Author: shaofaye123, Foresight News
Stablecoins, as one of the core infrastructures of decentralized finance (DeFi) ecosystems, have always attracted attention.
On December 11, Binance Labs announced an investment in Perena's core development team Quine Co., supporting the establishment of the first stablecoin infrastructure protocol on Solana.
As a core player in the stablecoin sector, Tether's profits reached $5.2 billion in the first half of this year, with daily profits exceeding $30 million. Despite the previous collapse of Luna, many projects continue to persist in building within the stablecoin sector.
Recently, ENA returned to 1 U, Usual rose nearly 60% in a week, and ANZ surged 3 times in one day. Stablecoins across chains are continuously developing. This article will give you a quick overview of the project—Perena, which has been favored by major VCs since its early stages.
What is Perena
The current stablecoin market has a funding scale of $200 billion, and the number of new stablecoins is also increasing. The fragmentation of stablecoins, isolation of liquidity pools, and user experience issues are gradually emerging. Perena aims to solve these problems; as the infrastructure of the stablecoin track, it does not compete with USDC, PYUSD, etc., but rather provides more efficient and convenient trading for them.
Perena primarily 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, the TVL has seen rapid growth, approaching $1 million.
The Perena team is quite strong. Perena founder Anna Yuan was the head of stablecoins at the Solana Foundation, during which she made significant contributions to the increase in stablecoin issuance on Solana and the launch of non-USD stablecoins, doubling stablecoin issuance to 3.6 billion. The team also includes professionals from institutions like Jump Trading. Moreover, the team has collaborated with central bank governors and regulators on stablecoin regulation.
In terms of financing, Perena has not only received support from well-known investors such as Solana co-founders Anatoly Yakovenko and Raj Gokal but has also attracted numerous institutions, completing a Pre-Seed round of financing led by Borderless, with investors including Binance Labs, Primitive Crypto, Anagram, Temporal, ABCDE Labs, SevenX Ventures, etc., raising approximately $3 million. Additionally, Perena has established collaborations with several DeFi protocols.
How Numéraire operates
Perena has already launched its first product—Numéraire. Numéraire is a multi-asset stablecoin exchange system that introduces the concept of USD*. It employs an AMM mechanism to enable seamless creation and exchange of stablecoins while optimizing liquidity and efficiency across various markets. It addresses the fragmentation issue in the stablecoin ecosystem and reduces the capital requirements for new stablecoin issuance. Users can mint stablecoins through this protocol, obtain tokenized returns from real-world assets, and utilize a layered collateral debt position system to achieve customized risk-return configurations. However, although Numéraire claims to be a cheaper and more efficient stablecoin exchange, liquidity issues currently lead to greater slippage compared to platforms like Raydium.
USD* is the core element of the Numéraire system, which is a holdable LP (liquidity provider) token that is currently tradeable and can also generate potential returns. Through the concept of USD*, Numéraire achieves not only higher capital efficiency but also greater flexibility. All stablecoins share the same liquidity pool, reducing fund fragmentation. The lending feature will allow excess stablecoins to be lent out, further improving capital utilization. Additionally, adding stablecoins only requires establishing a relationship with USD*, enabling exchanges with all other stablecoins in the system. USD* as an intermediary can help achieve more accurate price discovery, reflecting real-time market valuations of various stablecoins.
Numéraire provides an efficient and flexible multi-asset stablecoin exchange platform for the Solana ecosystem through USD*. It not only simplifies the user experience but also offers more efficient liquidity management solutions for the DeFi ecosystem, with advantages including:
· Integrated the fragmented liquidity between different stablecoins
· Implement an efficient price discovery and settlement mechanism
· Provides risk-return opportunities
· Expand scale to meet institutional adoption and real-world needs
How to participate
Currently, the project is still in its early stages, with only the Swap and Pool functions open. By trading between stablecoins and forming LPs, users can earn petal points. The Swap pool can be accessed without an invitation code, while the Pool requires a referral code or for points to reach 700 before it can be unlocked, and referrers can earn 5% of the points earned by the referred users. When reaching 700 points, 4 invitation codes can be generated, and for every additional 1000 points, 2 more invitation codes can be obtained. Using a referral code during registration will grant both the user and the referrer 100 petal points each. The Pool function remains permanently open once accessed. Currently, trading supports 7 stablecoins including USDC, PYUSD, sUSD, etc.
Daily point acquisition method:
Swap: Daily transactions can earn up to 500 points. Up to 10 transactions per day, $1 is worth 0.1 points, with a maximum of 50 points per transaction (500 U trading volume can earn the maximum points).
Pool: (Currently no point limit, the larger the amount, the more petal points)
-Seed Pool: 10 petal/$/day
-Growth Pool: 20 petal/$/day
USD*: 100 petal/day (balance greater than $100)
Other LP tokens: 100 petal/day (balance greater than $100) For example, sUSD-USD* LP, USDS-USD* LP
Perena has a beautiful vision and a luxurious investment background. However, as an on-chain stablecoin exchange platform, whether this demand truly exists is still in question. Currently, trading stablecoins on centralized exchanges still waives fees, which may require it to compete more with centralized exchanges compared to on-chain trading platforms like Raydium. Perhaps only when on-chain funds continuously flow in, on-chain applications thrive, or when combined with real-world assets (such as wage issuance) can Perena play a greater role.
