Summary
This proposal seeks to transition the curation of USP Yield-Optimized Stablecoin from PikuDAO to Morini Capital. Following the transition, the product will be renamed as USP Yield Vault and will continue as a multi-strategy yield vault, dynamically allocating across yield-generating strategies based on market conditions, risk, liquidity, and expected returns.
Rationale
USP was initially curated by PikuDAO, with its backing strategies managed through DAO governance. As market conditions become increasingly dynamic, effective management of a multi-strategy yield product requires continuous market monitoring, strategy evaluation, and active portfolio management.
Historically, Morini Capital, acting as the curation branch of Piku Finance, has maintained the highest level of engagement within USP governance. Beyond its involvement with USP, Morini has established a proven track record in the curation of yield-generating products, including the FXArbUSDTRY, StockMarketTRBasisTrade, and CarryTradeUSDTRYLeverage vaults. The robust demand from users and the consistent performance metrics of these existing vaults justify the delegation of USP portfolio management to Morini Capital.
Under this proposal, Morini Capital will become the curator of USP, responsible for evaluating strategies, managing portfolio composition, and adapting allocations to changing market conditions. USP will transition into USP Yield Vault, a multi-strategy yield product designed to combine different yield-generating strategies and optimize risk-adjusted returns.
PikuDAO will continue to retain governance authority over protocol-level decisions, including PIKU token incentives, treasury management, protocol parameters, reserve framework, and the overall strategic direction of Piku Finance.
This structure separates investment curation from protocol governance, allowing Morini Capital to focus on portfolio optimization while PikuDAO continues to provide governance, oversight, and strategic direction.