Summary
This proposal seeks to reallocate the existing PIKU token incentive allocation from the Alpha USDC Forex V2 Vault to the Morini USDC Emerging Yield Vault on Morpho. The change aims to direct existing incentives toward the Morini vault and support its continued adoption and growth within the Piku Finance ecosystem.
Rationale
The proposed change will move the PIKU incentive allocation currently assigned to the Alpha USDC Forex V2 Vault to the Morini USDC Emerging Yield Vault. This allows Piku Finance to redirect existing incentive emissions toward a yield product curated by Morini Capital and better align PIKU incentives with the current product strategy of the ecosystem.
Morini USDC Emerging Yield Vault is a diversified USDC lending vault focused on higher-yield emerging-market and RWA opportunities. It lends USDC against a curated mix of yield-bearing stablecoins, protocol-native yield assets, and tokenized strategies such as FX arbitrage, Turkish equity basis trading, and leveraged carry trade, with conservative risk parameters and collateral caps.
The Morini USDC Emerging Yield Vault provides users with access to diversified USDC-denominated yield opportunities through Morpho. Redirecting the existing allocation is expected to support TVL growth, encourage user participation, and strengthen the adoption of Morini’s yield-generating products.
Importantly, this proposal does not introduce additional PIKU emissions. It only reallocates the existing incentive budget from one vault to another, allowing the DAO to dynamically adjust incentives based on product performance, user demand, and the evolving Piku Finance ecosystem.
Pre Proposal:
| Rate | Campaign Type | Distributed PIKU Amount Everyday |
|---|---|---|
| 30% | Holders of USP Token | 20,533.89 |
| 10% | Uniswap USP Pool Incentive | 6,844.63 |
| 10% | Curve frxUSD/USP Pool Incentive | 6,844.63 |
| 10% | Holders of Morini FXArbUSDTRY Vault Token | 6,844.63 |
| 10% | Holders of Morini StockMarketTRBasisTrade Vault Token | 6,844.63 |
| 10% | Holders of Morini CarryTradeUSDTRYLeverage Vault Token | 6,844.63 |
| 5% | Pendle LP USP | 3,422.31 |
| 5% | Pendle YT USP | 3,422.31 |
| 7.5% | Borrow USDC on USP/USDC 86% | 5,133.47 |
| 2.5% | Supply to Alpha USDC Forex V2 vault on Morpho on Ethereum | 1,711.16 |
Post Proposal:
| Rate | Campaign Type | Distributed PIKU Amount Everyday |
|---|---|---|
| 30% | Holders of USP Token | 20,533.89 |
| 10% | Uniswap USP Pool Incentive | 6,844.63 |
| 10% | Curve frxUSD/USP Pool Incentive | 6,844.63 |
| 10% | Holders of Morini FXArbUSDTRY Vault Token | 6,844.63 |
| 10% | Holders of Morini StockMarketTRBasisTrade Vault Token | 6,844.63 |
| 10% | Holders of Morini CarryTradeUSDTRYLeverage Vault Token | 6,844.63 |
| 5% | Pendle LP USP | 3,422.31 |
| 5% | Pendle YT USP | 3,422.31 |
| 7.5% | Borrow USDC on USP/USDC 86% | 5,133.47 |
| 2.5% | Supply to Morini USDC Emerging Yield Vault on Morpho on Ethereum | 1,711.16 |