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We're diving deep into the basis trade behind @PikuFinance and @MoriniCapital's vault on Turtle. A delta-neutral strategy inside a regulated Turkish fund. We break down the yield source, base vs PIKU incentives, and the attested backing. Read more: turtle.xyz/blog/research/pik…

BREAKING: 🇹🇷 Lira deposits in Turkey jumped $12 billion in the first 2 weeks of September, Per Goldman Sachs. This comes as investors fled collapsing money market funds and moved their money into lira deposits instead of USD or gold. Despite all this, the lira is still hitting a new all time low against the dollar almost daily.

@PikuFinance @MoriniCapital After the old vault curator got delisted, you guys have created a new vault! Nice! Hope the DD gets through and it gets listed soon.

.@PikuFinance's vLayer attestation for the BasisTrade vault is live: 101% collateralization per the report. The vault sits one click away on the Turtle dashboard, receipts next to the deal.

@phtevenstrong 's post on Morini StockMarket TRBasisTrade is wild. If @PikuFinance 's strategy feels risky, Royco's Senior side on that market carries 50% coverage and pays close to 20% APY. Where else do you get covered against a 50% drawdown while earning this yield?

Transparency Snapshot: Top 10 TVL 🔷 $197.82M in White Label Vaults 🔷 $70.94M in mF-ONE 🔷 $68.60M in mGLOBAL 🔷 $66.62M in mTBILL 🔷 $40.28M in mGLO 🔷 $38.05M in mHYPER 🔷 $31.00M in MSL 🔷 $26.19M in mM1-USD 🔷 $25.61M in mHyperBTC 🔷 $14.89M in mWIN All details: midas.app/transparency

Turtle is integrating @PikuFinance's StockMarketTRBasisTrade Vault: deposit USDC on Ethereum. Runs on @MidasRWA infrastructure: • ~15% net USD target • ~7.6% in PIKU, plus a Turtle-exclusive multiplier

Capital shouldn’t be limited by geography. Some of the most attractive opportunities in global markets remain difficult to access because of local infrastructure, currencies, and market complexity. Piku is changing that. The first regulated basis trade strategy onchain, now tranched by @roycoprotocol. Discover: piku.co/blog/first-regulated…

@PikuFinance's StockMarketTRBasisTrade is now live on Royco. Both the equity exposure and the TRY exposure are hedged, making the strategy delta-neutral. So what Royco is tranching isn't the market risk. It's the execution risk behind the strategy 👇

@PikuFinance's StockMarketTRBasisTrade is now live on Royco. Both the equity exposure and the TRY exposure are hedged, making the strategy delta-neutral. So what Royco is tranching isn't the market risk. It's the execution risk behind the strategy 👇

Most investors only see the returns. Few understand what's behind them. We think that should change. Morini StockMarketTRBasisTrade captures market inefficiencies through a delta-neutral approach: - Buy Turkish equities - Sell equity futures - Hedge USD/TRY exposure 30 Day APY: 17.91% Regulated, market-neutral yield, now onchain. More strategies from Piku coming soon. Watch how it works. ⤵️

103.59% 7-day APY. Morini CarryTradeUSDTRYLeverage delivered triple-digit performance. • FXArbUSDTRY - 6.05% 7-day APY | $3.99M TVL • StockMarketTRBasisTrade -17.57% | $5.21M TVL • CarryTradeUSDTRYLeverage - 103.59% | $7.74M TVL Nearly $17M in total TVL. All vaults continue earning $PIKU rewards. FXArbUSDTRY also earns ACC Points.

New pool live: Piku ($USP) What it is: a stablecoin that brings global FX arbitrage + carry trades on-chain • 45% Morini FXArbUSDTRY Vault • 25% Morini StockMarketTRBasisTrade Vault • 10% Tori Finance Upshift Vault • 10% Staked Axis USD • 10% Brix Money wiTRY Amplify your exposure to @PikuFinance 's yield-bearing dollar in one click. 47%+ APY. 6.7x leverage on USP. Morpho-powered. Onchain end-to-end. → app.spiralstake.xyz/1/strate…

Steakhouse's EURCV Prime vault is intriguing. UI shows 4% APY, 0% incentives, but ~78% of the $100M deposits are sitting idle. The remaining allocation earns closer to ~1.3-1.4%. Blended organic yield is actually ~0.3%. So where does the yield come from? The vault's holding address has received ~546,100 EURCV across 22 transfers since Feb, roughly weekly, all from the same sender. Mechanically, it's a straight ERC-4626 donation: sending assets directly into the vault raises totalAssets without minting new shares, so every depositor's share value rises. The address donating also manages Merkl incentives on Steakhouse x AUSD vaults, suggesting this is Steakhouse related address and this likely reads as SG-Forge/Steakhouse incentivising yield to bootstrap the markets while there is no EURCV borrow demand, which is a normal practice. The issue isn't the incentive, it's not disclosing it in the UI. Two things matter for depositors: - The advertised 4% isn't organic, it's incentivised, with no visible schedule or end date. If transfers stop, APY reverts toward the ~0.3% blended rate. - It's invisible on every dashboard depositors actually check, so new entrants can't price the risk. This doesn't seem malicious, Steakhouse are a serious, established player in the space. But the mechanism itself could be used maliciously by less scrupulous curators/protocols, and undisclosed direct-transfer subsidies aren't great practice regardless of intent.

The most bullish chart in all of crypto right now is RWAs. How ironic.

Joining a bosphorus swimming event this sunday, wish me luck.