PINGU

What makes Pingu different ? Pingu is built around transparency, efficiency, simplicity, and community. The product itself is fully on-chain, and the UX is intuitive and accessible, lowering the barrier for new traders while providing the features, performance, and guarantees that advanced users expect from an on-chain perpetuals trading platform. Pingu enables native trading across virtually all assets, from crypto to RWAs. Not just with stablecoins, but also allowing margin and settlement directly with the gas token and, eventually, with selected ERC20s such as LSTs or blue-chip assets. Pingu’s oracle-based design ensures that traders are takers of prices from the most liquid sources available on each market, while liquidity providers gain a vehicle to deploy their assets and earn passively from both protocol revenues and trading activity. Our pool design reduces drawdowns risks and stabilizes returns, creating a favorable environment for liquidity providers and generating sticky TVL through the protocol’s mechanisms. Most importantly, Pingu grows with its community. The protocol is designed to align incentives between the platform, its users, and its token holders, ensuring sustainable and community-driven growth. Pingu is choosing Monad as its home: while L2s are indeed efficient, they still rely on centralized sequencers and fragment liquidity overall. We believe in a vision where the L1 scales, is highly efficient, remains truly decentralized, and is EVM-compatible as this continues to be the dominant execution environment.

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▸ April CPI hit 3.8% YoY (highest since May 2023), with 0.6% MoM (vs 0.3% F). Core 2.8% YoY, 0.4% MoM. Energy drove ~40% of the gain. Shelter re-accelerated to 0.6% MoM. CME FedWatch June cut odds collapsed from ~48% to under 1% within hours. ▸ April PPI followed Wednesday at +1.4% MoM, the largest single-month gain since March 2022. Annual rate jumped to 6.0% from 4.3%. Final demand services +1.2% MoM. Core PPI +0.6% MoM. The "stagflation print" labelled across desks. ▸ 30-year Treasury yield crossed 5% for the first time since May 2025, closing the week at 5.12%. 10-year at 4.595% (+21 bps). 2-year at 4.09% (+19 bps). The $25B 30-year auction cleared at 5.05% with weaker-than-expected demand. CME FedWatch year-end hike probability rose to ~40%. ▸ Senate confirmed Kevin Warsh as 17th Fed Chair Wednesday 54-45 (closest in modern Fed history). Only Fetterman crossed party lines. Powell's chair term expired Friday. Powell remains on the Board through January 2028 with full voting rights. Warsh's first FOMC: June 16-17. ▸ Trump-Xi summit (May 13-15 Beijing) delivered 200 Boeing jets (potential 750), $17B/year US agri purchases, beef market access, a "Board of Trade" and "Board of Investment" framework. No tariff text. No semis deal. No AI guardrails. NBC: "few clear wins." Nvidia $NVDA -4.4% Friday on H200 standoff. ▸ Iran ceasefire returned to open hostility. Brent closed week ~$108 (+8%). $WTI ~$106 (+11%). Trump Sunday Truth Social: "clock is ticking, they better get moving fast." UAE drone strike on power plant. National security team convened in Situation Room. MOU framework still unsigned. ▸ S&P 500 closed 7,408.50 (+0.3%, 7th consecutive weekly gain, longest since Dec 2023). Nasdaq 26,225.14 (+0.3%). Dow 49,526.17 (-0.05%). Friday wiped Wednesday's ATH: SPX -1.24%, NDX -1.54%, Dow -537 pts. VIX 18.43 (+1.24 pts). XLE leads, SMH -4.06%, Qualcomm -13%, Intel -6%. ▸ Cisco crushed Q3 (Wed AMC): rev $15.84B (+12%, record), AI orders $5.3B YTD, FY AI order guide raised to $9B from $5B, FY revenue guide raised to $62.8-63B. Stock +15% Thursday (best day since 2002). Applied Materials Friday AMC: record rev $7.91B, GAAP EPS $3.51, Q3 guide $8.95B. ▸ Bitcoin opened Monday at $82,164 (200-DMA $82,028 rejected again, 2nd consecutive week), closed Friday $80,832 (-1.6% intraweek). Weekend cascade hit $76,869 Saturday on $527M/hr liquidations. Spot $BTC ETFs: $1.0B weekly outflow ends 6-week positive streak. Wed -$635M was worst day. ▸ Solana diverged: +13-15% on the week to ~$96 on Alpenglow upgrade activation (validator test, finality target 150ms from 12.8s) + $39.23M spot ETF inflows. $ETH closed $2,254, ETH/BTC printed fresh 10-month low at 0.02835. CLARITY Act cleared Senate Banking 15-9 Thursday, HYPE +17% intraday.

Week in Markets W21 is here! April CPI printed 3.8% YoY, PPI surged 6.0% YoY. The 30-year Treasury crossed 5% for the first time since May 2025. The Senate confirmed Kevin Warsh as the 17th Fed Chair on Wednesday, 54-45. The new chair inherited a regime change before he was sworn in. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾

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▸ Project Freedom launched Monday May 4, paused Tuesday by Trump citing "great progress" on a deal. Axios broke Wednesday that the White House awaits Iran's response to a one-page MOU. Brent fell from ~$116 to ~$101 in three sessions. ▸ Iran attacked three US destroyers in Hormuz Thursday (USS Truxtun, USS Rafael Peralta, USS Mason). All intercepted. US struck back on Qeshm Island and Bandar Abbas. Iran's Friday counter-proposal demanded Hormuz sovereignty and a 5-year nuclear moratorium. ▸ April NFP printed +115K against +55-60K F. Unemployment 4.3% in-line. AHE +0.2% MoM (miss). First back-to-back monthly gain in nearly a year. The "stronger jobs, softer wages" combination is the textbook risk-on configuration. ▸ S&P 500 closed at 7,398.93 (+2.3% week, 6th consecutive weekly gain). Nasdaq closed 26,247.08, first close above 26,000. Russell 2000 at 2,861.21. Dow flat at 49,609.16. Nikkei +5.38% on Golden Week 3-day window. VIX at 17.19. ▸ AMD reported Q1 revenue $10.3B (+38%), data center +57% to $5.8B. Q2 guide $11.2B (+46% YoY). Mag-7 handed the baton to second-tier semis. Micron +15.4%, Sandisk +16.4%, Qualcomm +8.17%, Broadcom +4.27% on the week. ▸ Disney streaming income hit $582M (+88%), revenue $25.17B (+7%). Stock +8%. Uber bookings $53.7B (+25%), Q2 guide beat consensus. Stock +8%. XLE -5.36% as the oil unwind hit energy hard. ▸ $BTC opened Monday at $76,960, hit $82,000 intraweek (rejected at 200-DMA $82,228), closed Friday $79,743. Up 1.98% on the week. Monday liquidations $370M with $302M on shorts (81% skew). $ETH closed $2,279 (-1.60%), SOL +11.7% to ~$88. ▸ Spot BTC ETFs traced a V. Mon-Wed +$999M+ combined, then Thursday -$268.5M and Friday -$145.6M. 7-day net still +$1.48B. 6th consecutive week of positive flows. BTC dominance held 58-60%, no altseason confirmation. ▸ Strategy Q1 net loss $12.54B. Saylor signaled for the first time Strategy could sell BTC to fund $1.5B in preferred dividend obligations, framed as "inoculation" not plan. No purchases during W20 earnings pause. "Back to work, BTC" posted May 10. ▸ CME launched SUI and AVAX futures Monday May 4. Hyperliquid activated HIP-4 Outcome Markets May 2 ($533M TVL, $9.3B OI, ~73% perp DEX share). RBA hiked 25 bps (3rd of 2026). BoE held with first hawkish dissent since 2023. ECB held April 30 with June-July hikes priced.

Week in Markets W20 is out. Brent crashed 14% on a Trump-paused Hormuz escort and a one-page Iran MOU scoop. S&P 500 closed at a record. Nasdaq broke 26,000. April NFP printed +115K against +60K consensus. The fear premium evaporated faster than it was priced in. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾

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▸ Brent intraday $126.41 Thursday, the highest in 4 years. $WTI to $110.90. Trump rejected Iran's Pakistan-mediated proposal Wednesday, vowed to maintain the blockade until a nuclear deal is signed. ▸ FOMC held at 3.50–3.75% with 4 dissents, the most since October 1992. Miran wanted a cut. Hammack, Kashkari, Logan opposed an easing bias. Powell's final FOMC as chair. ▸ Q1 GDP missed at 2.0% vs 2.3% consensus. Q1 PCE deflator jumped to 4.5% from 2.9%. March core PCE at 3.2% YoY, highest since November 2023. Textbook stagflation print. ▸ Powell announced he stays on the Board indefinitely past May 15, citing the renovation investigation. First time the Fed will have a former chair sitting as governor with active mandate. ▸ Mag-7 carried the tape. Apple $111.2B revenue +17%, $100B buyback added. Alphabet GCP +63%. AWS +28% (15-quarter high). Meta capex raised to $125-145B (-10% on week). Aggregate capex revisions ≈$25B upward. ▸ S&P 500 closed at record 7,230.12 (+0.9% week, 5th straight weekly gain). Nasdaq broke 25,000 for the first time, closing 25,114.44. Dow flat. SOXX up another 0.93% Friday, ~50% YTD. ▸ Japan intervened April 30. ~$35B yen-buying op pushed $USD/ $JPY from 160.7 to 156.57 (-2.3%). Largest intervention since July 2024. DXY fell to ~98 on the move. ▸ $BTC printed $80,529 intraday Tuesday on Trump's "Project Freedom" Hormuz escort op, then failed. Wednesday FOMC flush to $74,900. Thursday $541M short squeeze. Friday close $78,292, +0.2% on week. ▸ Spot BTC ETFs net negative for the first week in 3 months. -$651M Mon-Thu, then +$630M Friday (IBIT $284M, FBTC $213M, ARKB $88M). April $2.44B total, best month since October 2025. ▸ $VIX closed Friday at 16.89 with Brent at $126 mid-week and the worst stagflation print of the cycle. The market is not pricing the regime as fragile.

Week in Markets W19 has shipped. Brent printed $126 intraday. The Fed held with 4 dissents, the most since 1992. Q1 stagflation: 2% GDP, 4.5% PCE. The S&P closed at a fresh record. Big tech raised AI capex by $25B in a single week. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾

Full breakdown: insights.pingu.exchange/posts/week-in-… Trade on Pingu: pingu.exchange/trade/

▸ S&P 500 +0.55% to record 7,165.08. Nasdaq +1.50% to record 24,836.60. Dow -0.44%. VIX 18.71. Stoxx 600 -2.54%, DAX -2.32%, CAC -3.17%. The trans-Atlantic spread is the cleanest of the cycle. ▸ Intel +24% Friday, best single session since 1987. Q1 revenue $13.58B vs $12.42B est. Data Center & AI revenue +22% YoY to $5.1B. Q2 guide $13.8-14.8B vs $13.07B est. AMD +12% on no news. Nvidia reclaimed $5T. SOXX 18 consecutive up days, an outright record. ▸ Brent closed Friday at $105.33, +16% on the week, the largest weekly move in years. Iran's IRGC seized MSC Francesca and Epaminondas in Hormuz Wednesday. Trump ordered "shoot and kill" on Iranian boats Thursday. US Navy seized another Iran tanker. Pakistan talks collapsed Friday. ▸ Warsh confirmation hearing killed the Fed cut path. Testimony Tuesday: would abandon forward guidance, smaller balance sheet, "won't be the president's sock puppet." CME FedWatch repriced 2026 to zero or one cut maximum. 10Y to 4.31%. DXY +5 days to 98.52. ▸ March retail sales +1.7% MoM vs +1.4% expected, strongest in 3+ years. Gas stations +15.5% on the Hormuz pass-through. Ex-gas still +0.6%. The energy shock is showing up in consumer data while the Fed is repositioning hawkish. ▸ Flash PMIs split US and Europe. US manufacturing 54.0, services 51.3, both expansion. Eurozone composite 48.6 contraction. German services 46.9, worst reading in series history. The energy import bill is breaking European industry. ▸ Tesla missed revenue $22.38B vs $22.64B, beat EPS, raised capex guide to $25B from $20B. Stock -3.6% Thursday. Netflix EPS beat aided by $2.8B Warner Bros termination fee, Q2 guide soft, stock -9 to -12%. RTX backlog hit a record $271B. LMT and NOC missed despite the defense boom. ▸ Bitcoin closed $78,126 (+5.8%), high $79,486 Wednesday. Did not break $80K. Spot BTC ETFs +$824M week, 8-day inflow streak +$2.1B. Strategy bought 34,164 BTC for $2.54B at $74,395. Exchange reserves at 7-9 year low. Whale accumulation 270K BTC over the past month, the largest since 2013. ▸ Gold -3% on the week, first weekly loss in five. Brent +16%, gold -3%, the safe-haven correlation broke as real yields rose on the Warsh regime. Stablecoin market crossed $321B (ATH). USDT supply +$5B in two weeks. ETH ETFs cumulative ATH $11.94B, ETH price flat. ▸ Week ahead: April 28-29 FOMC (hold ~certain, press conference is everything), April 30 Advance Q1 GDP + Core PCE + ECB + BoE, mega-cap earnings cluster (Visa, Coca-Cola, Alphabet, Amazon, Apple). Iran retaliation window is open.

Week in Markets W18! Brent at $105. S&P at a record. Intel had its best day since 1987. Iran seized two tankers in Hormuz Wednesday. Trump ordered "shoot and kill" Thursday. Markets shrugged. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾

Full breakdown: insights.pingu.exchange/posts/week-in-…

▸ S&P 500 $SPY +4.54% to record 7,126. Nasdaq $NDX +6.84% to 24,468, longest win streak since 2009. Dow $DOW +3.19%. $VIX broke below 18 for the first time since February. ▸ The Friday rally was a single-headline trade. Iran's foreign minister said Hormuz was "completely open" for the ceasefire. $WTI crashed 11.4% in one session to $83.85. S&P jumped 1.2%. ▸ By Sunday night, Iran had reversed and closed the strait again. The USS Spruance fired into the engine room of the 900-foot Iranian cargo ship Touska in the Gulf of Oman, then sent Marines aboard. Brent +5.7% after-hours. Monday opens into a different setup than Friday closed. ▸ March PPI cooled hard. Headline +0.5% MoM vs +1.1% expected. Core +0.1% vs +0.5% expected. Energy spiked +8.5% but services were flat. The pass-through isn't happening yet. ▸ Bank earnings demolished expectations. JPMorgan posted record trading revenue of $11.6B (+20% YoY). Goldman: equities revenue record $5.33B (+27%), IB fees +48%. Morgan Stanley revenue record $20.6B. BofA raised NII guide to 6-8%, assuming no rate cuts. ▸ China Q1 GDP +5.0% YoY, beating 4.8% consensus. Industrial production +6.1%, exports/imports +15%. The world's largest oil importer is still growing through the supply shock. ▸ Bitcoin closed +4.7% at $75,200 after testing $78,384 Thursday. ETH outperformed at +7.3%. Spot BTC ETFs pulled $1B on the week, strongest since mid-January. Strategy bought 13,927 BTC for $1B at $71,902 average. ▸ Kelp DAO exploited Saturday for $292M in $rsETH via a single-verifier LayerZero bridge flaw. Lazarus Group attribution. Aave $AAVE TVL fell $6.6B in 48 hours. Largest DeFi hack of 2026, surpassing Drift. ▸ Stablecoin market cap crossed $320B for the first time. $USDT 57.96% share. Drift announced relaunch on USDT after Tether put up $147.5M recovery package, abandoning Circle. ▸ Week ahead: Fed Chairman-Designate Warsh testimony Tuesday, Retail Sales (postponed) Tuesday, original Iran ceasefire expires. April 22, Tesla and Netflix earnings, flash PMIs Thursday. April 28-29 FOMC follows.

Week in Markets W17 is out! S&P, Nasdaq, Dow all closed at records Friday on Iran's tweet that Hormuz was open. By Sunday night, Iran had reversed, the US Navy had seized an Iranian cargo ship, and oil was back up 5.7%. Kelp DAO exploited Saturday for $292M. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾

Full breakdown: insights.pingu.exchange/posts/week-in-…

▸ Pakistan brokered a 2-week US-Iran ceasefire Tuesday evening, less than 2 hours before Trump's deadline. Oil crashed 16.4% in one session, the largest single-day decline since April 2020. ▸ S&P 500 $SPY gained 3.6% for the week to 6,817, its best since November. Nasdaq $NDX $QQQ +4.7%. Dow's best single day in a year on Wednesday (+1,325 points). VIX fell below 20 for the first time since late February. ▸ The Strait of Hormuz was NOT reopened despite the ceasefire. Only 3 supertankers transited all week. Dated Brent (physical crude) stayed above $124 while futures dropped to $96. The physical market did not believe the truce. ▸ March CPI surged to 3.3% YoY on Friday, the highest since April 2024. Gasoline +21.2% in a single month. But core inflation held at 2.6%, giving the Fed cover to stay on hold at the April 28-29 FOMC meeting. ▸ Islamabad talks collapsed Sunday after 21 hours. Vance said Iran refused to commit on nuclear weapons. Trump immediately announced a naval blockade of all ships entering or leaving Iranian ports, effective Monday 10 AM ET. ▸ Bitcoin rallied from $68,270 to $73,077 on ceasefire momentum. Fear & Greed Index jumped from 8 (extreme fear, locked there for 60 days) to 51 (greed). $BTC ETFs saw $789M in weekly inflows, best since February. BlackRock took 80%. ▸ Monad ecosystem strong: $MON token surged 22%, TVL past $355M. NYSE/Securitize partnership for tokenized securities. Stablecoin market cap hit an all-time high at $318.6B. CLARITY Act nearing Senate markup. ▸ FOMC March minutes revealed a hawkish shift: "some" officials now support acknowledging rate hike possibility. 7 of 19 members forecast zero cuts in 2026. The Fed is trapped between hot headline inflation and stable core. ▸ Week ahead: Goldman Sachs and JPMorgan kick off earnings season. March PPI Tuesday. China Q1 GDP Thursday. Naval blockade begins Monday. The ceasefire expires April 22. Everything gained this week is at risk of reversal.

Week in Markets W16 is here! A two-week ceasefire sent oil down 16% in one session. Markets posted their best week since November. Then peace talks collapsed after 21 hours and Trump ordered a naval blockade of Hormuz. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾

Read the detailed break-down here: insights.pingu.exchange/posts/week-in-…

▸ S&P 500 gained 3.4%, its best week in four months and first positive week since the war began. Nasdaq +4.4%. VIX fell from 31 to 24.5. The relief rally rested on Powell's "wait and see" and Iran-Oman diplomacy. Trade $SPY and $QQQ on Pingu. ▸ NFP crushed expectations at +178K vs 56K forecast, but 43% of the number came from healthcare workers returning after a strike. February was revised down to -133K from -92K. The report dropped on Good Friday with markets closed. ▸ Powell at Harvard killed the rate hike narrative. Rates "in a good place to wait." CME FedWatch repriced to 98% hold for April FOMC. Yields fell 12 bps on the 10-year to 4.31%. One cut now priced for late 2026. ▸ ISM Manufacturing held at 52.7 but Prices Paid surged to 78.3, the highest since June 2022. Input inflation is accelerating while the economy still expands. The stagflation signal is getting louder. ▸ Trump addressed the nation Tuesday on the Iran war for the first time. "Nearing completion" but "extremely hard" strikes for 2-3 weeks. Iran responded with its largest missile barrage during Passover Seder: 20 missiles, cluster warheads, 15 injured. ▸ An F-15E was shot down over Iran on Friday, the first US aircraft lost to enemy fire since 2003. The second crew member was rescued from Iranian mountains by Delta Force and SEAL Team Six after 24+ hours. ▸ Kuwait's largest refinery, its Petroleum HQ, and desalination plants were hit by Iranian drones. Fuel rationing began in Europe and Asia. IEA warned April losses will be "twice March." WTI surpassed Brent for the first time, both above $112. ▸ Drift Protocol on Solana was hacked for $285M in 12 minutes on April 1. Linked to North Korean state hackers. Biggest DeFi exploit of 2026. Bitcoin held near $66,650, flat for the week despite equities rallying. ▸ Week ahead: Trump's April 6 Iran deadline expires Sunday. Monday opens with undigested NFP + weekend developments. CPI on Friday forecast at 3.4% YoY, the first oil-shock reading. How much of this rally survives contact with reality?

Week in Markets W15 is here! S&P rallied 3.4% while an F-15 burned in Iran. Powell killed the hike narrative. NFP beat at 178K but markets were closed. Drift lost $285M in 12 minutes. And Trump gave Tehran 48 hours. ▹ Read our weekly article to stay up to date with the most relevant news to stay informed. Full breakdown below ▾