What is PIKA?
PIKA uses derivatives positions to back its price stability around a 1 dollar target. PIKA is minted by opening and 1x short position of an inverse perpetual contract.
A PIKA is minted by depositing one dollar value of supported tokens(e.g., ETH, WBTC), achieving better capital efficiency than overcollateralized stablecoins.
Yields are generated for PIKA from trading fees of derivatives exchange.