Dive into Tapio

Liquidity provision is the backbone of DeFi, enabling seamless trading on DEXs. By depositing equal values of two tokens into a liquidity pool, you facilitate trades and earn a portion of the trading fees in return. Tapio Protocol streamlines this process with a user-friendly approach:

1. Deposit paired assets into a dedicated pool.

2. Receive SPA token (aka tapToken), representing your share of the pool, which grows as the pool earns fees.

3. Redeem your SPA token anytime for your deposit plus profits.

This integration with Tapio Protocol sets the stage for:

• Automated Value Accrual: Your SPA token increases in value as the pool generates fees and rewards, so no extra effort is required.

• Simplified Liquidity Management: Tapio’s automated strategies minimize the manual work of managing liquidity.

• All-in-One DeFi Hub: Swap, lend, borrow, and provide liquidity, all within a single platform.

Unlocking the Potential of Stable Assets with SPA

Stable assets are tokens designed to maintain a consistent value relative to a reference asset, typically to reduce volatility and provide stability for users. These tokens are essential in DeFi to enable predictable value storage and transactions.

Liquid Staking Tokens (LSTs) like stETH are a type of stable asset that have become key players in DeFi. The ETH liquid staking market alone has grown to over $24 billion, according to DeFiLlama. However, challenges remain: their liquidity is fragmented across various platforms and networks, leading to trade inefficiencies like higher slippage, especially for less popular LSTs. Additionally, only a handful of LSTs, such as wstETH, are widely accepted as collateral for borrowing, restricting user flexibility.

SPA from Tapio Protocol enhances this. Add liquidity to pools (e.g., WETH-wstETH), earn SPA tokens, and use them on Pike for:

• Unified Liquidity: Cheaper, smoother trades.

• More Collateral: Broader LST borrowing options.

• Capital Efficiency: Earn fees while borrowing.

SPA simplifies the complexity of stable assets and supercharges their utility, making DeFi more accessible, efficient, and rewarding for users.

New Features Here

• Berachain Network: A high-performance blockchain celebrated for its scalability, low transaction fees, and robust security. By integrating with Berachain, Pike gains access to a dynamic ecosystem that enhances our platform’s capabilities.

• Built-in DEX: A feature powered by Tapio lives first on the Base network, streamlining participation in stable asset liquidity pools, enhancing efficiency, minimizing slippage on swaps, and making it easier than ever to earn rewards.

• Borrowing with SPA: Use your SPA tokens as collateral for borrowing on the Base network while continuing to earn trading fees from the pool.

• Dynamic Asset Data for Pool: Real-time graphs and data for personal pool positions, general pool statistics, behavior history, and attributes help you make informed decisions.

For lenders, you can earn supply interest and trading fees simultaneously. For borrowers, you can get more capital efficiency, lower borrowing costs, and new collateral options.

It’s Time to Join

We’re refining these features to perfection, and we need your input to make it happen. We’re looking for:

• Experienced DeFi users who are familiar with lending, borrowing, and LP strategies.

• Developers with experience in DeFi integration.

• Active Pike community members who believe in our vision and want to contribute to the future.

Don’t wait, fill out the application form to secure your spot - https://app.deform.cc/form/8e5c0c94-ec6c-41dc-b62d-5cf4a3baf5f8 before 00:00 UTC, May 2, 2025. Selected applicants will be notified via announcements. Spots are limited. This is your chance to lead the next wave of DeFi.

About Pike

Pike is a modular money market with built-in DEX capabilities delivering superior capital efficiency for lenders, borrowers, and traders. It offers highly competitive rates through cross-chain interest rate arbitrage and above industry standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Community Dashboard: https://community.pike.finance

Docs: https://docs.pike.finance/

https://app.deform.cc/form/81b597ca-04fb-4e9f-aba7-6dd1efa53ce6

Why Sonic?

While last year’s beta testnet was about building community awareness, Phase 2 is where we go deeper. This phase is our proving ground, a “temperature check” for DeFi friendly networks such as Sonic, with room to welcome more ecosystems later. We are stress-testing Pike to ensure it’s robust, efficient, and ready for mainnet deployment. Sonic’s blazing speed, focus on DeFi innovation and scalability align perfectly with Pike’s goal: delivering efficient, low-cost, multichain lending.

What is Pike?

Pike isn’t just another lending protocol, it’s a modular money market built for the multichain future. Whether you’re navigating EVM or non-EVM liquidity, Pike empowers lenders, borrowers, and traders with secure lending, smooth swaps, and groundbreaking cross-chain features. Here’s what makes Pike stand out:

• Composability: Built-in stable asset DEX functionality simplifies swaps and supports diverse collateral, from blue-chip tokens to DEX LP and self-pegging assets (SPA).

• Modularity: Pike’s modular architecture enables rapid market expansion, isolates risks, and integrates new assets and protocols with ease.

• Capital Efficiency: Innovative cross-chain functions boost yields and minimize liquidity fragmentation for native assets.

What is New?

Thus far in our private testnet campaign, we uncovered 1 verified bug and gathered 5 feature suggestions after extensive testing. Now, we’re leveling up by adding:

• Sonic: A lightning-fast, scalable EVM Layer 1 blockchain. Sonic’s quick transactions and low costs cut lending expenses and enhance user experience making it a game-changer for Pike’s multichain vision.

• Core Features: Supply, Borrow, Repay, and Withdraw with USDC, WETH, and wstETH.

• Coming Soon: Graph functions and a full activity tracker will roll out in future updates.

Who Can Join?

This exclusive phase of the private testnet is available to a select group of users who:

• Sonic fans or anyone curious about high-performance blockchains

• DeFi innovators eager to push boundaries

• Users with lending protocol experience

• Testers ready to dive in and share sharp, actionable feedback

With Sonic in the spotlight, we’re testing Pike in a high-speed, low-cost arena. Your insights will refine Pike, ensuring it’s ready for the public launch for lenders and borrowers.

Ready to Join?

1. Sign Up Now: Fill out our application form - https://app.deform.cc/form/81b597ca-04fb-4e9f-aba7-6dd1efa53ce6 before 00:00 UTC, April 7th, 2025, to secure your spot. (limited availability)

2. Eligibility Review: Our team will review applications to select users who meet the criteria.

3. Join Our Community: Engage with us on Discord and X for updates and support.

If application demand is high, we reserve the right to finalize participation based on our review.

https://app.deform.cc/form/81b597ca-04fb-4e9f-aba7-6dd1efa53ce6

About Pike

Pike is a modular money market with built-in DEX capabilities delivering superior capital efficiency for lenders, borrowers, and traders. It offers highly competitive rates through cross-chain interest rate arbitrage and above industry standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Community Dashboard: https://community.pike.finance

Docs: https://docs.pike.finance/

One of the major initiatives of Private Testnet Phase 2 is new network expansion. We have shortlisted 3 new networks and Monad will mark as the first network expansion. Testnet deployment for the other 2 networks will go live progressively in the coming weeks.

https://app.deform.cc/form/099dc4e2-e782-46c2-9740-a39c643f236c

Why Join the Private Testnet Phase 2?

In the coming 4-8 weeks, we will release iterative versions, focusing on refining capital efficiency, usability, and security. We want to hear from you because we believe you can contribute to Pike’s vision - to become a leading lending protocol by bridging the demand for cross-chain liquidity and access to superior capital efficiency.

Highlights from Phase 1

Phase 1 of Pike Private Testnet, which began in February 2025, exceeded our expectations. We received over 1,300 applications and selected 40 committed participants. Over 4 weeks, they provided 30+ pieces of feedback—including 5 critical bug reports and 7 valuable feature suggestions (1 for smart contracts, 6 for UX).

What is Pike?

Pike is a modularized lending protocol designed for the multichain world. It unifies liquidity across ecosystems while maintaining robust risk isolation, enhancing capital efficiency, and supporting blue-chip and self-pegging assets (SPA).

• Multichain Compatibility: Seamlessly operates across EVM and non-EVM blockchains, enhancing accessibility and liquidity.

• Modular Architecture: Balances risk isolation and capital efficiency, enabling tailored deployments.

• Programmable Oracle Interface: Supports assets like DEX LP tokens and self-pegging assets for optimized on-chain price discovery.

• Universal Vaults (UV) Powered by POCA: Facilitates liquidity optimization across chains.

https://poca.tech/

What is New in Phase 2?

Phase 2 introduces three cutting-edge blockchain networks one by one. The goal is to expand Pike’s footprint to service emerging blockchain networks. Here is what is new:

• Monad Network: Advanced EVM compatibility now enables faster smart contract execution and improved lending efficiency.

• Dynamic Asset Data: The integrated indexer displays real-time graphs for market rates, interest rates, and asset price history—helping you make informed decisions and track activity.

Note: Graph functions and full activity tracker on Monad are temporarily unavailable at launch due to RPC limitations but will be supported soon.

On the Monad testnet, you can test first with USDC, WETH, and wstETH to:

• Supply

• Borrow

• Repay

• Withdraw

Your feedback will help us optimize Pike 2.0 for a public launch, ensuring it delivers unmatched value to DeFi users worldwide. Cross-chain capability will be added in a future update as we finalize the POCA validation process.

Who Can Join and Why It Matters

Eligible participants in Phase 1 will automatically qualify for Phase 2. In addition, we are looking for experienced lending protocol users who hold one of the following roles in the Pike Discord: “Pillars of $P,” “Nads,” “Vanguards,” or “Day 1” and meet the following criteria:

• Have hands-on experience with financial products, especially DeFi lending protocols.

• Willingness to participate in user interviews and provide detailed feedback.

• Ability to thoroughly test the protocol and report bugs and/or improvement suggestions.

Your insights will directly shape Pike, ensuring it addresses the real needs of lenders and borrowers before the public launch. This is your chance to be part of a transformative protocol that could redefine decentralized lending.

Ready to Join Phase 2? Here’s How:

1. Sign Up Now: Fill out our application form - https://app.deform.cc/form/099dc4e2-e782-46c2-9740-a39c643f236c before 00:00 UTC, March 13, 2025, to secure your spot. (limited availability)

2. Eligibility Review: Our team will review applications to select users who meet the criteria.

3. Join Our Community: Engage with us on Discord and X for updates and support.

*Spots are limited. If demand is high, we reserve the right to make the final decision on who qualifies to participate.

https://app.deform.cc/form/099dc4e2-e782-46c2-9740-a39c643f236c

About Pike

Pike is a next-generation lending protocol with a built-in DEX engine. Pike’s modular design improves security and capital efficiency, offering highly competitive rates through cross-chain interest rate arbitrage and above industry standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Community Dashboard: https://community.pike.finance

Docs: https://docs.pike.finance/

With the launch of Private Testnet, we are inviting a select group of experienced lending protocol users to try Pike 2.0.

What is Pike 2.0?

Pike 2.0 is a modularized lending protocol designed for the multichain world. It unifies liquidity across ecosystems while maintaining robust risk isolation, enhancing capital efficiency, and supporting blue-chip and hypothecated blue-chip assets. By leveraging advanced cross-chain technology, Pike 2.0 sets a new standard for decentralized lending protocols.

Key Features:

• Multichain Focus: Seamlessly operates across EVM and non-EVM blockchains

• Modular Architecture: Balances risk isolation and capital efficiency, enabling tailored deployments

• Programmable Oracle Interface: Supports assets like DEX LP tokens and self-pegging stablecoins for optimized on-chain price discovery

• Universal Vaults (UV) Powered by POCA: Facilitates liquidity optimization across chains

https://poca.tech

Why Join the Private Testnet?

The Private Testnet is a unique opportunity to:

• Be the first to experience the groundbreaking features of Pike 2.0

• Provide critical feedback that will directly shape the future of decentralized lending

• Work closely with our team as part of an exclusive group of testers

Sign up now:

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Are You a Good Fit?

We are planning to release iterative versions of the Private Testnet over the course of approximately 10 weeks. Each version will include at least one major feature upgrade aimed at enhancing protocol stability, security, and usability.

The Private Testnet is reserved for a select group of users who meet the following criteria:

• DeFi lending protocol experts

• Experience with financial products

• Willingness to conduct user interviews

• Ability to thoroughly test and provide suggestions and improvement feedback

Private Testnet Objectives

• To identify and recruit lending enthusiasts within our community

• To gather meaningful feedback and contributions from expert users

• To establish a product-focused channel of communication with expert users

• To progressively roll out new functions and enhancements

Supported Chains and Assets in the First Testnet Version

In this version of the testnet, we are supporting the Base, Arbitrum, and Optimism Sepolia testnet. Users can interact with the following assets:

• USDC

• ETH

• stETH

Action you can perform:

• Supply

• Borrow

• Repay

• Withdraw

Please note that cross-chain functions will be enabled in a later version after Universal Vaults(UV) goes live. We anticipate encountering bugs in the first testnet version, which will help us improve the product quickly. We encourage users to test thoroughly and explore all possible scenarios.

How to Get Involved

Participation in the Private Testnet is limited to qualified individuals. Here’s how you can join:

• Sign Up: Fill out this form below to express your interest

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• Eligibility Review: Our team will review applications to select users who meet the criteria

• Stay Updated: Follow us on our social channels to receive the latest news and updates for the Private Testnet

A Step Towards the Future

The launch of the Pike 2.0 Private Testnet is just the beginning. This milestone represents our commitment to delivering a secure, flexible, and innovative lending solution that meets the needs of the evolving DeFi landscape.

Your participation and feedback will play a crucial role in shaping the final version of Pike. The coming new testnet versions will support more hot chains gradually. If you’re as excited as we are, sign up the form to be part of this groundbreaking phase of development.

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About Pike

Pike is a next-generation lending protocol offering the most competitive cross-chain yield opportunities. Pike’s modular design improves security and capital efficiency, offering highly competitive rates through cross-chain interest rate arbitrage and above industry standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Community Dashboard: https://community.pike.finance

1. Verification

To ensure a safe and tailored environment for our community, we’ve implemented a two-stage verification system:

• Stage 1: Human Verify

  • Simple steps to confirm you’re human.

• Stage 2: Anti-Bot Verification

  • Advanced measures to keep bots at bay.

After verification, select your areas of interest to unlock corresponding roles in #topics-of-interest channel (you always can select another area to open up new channels):

• Pike Product Space: Assigns the Pike Fan role.

• P Token: Assigns the P Fan role.

• PIU: Assigns the PIU Fan role.

2. Information

Accessible to everyone post-verification, this section provides essential updates and guidance:

• Rules & Links: Understand the community guidelines and access important official resources.

• Role Guide: A comprehensive explanation of the server’s roles and how to attain them.

• Wide Announcements: Major updates covering products and community news of Pike.

• Minor Announcements: Small updates or notifications.

• Twitter Feed: Stay up-to-date with our latest Pike tweets directly in Discord.

3. Events

Exclusive to Pike Fan, P Fan, and PIU Fan roles, this category is your hub for community events:

• Event Recording: Access past event recordings.

• Stage: Participate in live events and discussions.

4. Pike Product Space

Dedicated to the Pike Fan role, this category fosters in-depth lending discussions and learning:

• Pike Chat: General discussions about the Pike core product, and any lending topic related. (Renamed from #general-chat channel)

• Product Launch Guide: Step-by-step guides for participating in product campaigns.

• Knowledge Base: A repository of essential education information and FAQs about the Pike lending market.

5. P Token

For members with the P Fan role, this category focuses on Pike token-specific discussions:

• P Announcements: Updates and announcements related to the P token.

• P Chat: Community discussions about P token holders. (Renamed from #presale-participant channel)

• P Campaign Guide: Detailed instructions for token campaigns.

6. PIU Land

Exclusive to the PIU Fan role, this category is all about PIU:

• PIU Announcements: Dedicated updates for PIU enthusiasts.

• Free Roles: Select to receive notifications about games.

• PIU Chat: General discussions about PIU and any contribution. (Renamed from #eye-vangelists channel)

• Trading and Alpha: Share and discuss trading insights.

• PIU Campaign Guide: Detailed instructions for PIU campaigns.

7. Support

Pike Fan, P Fan, and PIU Fan roles gain access to this category for assistance and reporting:

• Community Support: Get help from fellow members.

• Support Tickets: Create tickets for specific issues.

• Report Scammer: Safeguard the community by reporting suspicious activities.

8. Global

A space for international community members with Pike Fan, P Fan, and PIU Fan roles:

• Localized Channels: Connect with others in your native language, including Chinese, French, Vietnamese, Indonesian, Korean, Filipino, Russian, Thai, Turkish, and Ukrainian. Other language will be added based on the activities.

Channels Temporarily Removed

The following channels will be removed temporarily:

• #gm-gn channel

• #newbie-chat channel

• #contributooors channel

• #suggestions channel

• #nominations channel

• Some inactive local channels

Why the Reorganization?

Our goal is to provide a more organized and engaging experience that caters to the diverse needs of our community. By introducing role-based access and interest-specific categories, we aim to:

• Enhance security and protect against spam.

• Foster meaningful discussions within niche communities.

• Improve navigation and accessibility for all members.

• Refresh roles to match the new design, adding new ones and archiving some existing ones.

Next Steps

The reorganization will go live on January 17th. During the transition, the server may experience temporary downtime. Once live:

• Complete the two-stage verification process. (no need for existing members)

• Choose your topics of interest to attain the specific roles.

• Explore the new structure and start engaging!

Important Note on Roles

• Table below presents existing roles that will remain active. Members with active roles will be unaffected and select roles will be eligible for future campaign incentives.

• We are actively evaluating the possibility of reactivating some roles that have contributed significantly to the Pike community’s initial growth.

About Pike

Pike is a next-generation lending protocol offering the most competitive cross-chain yield opportunities. Pike’s modular design improves security and capital efficiency, offering highly competitive rates through cross-chain interest rate arbitrage and above industry standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Community Dashboard: https://community.pike.finance

The Keeper of P Campaign is a direct and transparent way to incentivize our presale participants who continued to hold their tokens post-TGE. The objective is to identify and foster a community of long-term token holders whom we can lean on to introduce P token initiatives and gather constructive feedback in shaping the long-term roadmap for the P token.

Campaign Details

The Keeper of P campaign will consist of two rounds of qualifiers, each with a unique snapshot date and distribution period.

Qualified participants in Round 1 will also receive a commemorative NFT. This commemorative NFT will work similarly to our existing Discord roles but addresses the gap in user tracking and accuracy of our old systems. More details about the commemorative NFT will be announced closer to the Round 1 rewards distribution date.

Rewards

A total of 7,500,000 P tokens have been allocated for the Keeper of P campaign. This allocation comes from the P buyback program. Each wallet will receive the same token rewards, regardless of their presale tier or token purchase amount. Rewards will be distributed across two rounds:

• Round 1: 2,500,000 P tokens

• Round 2: 5,000,000 P tokens

Round 1 Qualifier

• Presale participants must have a P token balance equal to or greater than the initial unlocked TGE distribution.

• Round 1 snapshot: November 9, 2024, @ 2:00 UTC

• Incentive distribution: January 3, 2025

• Qualified wallet address checker: https://docs.google.com/spreadsheets/d/16E2_z5OqzCUZ8vHUq5pyTP9Km45RlWATl4Z7d9m7e2w/edit?usp=sharing

Round 2 Qualifier

Round 2 will begin after the P staking function launches in Q2 2025. As the date approaches, additional details regarding Round 2's snapshot date and distribution will be provided.

About Pike

Pike is a next-generation lending protocol offering the most competitive cross-chain yield opportunities. Pike’s modular design improves security and capital efficiency, offering highly competitive rates through cross-chain interest rate arbitrage and above industry standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Community Dashboard: https://community.pike.finance

Introducing the "Believer" Role

The beating heart of this campaign is the introduction of a new Discord role called "Believers."

This role is reserved for community members who have demonstrated exceptional dedication and support towards Pike. To become a Believer, you must be someone who can filter out noise, look past setbacks, and remain focused on Pike’s future and long-term vision.

As we unveil the protocol, we ask that our Believers continue to share their feedback and insights with us. We’ll be looking to you for input during this time and invite you to be a part of this process.

Selection Criteria

To be considered for the Believer role, members must maintain at least 3 of the following criteria:

1. Have the $Pillars of P, Eye-vangelist, and/or Vanguard roles.

2. Attend three (3) or more community events each month. AMAs, Office Hours, Pike Place, Town Halls, and Secret Chat events are all included.

3. Create two (2) or more authentic pieces of Pike-focused content. Copying others is not tolerated and will result in the automatic denial of any incentives.

4. Quote-tweet or retweet ALL of Pike’s monthly content and raise awareness about Pike on social media platforms.

5. Provide at least two (2) instances of constructive feedback per month.

6. Inspire newcomers and skeptics to learn about Pike, educating those who are unfamiliar.

To submit your contributions, post them in our #🎨┃contributooors channel in Discord. Members who are exceptionally good at writing threads and other content may be offered a chance to collaborate with the team directly.

Selection Process

Our Community Team will manually select qualified members throughout the month. At the end of each month, the Pike Growth Team will review all shortlisted members and assign the “Believer” role to approved members. A maximum of 20 roles will be assigned per month. Incentive Tiers are assigned at the Growth Team’s discretion based on contribution level.

Incentives

Additionally, we will be allocating 2,500,000 P tokens from the token buyback program as incentives for this campaign. There are two tiers for incentive payouts:

• Tier 1: 25,000 P tokens

• Tier 2: 50,000 P tokens

The distribution of these incentives will begin on April 1, 2025.

Our team reserves the right to revoke any roles if we detect activities such as farming, bot usage, or failure to meet the selection criteria.

Qualified role holders must undergo a social media account verification process before receiving their incentives.

Looking Ahead

The "We Believe" campaign is a chance for us to “turn the page” as we prepare for our relaunch. As we embark on this journey, the insights from our Believers will be essential in shaping our future. We invite everyone to participate and are excited about the positive impact this will have on our community.

About Pike

Pike is a next generation lending market offering the most competitive cross-chain yield opportunities. Its modular design improves security and capital efficiency, offering highly competitive rates through cross-chain interest rate arbitrage and above-industry-standard liquidity utilization rates.

Learn more: https://www.pike.finance/

Join the Discord: https://discord.gg/pikefinance

Explore the Community Dashboard: https://community.pike.finance

• Pike token generation and distribution took place on 9/30/2024 17:57 UTC

• 110,761,849.83 Pike tokens distributed to 3,681 Presale Participants

• Presale Participants will receive 50% of the tokens subscribed; the remaining 50% will vest monthly over 6 months after a 3 month cliff

• Pike tokens will be distributed automatically to the same wallet addresses used for the presale contribution

• Pike token format is ERC-20, and the initial trading venue will be Aerodrome on Base

• Pike token address on Base: 0x25e1c298F100d7C600E9e44d46788C1Ebbd4f69B

Objective

Like any first-rate plot, it is filled with tests, obstacles, and setbacks. But this is not the end of Pike’s story. Q3 was our transformation phase in terms of mindset and approach to building, which entails much internal work around team restructuring, product redesign, and vision/mission realignment.

As we prepare for an exciting start to Q4, the theme of the plot is our road to resurrection. We are optimistic for a monumental quarter as we prepare for the relaunch of Pike and the activation of go-to-market initiatives.

This also marks an opportune time for us to carry out the token generation event and distribute the Pike token to our Presale Participants and Advisors. As communicated extensively via our Community AMA on 9/19, we are implementing a new playbook for the Pike token launch.

The existing playbook for launching utility tokens creates a significant incentives misalignment between stakeholders (ie. fabricating a short-lived liquidity capture event based on progress to date). Our approach is to enable long-term stakeholders to capture progressive upside as Pike continues to develop and grow. In our opinion, the token is a standalone product and it needs to be treated as a constant work-in-progress, rather than a finished product upon token generation event. Ultimately, we wish to create an opportunity where long-term stakeholders’ incentives are fully aligned with Pike's long-term roadmap and success.

Pike Tokenomics

• Ticker: P

• Max Supply: 2,140,000,000

• Token format: ERC-20

• Initial circulating supply: 358,450,000

• TGE Circulating Supply: 16.75%

• Vesting: 83.25% are initially locked, which will unlock over 48 months per vesting schedule below

• Initial trading venu:

Aerodrome Finance: The central trading and liquidity marketplace on Base network.

Aerodrome Finance is a next-generation AMM that combines the best of Curve, Convex and Uniswap. Aerodrome NFTs vote on token emissions and receive incentives and fees generated by the protocol.

https://aerodrome.finance

Pike Token Contract

• Token contract address: 0x25e1c298F100d7C600E9e44d46788C1Ebbd4f69B

• Base scan - https://basescan.org/token/0x25e1c298F100d7C600E9e44d46788C1Ebbd4f69B

• TGE distribution TXs - https://docs.google.com/spreadsheets/d/1IC9wILUEXoma-q3-rpa9dIYL-Pfms9H3gXtvT1rGfD4/edit?gid=126959829#gid=126959829

Foundation Treasury Distribution Details

• Presale tokens come from the Foundation Treasury allocation

• 110,761,849.83 Pike tokens distributed to 3,681 Presale Participants

• 50% of the subscribed tokens were distributed, and the remaining 50% will vest monthly over 6 months after a 3 month cliff period

• Pike tokens will be distributed to the same wallets used to make contributions. No claiming is required

• Community Presale Contribution and Distribution Checker

Advisors Distribution Details

• 4,614,375 Pike tokens to be distributed to 11 Advisors

• 25% of the allocated tokens will be minted; the remaining 75% will vest monthly over 12 months after a 6-month cliff period

• Unallocated tokens will be transferred to a team multisig for future use

Strategic Partners & Ecosystem Distribution Details

• Strategic Partners & Ecosystem allocation currently remains unallocated

• 85,600,000 Pike tokens will be minted and transferred to a team multisig for future use

Community Treasury Distribution Details

• As part of the restitution plan, an insurance fund was established where 4% of the total token supply (coming from the Community Treasury allocation) would be used as collateral to borrow stablecoin funds from the Team treasury in the form of a loan

• 8,560,000 Pike tokens, which make up 10% of the restitution supply, will be minted and transferred to a team multisig

• Once the stablecoin loan is repaid, the minted Pike tokens will be returned to the Community Treasury

If you come across any issues with the amount of tokens received, please contact us via Discord.

Resources

1. FAQ

2. Community Presale Contribution and Distribution Checker

3. Pike Tokenomics

4. Community Presale Details

5. Restitution Plan

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

On April 30th, Pike Finance experienced a second significant security breach due to the exploitation of a vulnerability related to a recent contract upgrade. This incident resulted in a substantial financial loss of 99,970.48 ARB, 64,126 OP, and 479.39 ETH.

Details of Vulnerability

The vulnerability stemmed from an oversight during the upgrade of the spokes contract, which was part of the measures taken to address the initial USDC vulnerability reported on April 26th.

https://mirror.xyz/pikefinance.eth/M1ToE42vwEHuE6xlz0dVRQwPT0xpaRtpIIw2arOdBAM

The upgrade had altered the storage layout of the Spoke contract, particularly affecting the position of initialized variables. This misalignment in storage mapping caused the contract to behave as if it was uninitialized. As a result, attackers were able to bypass and execute unauthorized upgrades and withdrawals.

Disclaimer and Acknowledgment

We acknowledge that this oversight occurred during the process of trying to secure the protocol from the first exploit. It is crucial to note that the vulnerability was not due to inherent issues within the Pike protocol itself but was a consequence of a hastily completed contract upgrade.

Incident Timeline

• 2024-04-26: Initial USDC vulnerability exploited.

• 2024-04-26 to 2024-04-30: Efforts to pause and upgrade protocol functions to enhance security.

• 2024-04-30 21:47: Attackers exploited the contract upgrade vulnerability, leading to unauthorized withdrawals.

Attacker

• Hacker Wallet: 0x19066f7431df29A0910d287C8822936Bb7D89E23

• Asset Conversion: The stolen assets were quickly moved and diversified across different cryptocurrencies.

Current Status

As of today, no funds have been recovered, and no direct contact with attackers has been established. The investigation is ongoing, and we are working closely with external experts to trace the stolen assets.

Planned Next Steps

In response to this incident, we are taking corrective actions by a continued and constant collaboration with security experts and auditors to ensure the integrity of our platform.

We are committed to learning from these incidents and strengthening our systems to protect our users' assets.

We will be publishing a report of all the users on Pike with their outstanding balances, with restitution to be made in the next week or so.

Further updates on our progress will be communicated in the coming days, so please keep an eye out on our Twitter.

We appreciate the patience and support of our community as we work through these challenges.

It has been an extremely volatile and emotional time for all of us in the past week. We want to share our thoughts and provide clarity on what has happened, where we are now, and what our path forward looks like.

Despite what we’ve gone through, this is a tough but temporary setback. This is also a valuable lesson for us as we equip ourselves to face bigger challenges and create greater positive impact for DeFi as a whole.

We have been building Pike for almost 2 years and our team has been trying relentlessly over the last 6 years. We are 100% committed to our vision: enabling a native multichain DeFi experience.

The Vulnerabilities:

We were hit by 2 attacks, a few days apart - with the first taking place on April 26th, and the second occurring on April 30th.To read in detail what occurred, check out the following blogpost for the first vulnerability here:

https://mirror.xyz/pikefinance.eth/M1ToE42vwEHuE6xlz0dVRQwPT0xpaRtpIIw2arOdBAM

You can also check out a breakdown of the second attack here:

Pike

@PikeFinance

Attention Users:

On the 30th of April 2024, the Pike Beta protocol was exploited for 99,970.48 ARB, 64,126 OP and 479.39 ETH.

This exploit is related to the initial USDC vulnerability that was reported last week on the 26th of April.

In order to pause the protocol, the spoke

280

2:32 AM • May 1, 2024

We will update this post with a Post-Morten report on the second exploit related to the storage layout shortly.

A Crossroads:

We are now left with two options - 1. Accept defeat, or 2. Be antifragile, learn from our mistakes  and translate this into a positive opportunity to build something meaningful and successful.

We decided to pick Option 2.

We’ve come so far, and we have so much further to go and we’re committed to make Pike a success by any means necessary. Throughout this incident we were able to see who our true supporters are and their genuine intention. Accepting defeat means we are abandoning their trust and support.

For our Presale Participants - we decided to go down this route to give the community a chance to get in at the ground floor, before any institutional investors. While this of course means the potential for upside, it also means that investors have to go through the innate turbulence associated with building a startup - whether it be Web3 or otherwise.

We strongly believe the best outcome for our investors is that we commit to continue building Pike and ensure it’s a success. Exploits in DeFi are painful and have impacted many teams and not many teams have been able to fully recover from them. However, we believe we have a great chance to  achieve this feat given your support and our commitment.

Making Users Whole:

As it now stands, the Pike Beta is effectively sunset. We have no plans to re-enable functionality within the protocol in its current state.

In the coming days, we will disclose a full list of wallet addresses with active supply and borrow positions prior to the protocol halt as of April 26 08:35 PM UTC. Addresses with a supply position will have a credit balance, and addresses with a borrow position will have a debit balance. We will calculate the Net Balance [Total Value of Supply - Total Value of Borrow] and assess whether liquidation levels have been triggered using asset prices as of April 26 08:35 PM UTC. Addresses with a positive net balance after accounting for liquidation checks will be restituted in full directly to their wallets ($OP via Optimism, $ARB via Arbitrum, $ETH and $USDC via Base).

How the restitution mechanism will work :

• The Community Treasury allocation of $P has been set aside for various usages, however one of these is of course, as an insurance fund.

• As a result, we will be using 4% of the total supply of $P (from the Community Treasury  allocation) as collateral to borrow the necessary stablecoin funds from the team treasury (around $2M USD across both exploits).

• These will then be used to purchase the relevant assets on the open market and reimburse users for what they had within Pike prior to the exploit.

• As the protocol generates revenue and launches the $P token, this loan will then be paid back accordingly - transferring the $P tokens used as collateral to the Foundation Treasury.

• Once the debt is repaid, the $P will be released back to Insurance pool

What’s Next:

1. Continue with investigation and legal measures to trace stolen funds and hackers

2. Setup insurance pool

3. Execute on restitution plan for Pike users

4. Deep dive into the root cause of exploit

5. Enhance overall internal development practice and QA processes

6. Enhance security practices by onboarding additional security partners

Afterwards, we’ll continue development of Pike V2 (also known as Pike Based) which will incorporate everything we’ve learned both from a product, and a security perspective.

Thank you for everyone’s support, both positive and negative - we appreciate it regardless.

On April 26, 2024, 00:13:59 UTC, Pike Finance experienced a security breach due to the exploitation of a vulnerability within the Pike protocol. This resulted in a financial loss of 299,127 USDC incurred across 3 networks — Ethereum, Arbitrum, and Optimism.

Only the USDC asset was affected, all other assets are safe.

Details of vulnerability

The vulnerability is due to weak security measures in functions managing USDC transfers via CCTP protocol. Specifically, the critical flaw was in functions designed for burning USDC on a source chain and minting on a target chain (automated by Gelato's automation services).

Inadequate protection of this function allowed attackers to manipulate receiver's address and amounts, which were processed by Pike protocol as valid.

Disclaimer and Acknowledgment

It is important to clarify that this vulnerability was previously identified by our auditing partner, OtterSec. Our developer team was unable to address the identified vulnerability in a timely manner.

We acknowledge that this oversight led to the exploit and emphasize that the vulnerability is not due to inherent issues within the CCTP protocol or Gelato's automation services — instead, it was a consequence of the protocol team improper integration of the mentioned 3rd party technologies.

USDC Mint Automation

CCTP protocol implies USDC minting separately by utilizing attestations from Circle Iris — an off-chain service that monitors burn events on source chains and authorizes minting on target chains. To automate minting, integration with Gelato service was implemented.

It is crucial to note that neither CCTP nor Gelato are designed to verify the validity of receiver addresses or txs amounts. Responsibility for these checks lies solely on Pike as an integrator.

Incident timeline

On April 24, 2024, Pike protocol enabled and publicly announced the capability to withdraw USDC via CCTP. Two days later, April 26, 2024, 00:13:59 UTC, an attacker exploited the vulnerability, resulting in unauthorized withdrawal of 299,127 USDC.

On the same day of April 26, 2024, Pike team took action by halting all operations within Pike protocol, aiming to isolate and minimize losses and began investigation on the exploit with third parties.

Attacker

• Initial Funding — Attacker's address was initially funded through Binance, followed by a series of transfers via Orbiter and Stargate bridges.

• Asset Conversion — Stolen USDC funds were exchanged for ETH and subsequently withdrawn using Tornado.Cash.

Actions performed within first 90 minutes

• Pike protocol was paused at smart contract level

• Etherscan IDM was sent to attacker's address requesting cooperation

• Consultations were held with our auditing partners to pin down the impact

• Collaborations were established with legal and security experts

• Communication was initiated with CCTP and Gelato integration partners to obtain logs and any additional data that could help to find out more about exploit and attacker

• Data requests were made to Binance support and bridge services for further information

Current Status

As of today, no funds have been recovered yet. We were unable to establish contact with the attacker.

We are pursuing legal and law enforcement to assist with the full trace.

Next Steps

While an extremely costly lesson, we are committed to learning from this incident by taking corrective actions:

• Disable USDC withdrawals via CCTP in the current version of Pike

• Implement delayed withdrawals for all assets to further enhance security

• Unpause protocol operations to allow users to manage their funds

These measures implies rolling back to Pike protocol version prior enabling CCTP feature, as well as introducing delayed withdrawals — as an additional security measure.

We will continue to work closely with our auditing partners to ensure that any code changes will enhance security of Pike protocol and safety of user funds.

Further updates on implementation timeline and proposals to recapitalize the loss will be communicated in upcoming days — stay tuned for announcements.

Gpike friends - we’re back with a much anticipated adjustment to Pike’s tokenomics!

We appreciate all the feedback we’ve received, however Pike’s tokenomics seems to be a hotly debated topic as of this week - so we’ve decided to do something about it, and align the $P token with our community investors at large.

tldr:

• Core Contributors (Team) have become their own category - separate from Advisors

• Core Contributors (Team) schedule have changed to:

  • Core Contributors receive 10% of total supply

  • 0% unlock at TGE

  • 12 month cliff/lock before vesting begins

  • 100% vests over 36 months

• Advisor schedule have changed to:

  • Advisors receive 5% of total supply

  • 25% unlock at TGE

  • 12 month cliff/lock before vesting begins

  • Remaining 75% vests over 12 months

• Tokenomics Spreadsheet can be found at: https://docs.google.com/spreadsheets/d/1Oe-tEEXTrHwNQUzkqaO8T-xB0zecpgXS57hkeomqL8k/edit?usp=sharing

• 10.35% from the 22% Foundation Treasury was sold during the Pike Community Presale. The remaining 11.65% will be reserved for future capital formation events.

The Presale

Organizing the presale was quite an involved task for the Pike team and presented a number of challenges from both the appetite of retail individuals due to market momentum, but also regarding the logistics and execution of the entire event.

Furthermore, there was also quite a bit of development effort required due to the mechanics of the presale, with it having been done in-house, and tied in with the Pike PIU Program (PPP).

Despite it being far more demanding on both the team and community than going down the traditional route of institutional fundraising, we would not change anything whatsoever if given the chance to do it over.

We believe that this Presale was the best way to grow Pike by providing the community an opportunity to take part within the ownership structure at an early stage - an opportunity that is rarely, if ever, available to retail individuals.

Furthermore, now that Presale participants are literally upon the cap table of Pike, we must align our decision making with the community, even before $P governance goes live.

The Change in Tokenomics

Of course, while successful, the Presale was not free from hiccups, issues or scrutiny. The largest concern community members had was regarding the vesting schedule, and specifically the Core Contributors & Advisor section. For this, we opted for a generally shorter schedule due to the 18 months that the team has already spent working on the protocol, and the added capital flexibility during an uncertain period within the market due to both the in-industry, and macro environment.

We had, of course, deliberately prioritized the vesting schedule for Presale participants, with them receiving the largest unlock, with the shortest cliff and vesting schedule (50% at TGE, 3 month cliff and 6 month vesting i.e. 100% unlock by Month 9). We were also able to sell 10.35% of the 22% Foundation Treasury allocation, and the remaining 11.65% will be reserved for future capital formation events.

As we’ve stated however, we are opting for a community-first approach across the board. Whether it be protocol design, features to implement, UI and UX to rework, partnerships, or tokenomics. Since this was the most significant concern, we have reworked the tokenomics regarding the team allocation to reflect the values and opinions of our most valued stakeholder - the community, and reinforce our long term vision and alignment as a team.

As a result, we’re making the following changes to the tokenomics:

• Total vesting schedule is extended from 43 months to 48 months

• Core Contributor & Advisors separated into 2 separate categories

  • Rather than being a combined 15%:

    • Core Contributors receive 10%

    • Advisors receiving the remaining 5%

• Core Contributors vesting has changed:

  • 25% at TGE -> 0% at TGE

  • 6 Month Cliff/Lock -> 12 Month Cliff/Lock

  • 6 Month Vest -> 36 Month Vest

• Advisor vesting has changed:

  • 25% at TGE -> 25% at TGE (unchanged)

  • 6 Month Cliff/Lock -> 12 Month Cliff/Lock

  • 6 Month Vest -> 12 Month Vest

The full spreadsheet that details the unlock schedule and tokenomics can be found at the following link:

Pike (P) Tokenomics - Revised

This browser version is no longer supported. Please upgrade to a supported browser.

http://docs.google.com

Conclusion

As always, please provide your thoughts and suggestions on Twitter or directly within our Discord accordingly - we welcome all input as it’s only by listening to the community can we develop into a competitive protocol that has the potential to redefine DeFi as we currently know it.

Users and community members are also always welcome to engage with the team directly within our weekly office hours - the next one will be taking place on April 1st, and the subject will be Pike’s tokenomics!

Join the Pike Discord Server!

Borrow, lend, leverage and earn across any chain. https://pike.finance/ | 32289 members

https://discord.com

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

You are all the first investors in this journey of redefining DeFi and changing the multichain paradigm.

tldr:

• USD $6,450,518 total contributions received

• 3,681 qualified participants across 4 Tiers

  • 1,989 participants in Tier 1

  • 874 participants in Tier 2

  • 548 participants in Tier 3

  • 405 participants in General Tier

• 3.477b in combined $PIU burned

• 10.33% from the 22% Foundation Treasury was sold during the Pike Community Presale. The remaining 11.67% will be reserved for future capital formation events

• Source: https://docs.google.com/spreadsheets/d/1IC9wILUEXoma-q3-rpa9dIYL-Pfms9H3gXtvT1rGfD4/edit#gid=1474874223

Summary of Presale

We applied the following logic when handling 3 different types (and then a selection of miscellaneous ones) of edge cases:

Participants who sent excess contributions:

• If a participant sent excess contributions and burned the required amount of $PIU for the subsequent Tiers. We applied the waterfall allocation method

  • i.e. Burned 1,000,000 $PIU and sent $4,500 for Tier 1. Burned 800,000 $PIU but did not send contributions for Tier 2. We will forward the excess $1,500 from Tier 1 to Tier 2

• If participant sent excess contributions without burning the required amount of $PIU for the subsequent Tier, the excess contributions will be refunded

  • i.e. Burned 1,000,000 $PIU and sent $6,000 for Tier 1. Did not burn $PIU for subsequent Tiers. The excess of $3,000 will be refunded

Participants who sent contributions without burning the required amount of $PIU

• Contributions will be refunded

  • i.e. Sent $1,200 directly to wallet for Tier 2 but did not burn any $PIU. $1,200 will be refunded

Participants who sent contributions with decimals

• The decimals portion of the contribution will be refunded

  • i.e. Burned 100,000 $PIU and sent $200.66 for General Tier. $0.66 will be refunded

Miscellaneous

• Participants who burned $PIU but did not send any contributions. Burned $PIU will not be refunded

• Participants who sent less than $1 will not be refunded

• 20 participants who requested to top-up their Tier 1 contributions before the ending time of Tier 1 will be facilitated. Our team members will reach out separately, or alternatively, please create a ticket within the Discord

How to Interpret the Data

Source File (all data is able to be seen in the interest of transparency): https://docs.google.com/spreadsheets/d/1IC9wILUEXoma-q3-rpa9dIYL-Pfms9H3gXtvT1rGfD4/edit#gid=1474874223

Contributors tab

• This tab outlines all successful participants

• Column C to column F presents the number of $PIU burned for each Tier

• Column H to column K presents the contribution amount for each Tier

• Column G presents the total contribution per wallet (adding of all Tiers)

• Column L presents the refund amount for participants who met any of the following conditions:

  • Sent excess contributions without burning the required amount of $PIU

  • Sent excess contributions beyond the total investable quota of $6,000

  • Sent contributions with decimals

Refund tab

• This tab outlines all the refunds and reasons

Tier 1 Top-up tab

• This tab outlines all the participants in Tier 1 who qualify for a top-up and the corresponding maximum top-up amount

Final Thoughts & Forward Looking

Despite some small hiccups at the start of Tier 1, the overall Presale was executed smoothly and the results met our expectations. We are extremely thankful for everyone’s contributions and participation!

Furthermore, the Pike Community Presale is the first program launched via the PIU Points Program (PPP). Our vision for the PPP is to grow into a native multichain launchpad for projects with an inherent multichain DNA - especially once NTT from Wormhole goes live.

Feel free to suggest ideas within the Discord or protocols to partner with, products and features, and more - we answer to you, the presalers now.

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

We’ve been the only non-purple member of the Purple Ecosystem - but no longer.

Liquidity fragmentation in DeFi is increasing, both across EVM, and non-EVM ecosystems - but now’s the time to address it.

Introducing Pike Purple.

Cross-ecosystem liquidity.

Coming to Monad.

tldr:

• Pike Purple is a new product offering from Pike that will support cross-ecosystem lending, borrowing, swaps, and transfers - without need for bridging/wrapping

• Support for EVM and non-EVM ecosystems like Solana, Sui/Aptos, Cosmos and more

• Built on Monad to ensure performance and optimal user experience, with native cross-chain price feeds from Pyth Network, supporting NTT (Native Token Transfers) assets and enabled by Wormhole Messaging

• A new product offering, USDC+, will allow for token swaps and transfers across chains and ecosystems, without need for wrapped assets or bridges - enabled by USDC already supplied within Pike Purple for lending/borrowing

• Coming to Monad Public Testnet later this year, with development already underway

What is Pike Purple?

Pike Purple is the next evolution of the Pike protocol - designed to combat fragmentation and low capital efficiency of liquidity across the entirety of DeFi.

Pike Purple is a liquidity hub that allows for lending, borrowing, swaps and transfers between multiple ecosystems and chains - without the need for bridging or wrapped assets.

Imagine supplying $SOL as collateral on Solana, then borrowing $USDC on Base against it - without needing to use asset bridge, or wrapped assets. Furthermore, you’ll also be able to transfer/swap assets between chains and ecosystems through Pike Purple, utilizing the universal USDC+ Pool - again, without bridges.

Pike Purple  will support ecosystems such as EVM, Solana, Cosmos, Sui, Aptos, and more - this will be enabled by Monad. It will also support alternative assets like LP tokens, LSTs, LRTs, etc from across DeFi.

Pike Purple will also leverage natively cross-chain price feeds from Pyth Network, and also utilize Wormhole Messaging, as well as support NTT-enabled assets - similar to the already existing support for Circle’s CCTP.

It serves as a foundation for our long term vision - a Universal Liquidity Protocol that provides a seamless cross-ecosystem experience, without the risks associated with asset bridges and/or wrapped assets.

This is a testament to Pike’s place within the Purple Ecosystem, and the protocol that unlocks maximum liquidity efficiency.

How does Pike Purple work?

Pike Purple will function with a Hub and Spoke architecture:

Each chain, regardless of ecosystem, will be home to a “spoke” deployment of Pike Purple - where all deposits/borrows/swaps/transfers are initiated (for that chain).

Whenever a transaction is initiated on a spoke, a message will be relayed to the “hub” deployment on Monad - which serves as the central processing center for all accounting and smart contract logic.

This message will be sent using Wormhole Messaging, and allows the hub to maintain universal accounting of all the assets available across all of Pike’s spokes, as well as user collateral deposits and outstanding debts.

When a user wishes to borrow on a spoke, it is the hub on Monad that determines how much the user is able to borrow based on the collateral they’ve supplied (on any spoke) as the hub is constantly updating the spokes every time a cross-chain transaction is initiated (which almost any and every transaction that occurs on Pike).

Monad will also have a spoke deployment of Pike, and this will operate like any other for users who wish to deposit collateral or borrow on Monad itself.

To get a feel for how the Hub and Spoke model operates, feel free to try the Pike Based beta which shares the same architecture design principles. Pike Based is currently live on Base, Arbitrum, Optimism and Ethereum.

Why the Purple Ecosystem?

Being friends with culturally aligned protocols is great, but at the end of the day, a product must stand on its own. Let’s explore why the other members of the Purple Ecosystem are not only inherently remarkable, but also the best solutions to enable the development of Pike Purple.

Why Monad?

For Pike to operate optimally, it requires performance above all else. With the Hub being the central place where accounting and smart contract logic occurs, this also serves as the brain for the spokes to interact with and as a result, if it’s slow - it can bottleneck performance of the entire protocol.

In the current deployment of Pike (hereby referred to as “Pike Based”) - we decided to utilize Base as the Hub primarily due to the fact that when it came to relaying messages back and forth between Ethereum and EVM L2s through Wormhole, it had the fastest performance, highest reliability and lowest fees. In some instances, it was actually faster to send a message from Chain A, to Base, to Chain B, than it was to send a message directly from Chain A to Chain B.

Now while that’s fine when specifically operating on Ethereum and its Layer 2’s, when it comes to doing the same with non-EVM ecosystems such as Solana, Sui or Cosmos - there is a huge discrepancy between performance between ecosystems. The reason this is important, is because the Pike Purple Hub is constantly receiving and relaying messages from countless chains, ecosystems and users, and must account for all of them - in real time. Combined with the gas costs the hub will have, this will require a high level of performance that is not common in general, let alone on EVM.

For example, let’s take Solana which will usually operate between 800 and 3000 TPS - depending on where you source this data (which can change depending on how it's calculated). On the other hand, within the EVM ecosystem, Binance Smart Chain is regularly the fastest EVM-based chain, however averages at around 50 TPS. Monad has a great explanation of TPS that can be read here.

This introduces a dilemma - do we establish the Pike Hub on a chain like Solana? We could, but it can result in a reliability hurdle, not to mention, potential performance bottlenecks with how Solana interacts with other non-EVM ecosystems like Cosmos and so on. On the other hand, EVM is still the main hub of DeFi (both in terms of liquidity and users), and so inter-EVM communication is far more well established, and by extension, EVM to non-EVM interactions as well, but can result in a compromised UX for users familiar with far more performant environments.

Monad is the only chain that addresses the trilemma of dilemmas - compatibility, access to EVM-based liquidity and performance that non-EVM users are familiar with. Combined with the aligned culture of Pike of “growing the pie” and inclusivity, regardless of what chain you call home - Monad is the obvious choice.

Why Pyth?

Pricing of assets is extremely important, and must be available for assets across any chain - regardless of where the price feeds themselves originate. As a result, Pike  leans heavily on the functionality provided by yet another member of the Purple Ecosystem - Pyth Network which supports real time prices for over 400 assets on 40+ blockchains.

For example, if you were trying to get a price feed of $SOL on Ethereum, you would be forced to use a local feed for Wrapped SOL. While fine for most applications, pricing is exceptionally important for a lending market where positions are managed constantly for liquidation reasons by users.

As a result, the price feed for local Wrapped SOL on Ethereum will inherently be less reliable than native SOL on Solana due to the lower liquidity, volume, and security concerns due to it being a wrapped asset.

Pyth Network is unique in that its price feeds are available anywhere, regardless of where they originate. Due to this, the spoke deployments of Pike (as well as the hub itself) are able to source clean, reliable data for the native assets.

In this same example, since $SOL is native to Solana, and no other ecosystem, the hub on Monad would be able to access price feeds that are derived from activity upon Solana itself (since that is where most of the on-chain volume exists) through Pyth from Day 1.

This is invaluable since Pike Purple will be supporting multiple ecosystems, and as new assets or chains become available on Pyth (and integrated within Pike), every single spoke (and the hub) will be able to access this data immediately.

Why Wormhole?

Finally, a key infrastructure which Pike Purple uses is Wormhole, with their Messaging product - and this is a team we personally have a long history of working with both personally and from the perspective of a solution provider. Wormhole facilitates cross-chain messaging by enabling dApps to transfer assets and source chain data between networks, allowing them to provide services on different destination chains - without the use of asset bridge.

With Wormhole Messaging, Pike Purple has a robust and reliable way to keep track of balances between each of its spoke chains, without needing to develop a specific solution internally. This enables Pike to verify  users’ collaterals on any spoke chains within Pike’s smart contracts. The hub then produces a verified message which is sent back to any spoke chains. Once this is completed, the user can borrow on any spoke chains.

Now of course, Wormhole isn’t the only infrastructure provider that offers this kind of solution, however they are the only provider that has the ethos of growing the pie and inclusivity. The very first product Wormhole launched was the first bridge connecting EVM and Solana - back in 2020, and is a testament to ideals of connecting ecosystems from day 1.

This culture has only been reinforced as the years have gone by, with Wormhole offering connectivity between the most number of ecosystems from the Move-based chains to Polkadot and this has been a deliberate focus for the team. As a result, not only is Wormhole aligned with Pike from a Purple Ecosystem perspective, but also with the vision of streamlining DeFi by lowering the hurdle from EVM to non-EVM ecosystems.

What is USDC+?

Stablecoins are the lifeblood of lending markets, and Pike Purple is no different. Leveraging CCTP, the USDC+ Pool is a universal liquidity pool within Pike that contains native USDC from all the supported chains and serves as a central source of this asset.

Since this exists as a single universal pool, it can be used to send USDC from one chain to another simply through Pike, without needing to bridge (which results in wrapped/bridged versions of USDC), or even having to use CCTP.

Pike does this by simply:

• User wants to send USDC from Chain A to Chain B and inputs 100 $USDC

• 100 $USDC on Chain A enters the USDC+ Pool

• This information is relayed to the Pike Hub on Monad

• The Pike Hub then tells the spoke on Chain B to release 100 $USDC

• User can receives 100 $USDC on Chain B, extremely quickly and without need for wrapping or bridging

The USDC in this pool is simply what is supplied on each of the supported chains (which is used for borrowing) that is used as either collateral or to earn supply APR and/or incentives - and as a result, doesn’t require a dedicated liquidity pool that may be the case within typical bridge solutions. This functionality actually already exists within Pike Based however its true potential reveals itself once cross-ecosystem is included.

Because of this, it actually unlocks an even larger capability within Pike Purple as a cross-chain and cross-ecosystem token transfer protocol - without needing a bridge, and simply leveraging features that already exist within Pike by default.

As a result, Pike Purple can easily integrate swap aggregators on either end of this flow, regardless of the ecosystem - and allow for swaps from any local asset on a supported chain, to any local asset on another. Furthermore, due to the speed and low costs associated with this, this entire flow can also be integrated into cross-chain transfer aggregators like Rango Exchange and Li.Fi or tools like Wormhole Connect.

For example:

• User wants to send $SOL from Solana, and receive $ARB on Arbitrum

• Pike Purple then uses a Jupiter Exchange call to swap $SOL for native $USDC

• This $USDC is then deposited within the USDC+ Pool on the Solana spoke

• The Pike Hub then releases $USDC on the Arbitrum spoke

• The $USDC is then swapped to $ARB using 1inch

• The user then receives $ARB on Arbitrum without any bridging or (un)wrapping involved and in a single user flow

Roadmap

• Pike Purple will first launch on Monad’s public testnet as a V1

  • User testing and feedback

  • This will include performance testing of Monad Hub with all possible message routes between chains/ecosystems

  • This will support multiple chains/ecosystems with native assets i.e. $SOL, $SUI, etc

  • Preliminary support for the USDC+ pool

• Testnet V2 on Monad’s public testnet will then result in heavy auditing and due diligence

  • User testing and feedback

  • Supporting cross-ecosystem transfers/swaps through the USDC+ pool

  • Support for alternative assets that require more stringent pricing and risk analysis

    • Pendle PTs and LPTs

    • Liquid Staking Tokens e.g. wstETH, jitoSOL, etc

    • Liquid Restaking Tokens e.g. rswETH, rsETH, etc

    • Synthetic assets

• Pike Purple Mainnet launch alongside Monad Mainnet launch

What about the current Pike deployment?

We are committed to continue building on the Base ecosystem and have been doing so since before it’s mainnet launch. As a result, “Pike Based” will continue to operate, focused on Ethereum and the L2s - tailored for it’s security and culture, and will involve further increasing deposit caps as security confidence increases as we continue to work with Ottersec.

Furthermore Insights from the capped beta phase highlighted concerns regarding high ETH deposit/withdrawal fees. To address this, Pike Based will introduce an ETH+ pool module to support ETH on mainnet and L2s.

This module aims to reduce mainnet fees and enhance cross-chain liquidity, complementing the existing USDC+ pool to facilitate over 90% of cross-chain liquidity relocating and swapping use cases within the Ethereum ecosystem.

Additionally, we’ll be adding a number of UX improvements both on the front end and within the protocol such as gas fee optimizations to make the protocol far cheaper to use.

These additions and improvements are slated for Q2 and will be accompanied with heavy auditing and due diligence both internally and with auditing partners.

Pike Based will underscore our commitment to the Base and Ethereum ecosystem, while we develop our cross-chain deployment and strategy on Monad.

gwormpikepythnad🫡

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

This is your opportunity to become a part of the Pike journey at the ground floor.

Contribute and help decentralize the future of Pike..

TLDR:

• Presale tokens will come out of the Foundation Treasury allocation - Presale Contributors will be our first investors

  • TGE slated for Q2/Q3 2024

  • 50% unlocked at TGE

  • Remaining 50% locked for 3 months, then vest monthly over next 6 months

• Sale date/time:

  • Whitelist Tier 1: 3/25 11am ET

  • Whitelist Tier 2: 3/25 8pm ET

  • Whitelist Tier 3: 3/26 11am ET

  • General Tier: 3/26 8pm ET

  • General Tier ends on 3/26 11pm ET

  • Each tier will end as soon as all available spots are filled OR before the start of next Tier (whichever comes first)

• Venue

  • Presale will be hosted on piu.pike.finance

  • Please make sure you double check the site URL

• Discount and Valuation

  • Whitelist Tier 1 - 25% discount, FDV = 60m

  • Whitelist Tier 2 - 15% discount, FDV = 68m

  • Whitelist Tier 3 - 10% discount, FDV = 72m

  • General Tier - no discount, FDV = 80m,

• $PIU Requirements

  • Participants are required to burn $PIU, then send USDC or USDT contributions (formats supported: Base, Arbitrum, Optimism, Ethereum)

  • Whitelist Tier 1 - 1,000,000 $PIU

  • Whitelist Tier 2 - 800,000 $PIU

  • Whitelist Tier 3 - 400,000 $PIU

  • General Tier - 100,000 $PIU

• SPL contributions (coming soon~)

  • Our beloved Solana frens, if you cannot bear leaving Solana. We kindly ask for your patience. We are working on something :)

The Time Has Come

The Pike Community Presale will begin on March 25th @ 11AM EDT.

The valuations, whitelist tiers and $PIU required are showcased in the table below.

How the Presale will work:

1. When Presale is live, navigate to https://piu.pike.finance

2. You will see an interface which will let you burn $PIU (starting with 1,000,000 for Tier 1), as well as other information such as how many spots are remaining.

3. When you have burnt your $PIU, you will then be able to contribute $USDC or $USDT from any of the supported networks (Base, Arbitrum, Optimism, Ethereum)

4. You can contribute any amount between the minimum and maximum. If you contribute more than the maximum amount allowed, the excess funds will be refunded to you.

5. Once the time for a Tier finishes, or it reaches the maximum number of spots, you’ll be able to burn more $PIU should you wish to also participate further.

6. Once the presale ends, chill.

Example Journey:

Bob is a rich purple ecosystem maxi, he has 2,500,000 $PIU and unlimited USDC. He is getting ready to ape into the Pike Community Presale.\

• To qualify for Whitelist Tier 1, Bob will burn 1,000,000 $PIU and contribute the maximum amount for Tier 1

  • Bob contributes USDC 3,000 for 107,000 $P ($3,000/$0.028)

• Since Bob has excess $PIU and USDC, he can also participate in Tier 2 when it opens

• To qualify for Whitelist Tier 2, Bob will burn 800,000 $PIU and contribute the maximum amount for Tier 2

  • Bob contributes USDC 1,500 for 47,205.88 $P ($1,500/$0.0318)

• Since Bob still has excess $PIU and USDC, he can also participate in Tier 3 when it opens

• Unfortunately, Bob overslept and missed the Tier 3 sale window

• Bob decides to participate in the General Tier when it opens

• To qualify for the General Tier, Bob will burn 100,000 $PIU and contribute the maximum amount for the General Tier

  • Bob contributes USDC 500 for 13,375 $P ($500/$0.0374)

• Effectively, Bob was able to participate in Tier 1, Tier 2 and General Tier

  • In total, Bob contributed USDC 5,000 for 167,580.88 $P

$P Tokenomics

• The Pike Community Presale will be from the Pike Foundation Treasury allocation - contributors will be the first investors in Pike

• Proceeds raised from the Pike Community Presale will be used for research, development, security and operational expenses

• 50% of the tokens from the Pike Community Presale will be issued and distributed to Presale participants at TGE

• Remaining 50% is locked for 3 months, and then vest for 6 months. Tokens will vest on a monthly basis

• To learn more, please read the Tokenomics.

How to prepare?

Step 1: Ensure you have some amounts of ETH on Base in your EVM wallet in order to proceed - you can check out guides to bridge from Solana, etc here:

Step 2: Claim $PIU via https://piu.pike.finance or purchase on Uniswap on Base.

Step 3: Prepare USDT/USDC on any of the following supported chains: Base, Arbitrum, Optimism, Ethereum. Solana contributions are something we are prioritizing soon after.

Supported formats of USDC or USDT

USDC:

• Base: 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913

• Arbitrum: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831

• Optimism: 0x0b2c639c533813f4aa9d7837caf62653d097ff85

• Ethereum: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

USDT:

• Base: NA

• Arbitrum: 0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9

• Optimism 0x94b008aa00579c1307b0ef2c499ad98a8ce58e58

• Ethereum: 0xdac17f958d2ee523a2206206994597c13d831ec7

Step 4: Join the Pike Discord Community Presale sub-channel to be notified on the latest updates

Step 5: Tell your friends about Pike Community Presale

TLDR on What & Why:

• The Pike Community Presale is an early investment round designed exclusively for the Pike Community

• We are deliberately creating an opportunity for the Pike community to be a part of the Pike cap table from the ground floor

• Pike has bootstrapped a melting pot of liquidity, users and cross ecosyst

• Read Part 3 of blog series to learn more

https://mirror.xyz/pikefinance.eth/0zb7angnEadoKIWAYqIDM-Q-VvUkYZW8NiXYTQBT50o

Kind Reminders

• Be extremely vigilant of scammers or impersonators

• Our Team will NEVER ask you to send funds

• Pike Community Presale is conducted on https://piu.pike.finance

  • Make sure you are on the right website

Resources

1. Pike Community Presale FAQ

2. Data room

3. Pike Discord

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

It will outline the token allocation to different categories, the initial distribution, as well as the token release schedule.

Pike is pushing the boundaries of natively multichain dApps by enabling users to lend and borrow assets across chains - without the use of asset bridges and wrapped assets. It is currently live on Mainnet on Ethereum, Arbitrum, Optimism and Base, with more chains and ecosystems on the way.

Token Distribution and Release Schedule

• Ticker: P

• Maximum Supply: 2,140,000,000

• Initial circulating supply: 411,950,000

• Token Format: Native ERC20 and SPL (using Wormhole’s Native Token Transfer framework)

• Vesting: 80.75% of P are initially locked, which will unlock over the course of 43 months per token release schedule below

P will be distributed across these seven categories:

Token Allocation:

Token Release Schedule:

Note on token release schedules:

1. Token release schedule for Liquidity Incentives may change accordingly to reflect market conditions and benchmark rate of return. Change proposals will be communicated in a transparent manner and change decisions will be influenced by Pike community governance.

2. Token release schedule for Staking Incentives may change based on the number of staking participants and usage for staked Pike tokens. More information on staking utility will be announced in the following months. Change proposals will be communicated in a transparent manner and change decisions will be influenced by Pike community governance.

3. Token release schedule for Community & Launch may change based on the progress of community growth and expansion. Change proposals will be communicated in a transparent manner and change decisions will be influenced by Pike community governance.

4. Token release schedule for Community Treasury may change based on the number of community led initiatives. Change proposals will be communicated in a transparent manner and change decisions will be influenced by Pike community governance.

Strategic Stakeholders:

Forward Looking

The ultimate goal of allocating Pike tokens to the respective stakeholder groups is to ensure collaborative and progressive decentralization efforts in scaling the Pike protocol.

Holders of Pike tokens are expected to participate in the decision making on the following topics:

• Blockchain network expansion strategy

• Asset coverage

• Smart contracts upgrade and optimization

• Protocol fees settings

• Protocol parameter settings

• Incentive settings

• Community led initiatives

• Token utility and release schedule

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

This is Part 3 of a 3-Part Blog Series

You’re all familiar with points - but have you heard of $PIU?

Today, we’ll be diving deeper into why we decided to go with a Community Presale, rather than raising money privately from VCs like most protocols.

TLDR:

• $PIU is a freely tradable community token that serves the utility of whitelist qualification in order to participate in the Pike Community Presale

• The Pike Community Presale is an early investment round designed exclusively for the Pike Community

• $PIU holders can exchange $PIU for whitelist qualification in order to secure priority access and valuation discount

• We are deliberately creating an opportunity for the Pike community to be a part of the Pike cap table from the ground floor

Pike Community Presale - Why?

Today, we’ll be explaining why we’re organizing a Community Presale, rather than a typical “Private Sale” which involves institutional investors or a “Public Sale” which caters to the general public.

What is the Pike Community Presale?

The Pike it Up Program is a transparent and fair approach to incentivize community members and protocol users before the launch of Pike’s governance token. $PIU is a freely tradable community token that serves the utility of whitelist qualification for the Pike Community Presale.

The Pike Community Presale is an early investment round designed exclusively for the Pike Community. In typical whitelists for presales/investment rounds, it is often decided manually by the team based on relationships within the industry and what value early investors can provide.

However with the PPP, we have democratized this and instead, $PIU holders can exchange $PIU for whitelist qualification in order to secure priority contribution access and valuation discount.

By deliberate choice, we have not raised any capital from institutional investors. In a way, we are reversing the capital formation playbook by creating an opportunity for the Pike community to be a part of the Pike capitalization table first from the ground floor.

We wish to share this opportunity with our community first and foremost because we feel this is the most direct way to align interests with those who share our long-term vision.

In short, the Pike Community Presale is a hybrid approach that draws reference from both private and public sale. $PIU holders can qualify for a whitelist in order to participate in Pike’s early investment round.

What is a Private Sale?

Let’s take a look at how most crypto projects are typically funded in a “private sale”. For this example, we’ll use Solana - a Layer 1 everyone is familiar with, and has raised a total of $25.4M or so from private investors. Also, keep in mind that Solana’s seed round occurred in 2018 hence the low valuation by today’s standards.

In normal startup land, companies will raise money from investors by selling shares, or ownership in the company to them. Since these startups aren’t publicly traded (on a stock exchange), these are all “private” investments, and you either need to be an accredited investor, or simply an institution like a venture capital fund in order to invest - you cannot be a random person on the internet, and invest in these deals. When the company goes public, say on the NASDAQ, and these shares become publicly tradable, the private investors can either hold, buy more, or sell - as I’m sure we’re all familiar with.

Within crypto, the same sort of thing happens, but instead of selling equity in a company, you sell token rights from the total token supply (which serves the same purpose), and the price of said tokens is based on the valuation - or more specifically, the FDV (Fully Diluted Valuation). Just looking at the seed round of Solana (or the first private sale) in 2018, you effectively bought bulk $SOL for $0.04 each, with the FDV of Solana being only $20M at that time. We’ll let you do the math based on SOL’s ATH of the returns for those initial investors.

When protocols announce they’ve completed a raise of XYZ million dollars - this is what is happening on the backend, and this is how most crypto projects are funded. To look into these kinds of things yourself, you can use CryptoRank or ChainBroker for any protocol you like.

What is a Presale?

A presale is basically what we’ve just described above in a “private sale”, but instead of offering the Pike token to private investors and institutions like VCs, we’re offering it to the community and members of the public. You, as a community member, effectively have the opportunity to become Pike’s VC through the presale of Pike’s token.

Rather than nameless investors receiving the bulk of the benefit from price action from a new protocol token going live, that benefit is instead realized by the individuals who contribute to the Pike presale. In our opinion, this is more fair, as it’s you, the community, who have pushed Pike to innovate and build new products and features.

With a presale, the token isn’t distributed to contributors immediately, and often takes place a couple of months in advance of TGE (token generation event).

What is a Public Sale?

A public sale is generally a token sale event that allows anyone to participate, with no differentiation between tiers, and usually accepts funding from anyone. These often take place after other rounds of investment (whether they be private, or a presale), and hence the valuations are often higher, with the maximum amount you can contribute being lower.

ICOs (Initial Coin Offerings) were great examples of this, and a popular way for projects to raise money and also distribute their token simultaneously, with famous examples being Ethereum, Cardano, Chainlink, and many others. With a public sale, tokens are usually distributed to buyers once complete, and are able to be traded immediately.

Example:

A great example of how a Presale and Public Sale can work together in tandem is Cosmos Hub.

The team initially raised a strategic round in March 2017 from a whitelisted selection of individuals, raising $300K, and selling $ATOM for $0.025 per token. While quite a small raise, it would’ve been next to impossible to be a part of this Presale due to the low valuation, and due to how exclusive it was.

Followed by this, was the Public Sale, or in this case, an ICO, where the team was able to raise $16M with a per token price of $0.10 - 4x the Presale price which occurred only a month earlier!

As you can see, being able to be among the first individuals into the fundraising of a meaningful crypto project could result in quite incredible returns, as well as deep involvement into the trajectory of the protocol through governance. As a result, since the community has been hugely involved in Pike growing and gaining mindshare - we believe it’s fair to open this opportunity to the very same people who helped get us here.

Who are we targeting?

So now we know how much of an opportunity being able to invest into a protocol like Pike at the ground floor is, but we want to also give people the chance to increase how much of the Pike token they can buy, and also give incentives in the form of discounts on the Pike token itself.

But how do we determine who “deserves” these increased allocations and discounts The only way, and we mean the only way, is to prioritize those who have been here early, or those who have strong conviction - either in terms of their participation within the protocol (with money) or within the community (with time).

Hence the reason for the supply caps, the roles, the PPP and $PIU itself!

More specific details surrounding the presale will be released very soon.

Read more about the PPP:

https://mirror.xyz/pikefinance.eth/VP2ZIDxO5YcBARV8kQvFRHn5gIr1yWgAbID3IJskChQ

https://mirror.xyz/pikefinance.eth/KhMctzFrT52rU1_GhXWvlCKA3r7dMEw5lk_a5TvE9N0

https://mirror.xyz/pikefinance.eth/CdZ27d3SQV-XeZbJQXoPAKbIkCC2oZlOkGhZIBqlKHk

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

https://piu.pike.finance

A new paradigm for points programs.

One that doesn’t lock you in, and lets you monetize your participation at will.

Rewarding both onchain activity, and community participation.

Earn higher whitelist tiers, and contribute to the Pike Community Presale - for a chance to subscribe to the Pike Governance Token, and being a part of the native multichain DeFi journey at the ground floor.

TLDR:

• $PIU allocation for Discord roles will be unlocked by Tiers. Claiming will open for S Tier on Friday 3/15 16:00 GMT

• $PIU emission for onchain activities will be tallied on a daily basis, claiming will open on Friday 3/15 16:00 GMT

• Your Tier Ranking in the PPP will correspond to a Whitelist Tier in the Pike Community Presale. Higher Whitelist Tier will lead to greater contribution quota and discount on valuation

• $PIU will be initially claimable and tradable on Base. Followed by Solana once Wormhole NTT becomes available

• Make sure you fully understand the binding process between your Discord account and Web3 wallet. Once your Discord account is binded to a wallet, it will be irreversible

The PPP:

To access the PPP, please visit this link.

If you’re unfamiliar with the Pike PIU Program, be sure to read our previous blogs:

https://mirror.xyz/pikefinance.eth/VP2ZIDxO5YcBARV8kQvFRHn5gIr1yWgAbID3IJskChQ

https://mirror.xyz/pikefinance.eth/KhMctzFrT52rU1_GhXWvlCKA3r7dMEw5lk_a5TvE9N0

https://mirror.xyz/pikefinance.eth/CdZ27d3SQV-XeZbJQXoPAKbIkCC2oZlOkGhZIBqlKHk

With the PIU Program going live, users and community members will be able to start earning $PIU for all their supply and borrows within Pike, as well as being able to see their $PIU allocations for roles that have been earned from being an involved member in our community. $PIU

Supply caps will remain unchanged at launch as we iron out bugs and functionality, however will be increased very soon.

Navigating the PIU Platform

Step 1: Bind Discord Account with Web3 Wallet

• Connect to PIU Platform with your Discord account

• Bind your Web3 wallet with your Discount account

• Please note that the Discord/Wallet binding relationship is 1-to1 and can only be done once. Meaning you WILL NOT BE ABLE to revoke or switch binding to a different wallet

• Binding guide can be found here:

Step 2: Claim $PIU

Claiming for Discord roles

• $PIU allocation for Discord roles will be unlocked by Tiers

• Claiming will open for S Tier on Friday 3/15 16:00 GMT

• Allocated $PIU has no expiration, you can claim anytime

• Claiming will open for subsequent tiers (A Tier thru C Tier) on a staggered basis

• Follow us on X or Discord to stay up to date on the claiming schedule.

Claiming for Onchain Activity

• $PIU emission for onchain activities will be tallied on a daily basis

• Claiming will open on Friday 3/15 16:00 GMT

Discord Role Snapshot Example:

Let’s say B Tier opens for claiming on the 3/21 - but what happens on the backend?

1. Snapshot is taken for the entire B Tier on 3/20

2. To ensure fairness and prevent sybil farming (of specific roles). A standalone snapshot will be taken for “XYZ” role at an earlier date, say 3/15

3. Holders of B Tier roles outside of “XYZ” role will be eligible for $PIU allocation as long as their roles are verified before the 3/20 snapshot in order to qualify for $PIU allocation and claiming on 3/21

4. Holders of “XYZ” role must be verified before the 3/15 snapshot in order to qualify for $PIU allocation and claiming on 3/21

5. Claiming for B Tier roles (including “XYZ”) opens on 3/21

Claim Examples:

Role Claim:

Let’s say you have the following roles:

Once A Tier claiming opens, you’d be able to claim both the Mad Lad and Pikenian allocation, for a total of 1,000,000 $PIU. Afterwards, the Early role for an additional 250,000 once claiming is open for B Tier. And lastly, an additional 200,000 $PIU from claiming the C Tier allocations for the Floppy and MAYC role. While you’ll have earned 1,450,000 $PIU from roles you’ve earned within the Discord, you’re only able to claim them in a staggered fashion.

Onchain Activity Claim:

During the PPP, you’ll also be both supplying and borrowing on Pike, and will be earning $PIU as a result. Let’s assume you take part immediately when the PPP begins, and hold these positions for the entire duration (31 days). The daily $PIU you’d earn would be able to be claimed once every day. With the below example, with $10,000 in supply, and $6,000 in borrow, you could claim 220,000 daily.

Combined with your earnings from your roles allocations, you’d earn a total of 8,270,000 $PIU, which can of course be traded as any other asset, as well as used to earn your place within the Pike Community Presale.

What’s next?

Be sure to give us feedback about the Discord connection and EVM address binding process, as well as if your earned roles are showing up correctly!

With $PIU claiming opening on 3/15, and supply caps increasing soon - be sure to stay updated by following us on Twitter and joining our Discord!

And don’t forget to PIKE IT UP!

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

You’re all familiar with points - but have you heard of $PIU?

Today, we’ll be diving deeper into the tokenomics of $PIU, its utility, as well as how the claiming of $PIU will work during the PPP.

If you need a recap on $PIU allocation, be sure to check out part 2A of this 3-Part Blog series.

TLDR:

• The supply of $PIU is capped for the period leading up to the Pike Community Presale

• Primary utility of $PIU is Whitelist qualification for the Pike Community Presale

• $PIU earned from Discord roles will be claimable in batches based on role tiers, not instantly or all at once

• $PIU earned from protocol interaction (Supply, Borrow) will be claimable on a daily basis

• $PIU will only be emitted and in circulation when claimed

$PIU Supply

As a team, we’re well aware that when tokenizing points - there are a number of factors we need to consider when designing how it’s emitted, the supply and also, how it’s controlled. To better understand and put this in perspective, let’s run through a couple analogies about what the supply and emission schedule can look like throughout the PPP.

$PIU Emission from Protocol Interaction:

In the following example, the PPP would be run for 31 days and would see the following changes in TVL numbers:

• Deposits from $3.5M to $20M

• Borrows from $400K to $8M

We feel this is quite a liberal estimate of the deposit and supply numbers at the end of the PPP, however to determine a meaningful cap for $PIU, let’s assume the $20M in deposits and $8M in borrows occur on day 1, and persist until the end of the program. While this is quite ambitious, we would rather overestimate, and hence determine a meaningful $PIU cap.

• Duration: 31 days

• Total Supply: $20M

• Total Borrows: $8M

With deposits resulting in 10 $PIU per day, per dollar, and 20 $PIU for borrows - at the end of the PPP in this scenario, we’re looking at around 11B $PIU emissions, and will serve as a portion of the overall $PIU cap. Keep in mind though, while improbable, with the momentum Pike has, we could simultaneously exceed these numbers, in which case this cap is quite meaningful.

$PIU Emission from Discord Roles:

Now, moving onto the roles which can be obtained within Discord. This is where most of the $PIU is emitted, however the only roles which are permanently accessible are those with high entry costs i.e. NFT roles, and earned roles such as Nads and SpaceWalker from the Monad and Wormhole Discord accordingly. The remaining roles such as Pythian, Floppy, and so on, are only available during cross-community/protocol events such as AMAs, Fireside Chats, Twitter Spaces, competitions, etc.

Since Tier S contains only the “Beta Maxi” role, which has since been closed - this number will not change during the PPP, however roles such as Mad Lads, DeGods, and other NFT collections will most likely grow consistently. As a result, we’ve populated the Number of Role Holders with a liberal projection at the end of the 31 days. If all role holders (at the end of the program) were to claim $PIU, it would result in a total emission of almost 16B $PIU.

One point to note is that not every individual holding a role will claim their allocation. For individuals who obtained roles after the snapshot, $PIU earned will not be claimable until the next PPP event (i.e. after Pike Community Presale).

Also, the role claiming will only go live in batches (e.g. per tier), meaning $PIU will be emitted gradually over the course of the PPP, rather than all at once at the beginning.

Combined with the estimates from the TVL emissions, the cap of $PIU during the PPP will be 27B~. Therefore, 27B represents the supply cap of $PIU for the period leading up to Pike Community Presale.

$PIU Utility and Tier Ranking Explained

Holders who obtained Whitelist Tiers must burn $PIU in exchange to participate in the Pike Community Presale. More information regarding the Pike Community Presale will be revealed in a separate blog post.

The burning mechanism creates direct reduction pressure on $PIU supply. Not only does this mechanism maintain balance between supply/demand, but it also ensures sustainability of the PIU Program. In short, $PIU enables short-term speculation opportunities for traders, and it also unlocks long-term utility for holders who wish to participate in the Pike Community Presale.

Read more about the PPP:

https://mirror.xyz/pikefinance.eth/VP2ZIDxO5YcBARV8kQvFRHn5gIr1yWgAbID3IJskChQ

https://mirror.xyz/pikefinance.eth/KhMctzFrT52rU1_GhXWvlCKA3r7dMEw5lk_a5TvE9N0

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance

You’re all familiar with points - but have you heard of $PIU?

Today, we’ll be diving deeper into the Pike PIU Program (PPP), and also clarify a few things from our first blogpost.

TLDR:

• Even Playing Field: No referral program, and supply caps will be raised, not removed- influencers and whales will not be able to farm and dump on the community.

• Pike Community Presale and Pike airdrop are independent events - the former has no relation to the latter

• PIU system is an innovative, fair and transparent approach to allocating Pike’s governance token to community members who share our long-term vision

• Primary utility for $PIU is to qualify for Pike’s Community Presale

• Pike’s Community Presale is designed to align with the long-term interests of community members relative to institutional investors

Pike PIU Program (PPP) & $PIU Recap:

• The Pike PIU Program (PPP) is our response to typical points programs used by teams to bootstrap protocol use and liquidity.

• Rather than earning arbitrary points, users will earn the $PIU token instead - tradable like any other asset.

• Holding $PIU allows you to burn it to acquire whitelist tiers within the presale

• Whitelist Tiers will be determined by absolute holdings and must be burnt to acquire - 1M for Tier 1, 800K for Tier 2, 400K for Tier 3 and 100K for general tier

• Users will earn $PIU from both in-app activity, as well as Discord roles earned by being a member of the Pike community

• $PIU can be claimed on both Solana and Base, and is powered by Wormhole’s Native Token Transfer Framework (NTT) and will serve as a test for Pike’s governance token to become multi-ecosystem compatible

Flattening the curve:

In order to ensure a fair and even playing field, we’ve instituted two key elements within the PPP in the interest of putting the community first.

• No Referral Program

There is NO referral program. These are used as a way to incentivize KOLs and influencers to talk about the protocol in question without having to pay them, since they benefit directly from being able to refer their followers and earn points, leading to a fatter airdrop. While these work extremely well and we love influencers, we’ve found that they actually dilute the user base of individuals earning points “normally” and can also be quite disheartening if you don’t have much capital.

We’ve noticed that users have felt quite demotivated by having the leaderboard populated by individuals with a huge amount of referral points, and very little participation otherwise. While additional coverage and shilling of Pike is valuable, ensuring everyone in our community has a fair chance is far more important.

• Capping Deposits

As you well know, Pike launched on Mainnet as a Beta, with extremely conservative deposit caps (0.1 ETH, 100 USDC, 10 ARB, 10 OP) that totalled around $500 at current prices. We will not be removing these caps, but instead raising them to around $15,000 (3 ETH, 4000 USDC, 500 ARB, 250 OP).

We of course want to grow our asset deposits (so borrowers have a meaningful pool of liquidity) and TVL to increase the utility of Pike, but we also want to maintain a level playing field. While removing caps entirely would lead to the fastest TVL growth, however, it is not compatible with the current design of PPP, nor the community.

In the interest of fairness, we want to avoid well capitalized individuals depositing say, $1M, farming $PIU then immediately dumping on the rest of the community, only to eventually withdraw their liquidity. While $15,000 is still quite a large amount of money, especially depending on where in the world you reside, we believe this strikes the balance of promoting usage of Pike, while maintaining the viability of the PPP for users with less capital (or those who are strictly community-focused).

Role Allocations:

If you’ve spent any time within the Pike community, you’ve probably realized we have a lot of roles, and they’re extremely diverse in how you get them and where they originate from.

At Pike, we’re building a melting pot of liquidity from all across DeFi. EVM or non-EVM. It doesn’t matter - Pike will allow you to borrow and lend from across the entirety of the ecosystem and serve as an aggregator of a huge amount of liquidity of all sorts of assets. But before we succeed on this mission, we need to first create a melting pot of people from all across DeFi.

We’re defining what “natively multichain” represents, and it extends from someone who has joined the Discord for the very first time, all the way up to the protocol level when we deploy on a new chain or ecosystem. Not to mention, because NFTs all have their own culture and flavor, especially depending on which ecosystem they live in, their communities contain a level of knowledge and perspective that is extremely valuable to us as we design the product and roadmap.

Furthermore, because there’s so many people who are either new to DeFi, or simply don’t have the capital to contribute as much as they’d like to in terms of money, they often gravitate towards participating heavily within the community. But unfortunately, this activity and passion is rarely rewarded, and almost never in terms of financial benefit - despite how much value it provides the protocol in question. Our Discord roles are meant to serve as a way that if you’re unable to provide much as far as on-chain liquidity/volume is concerned, your efforts within the community are still rewarded and appreciated all the same.

But now for the fun stuff, the actual allocations:

Why have we decided these allocations?

In the interest of brevity, we’ll speak on just a handful of the roles, starting with the “S Tier” who receive 1,000,000 $PIU, and the A Tier who receive 500,000 $PIU.

Beta Maxis: While a recent role, this holds great weight. To acquire this role, not only did you have to max out the caps, you also had to pay considerable gas fees for depositing $ETH since it’s only available on Ethereum Mainnet. When you can only deposit 0.1 ETH, this showcases a lot more conviction than it seems on paper and for that we’re extremely grateful.

Mad Lads: This was the first NFT community to truly embrace Pike and bootstrapped the early community dramatically with in-depth and meaningful conversations, and offered a great deal of insight from experienced, high value users.

Day 1s: While a small group, these were the users who learned about Pike extremely early, and stuck around. These were the people liking our tweets about being in Wormole’s hacker house back during ETHcc in 2023, when no one else was, and being the handful of people messaging within the Discord during the early days. We’re loyal to anyone who supports Pike, and this is merely a small way we can somewhat pay it back.

Nads: Similar to the Mad Lads, these were the people who called Monad their home, but decided to come over to Pike and served as a huge boon as we bootstrapped our community during the early days. While Pike won’t be live on Monad for quite some time (wen mainnet?), we want to showcase our love and appreciation for the individuals who also now call themselves members of the Pike community (and Monfriends of course get an allocation of $PIU too!).

Pikenians: Now who could forget the Pikenians. These are a group of individuals who cannot wait for Pike to grow and dominate the lending space, but want to be an even deeper member of the community, but also showcase their involvement in the project's growth. We are so lucky to have a dedicated NFT collection created by the community, but also something for both the team, and individuals to tie their identity to something easily recognizable (much like other pervasive NFTs), and we want to reward them accordingly.

Also remember, we will be rolling out more roles in the future as we collaborate with other protocols, chains, and NFT collections so if you’re not eligible for any of the roles yet, worry not!

Protocol Activity $PIU Allocation

Being a lending market, our bread and butter is just that - lending and borrowing. It’s how users gain utility from Pike, and how the protocol generates fees and revenue.

However, for lenders to even deposit their assets within a lending market, they need to see meaningful yield/APRs on those assets. While token emissions for the sake of increasing APRs work, they of course have a cascade of negative consequences (as described earlier within this blog post), and hence we need to focus on REAL yield.

On the flip side however, borrowers are only going to come to Pike if there’s, one; deep liquidity, and two; low or reasonable APRs (interest that has to be paid) on borrowing. As a result, if we start with incentivizing borrowing, the resulting increase in utilization and APRs will draw users to supply liquidity (which they can of course use to borrow) and hence we can tackle both sides of the equation.

As a result, we are indeed incentivizing depositing of liquidity, but we’re incentivizing borrowing more, since more borrowing breeds more deposits and so on. Furthermore, we don’t want to reward a one off deposit, but instead reward conviction of keeping your assets within Pike, as well as keeping your debt (borrows) - so $PIU is awarded daily, per $ of value.

Extremely simply, for every $1 you supply, you’ll earn 10 $PIU per day.

For every $1 you borrow, you’ll earn 20 $PIU per day. Conviction pays off!

The above sections are meant to give you an idea of how the $PIU will be distributed, but we will elaborate on $PIU’s tokenomics and how claiming will work in the next post about the PPP. Stay tuned!

PIKE IT UP!

About Pike:

Pike is a Universal Liquidity Protocol; it is designed to unleash utility for native assets by aggregating liquidity across blockchain networks.

Pike’s vision is to become a universal liquidity layer that enables frictionless movement and accessibility of native assets across ecosystems. Pike is built on top of Wormhole’s Cross-Chain Data Messaging and Circle’s Cross-Chain Transfer Protocol (CCTP), and utilizes Pyth Network’s Price Feeds.

One fundamental primitive of Pike is to enable users to supply native assets on source chains and borrow native assets destination chains without interacting with cross-chain bridges and handling wrapped assets.

Learn more at: https://www.pike.finance/

Join the Discord at: https://discord.gg/pikefinance