The floating, rounded leaves of this Nymphaea plant have entire margins. The leaves lie flat on the water surface where they do not touch. Vigorous leaf production has brought competition for space. The leaves are forced together by their too short underwater stalks, resulting in the leaf margins to turn up.
This situation may improve later, should the stalks continue to grow, allowing the leaves to spread more effectively on the available water surface. This, in turn, will result in better photosynthesis.
Spreading may, however, not happen for reasons of limited nutrient availability to stimulate the required growth (or eventually a lack of space on the water surface). The plant will then weaken and eventually produce fewer leaves.
Checking the situation over time will answer the question as to whether the process in a fixed size pond filled with vigorous Nymphaea growth is cyclic.