As long as Project 03: Power Fist is equipped it has "If one or more +1/+1 counters would be put on Project 03: Power Fist, that many plus one of those counters are put on it instead."

Whenever Project 03: Power Fist becomes crewed, put a +1/+1 counter on it for each Merfolk that crewed it.

Whenever Project 03: Power Fist becomes crewed, it deals damage equal to its power to each opponent.

Crew 8