by the PikuDAO community.
Where the yield comes from
The largest single strategy (about 70% of reserves) is the BMMF Turkey Stablecoin FX Arbitrage — a trade that profits from price differences between stablecoins in different markets. The rest is spread across several other places:
- USD AI (sUSDai)
- Upshift earnAUSD
- Staked Avant USD (SAVUSD)
- Midas mHYPER and other DeFi products
- Aave USDC deposits (lending out USDC for interest)
- Neutrl staked NUSD
- Midas Fasanara (mF-ONE) and Giza Arma USDC
Each strategy has a maximum allowance set by the DAO — for example, USDC/USDT can make up 100% of reserves, BMMF up to 80%, PYUSD up to 30%. This keeps the basket diversified.
How the yield reaches you
Unlike many platforms that send you payouts separately, Piku adds all earned yield directly into the USP reserve backing. That means the value backing each USP token grows, so the token itself becomes worth more than $1 over time. No need to claim, reinvest, or track separate rewards.
Fees also go to the reserve
- Minting USP: 0% fee (free to create)
- Redeeming USP: 0.2% fee (applied via a time + queue system, usually processed within 24 hours)
The small redemption fee discourages quick flips, and both the fee and any reserve earnings flow into the USP backing, not to the team or treasury.
Extra incentives for holders
USP holders also receive PIKU utility tokens as a bonus. These emissions make up 40% of the total PIKU supply, released gradually (linearly over 8 years). Additional PIKU tokens are set aside for:
- Liquidity providers (on platforms like Pendle, Morpho, Uniswap)
- Governance voters and delegates (5% of supply)
- sPIKU stakers (2.5% of supply)
How it's managed
In the early phase, reserve management runs through multi-sig wallets. Over time, control will shift to fully automated smart contracts steered by PikuDAO votes — meaning the community decides strategy changes, allocation shifts, and parameter updates.
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Omega Security17-07-2025 |
| The report confirms that all identified issues were addressed by the Inverter team, but it does not enumerate specific findings or severity counts, limiting independent risk assessment from this document alone. Protocol safety relies on the referenced Pull Request for granular issue tracking. |
Omega Security27-12-202406-04-2025 |
| No formal audit report document was available at this URL—only a GitHub PR conversation with code review comments. The protocol safety implications cannot be assessed from this source alone. |
0xMacro19-07-2024 |
| The audit uncovered several high-severity vulnerabilities that were promptly addressed by the Inverter team, with only flash-loan susceptibility in token-gated roles acknowledged as a design-level decision. Overall, the protocol's security posture is markedly improved post-remediation, though residual trust assumptions around the OrchestratorOwner role and upgrade authorities remain important for users to understand. |
0xMacro15-04-2024 - 24-05-2024 |
| The audit identified several high-impact vulnerabilities in Inverter's smart contracts, almost all of which were addressed or fixed by the development team, indicating a strong remediation response. The residual risks center on prudent governance (privileged roles, upgrade trust model) and user awareness of token-gating and fee-on-transfer limitations rather than exploitable code defects. |
Hats Finance12-08-2024 |
| The audit found no critical or high-severity vulnerabilities, indicating the core protocol design is reasonably sound, but the 16 medium-severity findings—particularly around access control in FundingManager, reorg safety on Polygon, and DoS vectors in staking/streaming contracts—require remediation before mainnet deployment to ensure fund safety and protocol reliability. |
Hats Finance12-08-2024 |
| The audit revealed no critical or high-severity flaws but identified 16 medium-severity issues spanning access control, economic exploits, and DoS vectors that require remediation before mainnet deployment, alongside 35 low-severity findings for code quality hardening. |
Team Omega29-07-2024 |
| The audit found no critical, high, medium, or low severity vulnerabilities and the two informational issues it did identify were both resolved, indicating that the issuance token contract was in sound security condition at the time of review. |
| Two high-severity vulnerabilities were identified both related to the funding manager's bonding-curve and redemption-queue logic, and both were resolved before deployment, removing the most significant attack surfaces found in this review. |
Legal
Legal form
Limited company (private limited liability company)
Registration jurisdiction
British Virgin Islands (Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands)
Status and notes
Operator is Morini Limited, a BVI-incorporated company. Terms of Use and Privacy Policy are linked from the website footer and docs. The Foundation page states a legal wrapper foundation for PikuDAO will be formed in the future (not yet established). Dispute resolution is set to Istanbul (Caglayan) courts of the Republic of Türkiye, while the governing law is the Laws of the British Virgin Islands.