Perena: A Quick Look at the Project Favored by Major VCs in Its Early Stages

As one of the core infrastructures of the decentralized finance (DeFi) ecosystem, stablecoins have always attracted much attention.

As one of the core infrastructures of the decentralized finance (DeFi) ecosystem, stablecoins have always garnered significant attention.

On December 11, Binance Labs announced an investment in Quine Co., the core development team behind Perena, to support its efforts in building the first stablecoin infrastructure protocol on Solana.

As a core player in the stablecoin track, Tether boasted a first-half profit of $5.2 billion this year, earning over $30 million in a single day. Despite the previous Luna crash, many projects are still persisting in building within the stablecoin track.

Recently, ENA returned to 1 U, Usual rose nearly 60% in a week, and ANZ tripled in one day. Stablecoins on various chains are constantly developing. This article will take you to a quick look at Perena, a project that has been favored by major VCs in its early stages.

The current stablecoin market has a capital scale of 200 billion US dollars, and the number of new stablecoins is also increasing. Stablecoin fragmentation, isolated liquidity pools, and user experience problems are gradually emerging. Perena is committed to solving the above problems. As the infrastructure of the stablecoin track, it does not compete with USDC, PYUSD, etc., but provides them with more efficient and convenient transactions.

Perena mainly provides an efficient and flexible multi-asset stablecoin exchange platform for the Solana ecosystem, aiming to create a borderless monetary infrastructure. Since Binance announced its investment, TVL has grown rapidly to nearly $1 million.

The Perena team is quite strong. Anna Yuan, the founder of Perena, was the head of stablecoins at the Solana Foundation. During her tenure, she made great contributions to the increase in the issuance of stablecoins on Solana and the launch of non-US dollar stablecoins, doubling the issuance of stablecoins to 3.6 billion. The team also includes practitioners from institutions such as Jump Trading. In addition, the team has reached cooperation with central bank governors and regulators on stablecoin supervision.

In terms of financing, Perena has not only received support from well-known investors such as Solana co-founder Anatoly Yakovenko and Raj Gokal, but also won the favor of many institutions. It has completed the Pre-Seed round of financing, led by Borderless, and investors also include Binance Labs, Primitive Crypto, Anagram, Temporal, ABCDE Labs, SevenX Ventures, etc., with a financing amount of approximately US$3 million. In addition, Perena has also reached cooperation with many DeFi protocols.

Perena has already launched its first product, Numéraire. Numéraire is a multi-asset stablecoin exchange system that introduces the concept of USD*. It uses the AMM mechanism to achieve seamless creation and exchange of stablecoins, while optimizing liquidity and efficiency in various markets. It solves the problem of stablecoin ecosystem fragmentation and reduces the capital requirements for the issuance of new stablecoins. Users can mint stablecoins, obtain tokenized real-world asset returns, and use the layered collateralized debt position system to achieve customized risk-return configurations through the protocol. However, although Numéraire claims to be a cheaper and more efficient stablecoin exchange, it is still more worn out than platforms such as Raydium due to liquidity issues.

USD* is a core element of the Numéraire system. It is a holdable LP (liquidity provider) token that is currently tradable and holds potential returns. Through the concept of USD*, Numéraire not only achieves higher capital efficiency, but also has higher flexibility. All stablecoins share the same liquidity pool, reducing fund fragmentation. The lending function will allow excess stablecoins to be borrowed and borrowed, which can further improve fund utilization. At the same time, adding stablecoins only requires establishing a relationship with USD*, and it can be exchanged with all other stablecoins in the system. As an intermediate unit, USD* can help achieve more accurate price discovery and reflect the market's real-time valuation of various stablecoins.

Numéraire provides the Solana ecosystem with an efficient and flexible multi-asset stablecoin exchange platform through USD*. It not only simplifies the user experience, but also provides a more efficient liquidity management solution for the DeFi ecosystem. Its advantages include:

Currently, the project is still in its early stages, with only two functions, Swap and Pool, open. Petal Points can be obtained by trading between stablecoins and forming LPs. The Swap pool does not require an invitation code to enter, and the Pool requires a referral code or 700 points to open. The referrer can get 5% of the points earned by the recommended user. When 700 points are reached, 4 invitation codes can be generated, and 2 more invitation codes can be obtained for every additional 1,000 points. Using the referral code when registering will give 100 Petal Points to the user and the referrer respectively.