Summary
This proposal introduces a targeted incentive program for the Alpha USDC Forex V2 USP/USDC market on Morpho, funded by reallocating 10% of the existing USP Holding incentive.
Rationale
This proposal reallocates 10% of the existing USP Holding incentive budget to support the Alpha USDC Forex V2 USP/USDC market on Morpho, directing 7.5% of PIKU incentives to users who use USP as collateral to borrow USDC and 2.5% to users who supply USDC to the Morpho vault.
This structure promotes productive and capital-efficient usage of USP, balances borrow- and supply-side liquidity to ensure healthy market utilization, and strengthens USP’s role as a DeFi-native collateral asset.
By reallocating incentives rather than increasing emissions, the proposal enhances sustainable adoption and deepens USP’s integration into core lending infrastructure without expanding overall incentive spend.
Pre Proposal
| Rate | Campaign Type | Distributed Everyday |
|---|---|---|
| 80% | USP Holding | 54,757.01 PIKU |
| 10% | Uniswap USP/USDC Pool LPs | 6,844.63 PIKU |
| 5% | Pendle LP USP | 3,422.32 PIKU |
| 5% | Pendle YT USP | 3,422.32 PIKU |
Post Proposal
| Rate | Campaign Type | Distributed Everyday |
|---|---|---|
| 70% | USP Holding | 54,757.01 PIKU |
| 10% | Uniswap USP/USDC Pool LPs | 6,844.63 PIKU |
| 5% | Pendle LP USP | 3,422.32 PIKU |
| 5% | Pendle YT USP | 3,422.32 PIKU |
| 7.5% | Borrow USDC on USP/USDC Alpha USDC Forex V2 Morpho Market | 5,133.48 PIKU |
| 2.5% | Supply USDC to Alpha USDC Forex V2 Vault on Morpho | 1,711.16 PIKU |