Written by: shaofaye123, Foresight News
As one of the core infrastructures of the decentralized finance (DeFi) ecosystem, stablecoins have always attracted much attention.
On December 11, Binance Labs announced an investment in Quine Co., Perena’s core development team, to support its efforts to build the first stablecoin infrastructure protocol on Solana.
As a core player in the stablecoin track, Tether made a profit of $5.2 billion in the first half of this year, with more than $30 million in a single day. Despite the previous Luna crash, there are still many projects that persist in building in 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.
What is Perena
The current stablecoin market has a capital scale of $200 billion, and the number of new stablecoins is also on the rise. Issues such as stablecoin fragmentation, isolated liquidity pools, and user experience problems are becoming increasingly apparent. Perena is dedicated to solving these problems; as an infrastructure for the stablecoin sector, it does not compete with USDC, PYUSD, etc., but rather provides them with more efficient and convenient trading.
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, the TVL has seen rapid growth, approaching $1 million.
The Perena team is quite strong. The founder of Perena, Anna Yuan, was the stablecoin lead at the Solana Foundation, where she made significant contributions to the increase in stablecoin issuance on Solana and the launch of non-USD stablecoins, doubling the stablecoin issuance to $3.6 billion. Team members also include professionals from institutions like Jump Trading. Additionally, the team has collaborated with central bank governors and regulatory bodies on stablecoin regulation.
In terms of financing, Perena has gained support from well-known investors, including Solana co-founders Anatoly Yakovenko and Raj Gokal. It has also attracted interest from numerous institutions, having completed a Pre-Seed funding round led by Borderless, with investors including Binance Labs, Primitive Crypto, Anagram, Temporal, ABCDE Labs, SevenX Ventures, and others, raising approximately $3 million. Additionally, Perena has formed partnerships with several DeFi protocols.
How Numéraire Works
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 facilitate seamless creation and exchange of stablecoins while optimizing liquidity and efficiency across various markets. It addresses the fragmentation of the stablecoin ecosystem and lowers the capital requirements for issuing new stablecoins. Users can mint stablecoins through the protocol, earn tokenized real-world asset returns, and utilize a tiered 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 may currently lead to greater friction compared to platforms like Raydium.
USD* is the core element of the Numéraire system, a holdable LP (liquidity provider) token that is currently tradable and offers potential returns for holders. Through the concept of USD*, Numéraire achieves higher capital efficiency and flexibility. All stablecoins share the same liquidity pool, reducing capital fragmentation. The lending functionality will allow excess stablecoins to be borrowed, further improving capital utilization. Additionally, adding stablecoins requires only establishing a relationship with USD* to exchange with all other stablecoins in the system. USD* as an intermediary unit helps achieve more accurate price discovery, reflecting the market's real-time valuation 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 a more efficient liquidity management solution for the DeFi ecosystem, with advantages including:
Integrating the fragmented liquidity between different stablecoins
Achieving efficient price discovery and settlement mechanisms
Providing risk-return opportunities
Scaling to meet institutional adoption and real-world needs
How to Participate
Currently, the project is still in its early stages, offering only the Swap and Pool functionalities. 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 either a referral code or for points to reach 700. Referrers can earn 5% of the points earned by the referred users. Upon reaching 700 points, users can generate 4 invitation codes, and for every additional 1000 points, they can earn 2 more invitation codes. Using a referral code during registration will grant both the user and the referrer 100 petal points. The Pool functionality remains permanently open after entry. Currently, trading supports 7 stablecoins, including USDC, PYUSD, and sUSD.
Daily points acquisition methods:
Swap:
Users can earn a maximum of 500 points per day from trading. A maximum of 10 trades can be made per day, with 1 dollar equating to 0.1 points, and each trade can earn a maximum of 50 points (500 U transaction amount is required to earn the maximum points).
Pool: (Currently, there is no points cap; the larger the amount, the more petal points earned)
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), e.g., 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 remains in question. Currently, centralized exchanges trade stablecoins without fees, which may make it more challenging to compete with on-chain trading platforms like Raydium. Perhaps only with continuous inflows of on-chain capital, the vigorous development of on-chain applications, or genuine integration with real-world assets (such as salary issuance) can Perena play a larger role.
