Proposal 15 – Update USP Holding Incentive Allocation with Pendle Integration

Summary

This proposal introduces a revised allocation of USP Holding incentives to support the launch of a USP market on Pendle, while maintaining existing Uniswap incentives unchanged.

The objective of Pendle integration and incentives is to enhance yield discovery, long-term liquidity, and capital efficiency for USP by expanding incentive distribution across multiple liquidity venues.

Rationale

Pendle integration enables yield separation - Principal Token (PT) and Yield Token (YT) - allowing USP yield to be more efficiently priced and distributed.

• LP USP incentives encourage durable, long-term liquidity provisioning for USP
• YT USP incentives support yield discovery and attract yield-focused participants

In preparation for the planned USP Pendle market, incentive distribution will be updated as follows:

• USP Holders: 80%
• Uniswap USP/USDC Pool LPs: 10% (unchanged)
• Pendle LP USP: 5%
• Pendle YT USP: 5%

Incentive Distribution – Before Proposal

Rate	Campaign Type	Distributed Everyday
90%	USP Holding	61,601.64 PIKU
10%	Uniswap USP/USDC Pool LPs	6,844.63 PIKU

Incentive Distribution – After Proposal

Rate	Campaign Type	Distributed Everyday
80%	USP Holding	54,757.01 PIKU
10%	Uniswap USP/USDC Pool LPs	6,844.63 PIKU
5%	Pendle LP USP	3,422.32 PIKU
5%	Pendle YT USP	3,422.32 PIKU

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