Original title: (Binance invests in new projects, is Perena worth participating?)
Original author: 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 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 regulation.
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 other investors including 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.
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 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 currently more worn out than platforms such as Raydium due to liquidity issues.
USD* is a core element of the Numéraire system, 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 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:
Integrates the dispersed liquidity among different stablecoins
Achieve efficient price discovery and settlement mechanisms
Provide risk-return opportunities
· Scaling to address institutional adoption and real-world needs
How to participate
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. Swap pools do not require an invitation code to enter, and Pools require a referral code or can only be opened when the points reach 700. 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. The Pool function is permanently enabled after entering. Currently, transactions support 7 stablecoins such as USDC, PYUSD, and sUSD.
How to earn daily points:
Swap: Up to 500 points can be earned for daily transactions. Up to 10 transactions per day, 0.1 points for every $1 USD, up to 50 points per transaction (maximum points can be earned with 500 U transactions).
Pool: (There is no upper limit on the points at present, the larger the amount, the more petal points you will get)
-Seed Pool: 10 petal/$/day
-Growth Pool: 20 petal/$/day
USD*: 100 petal/day (balance greater than 100 USD)
Other LP tokens: 100 petal/day (balance greater than $100) e.g. sUSD-USD* LP, USDS-USD* LP
Perena has a great vision and a luxurious investment background. However, as an on-chain stablecoin exchange platform, whether the demand really exists is still in doubt. Currently, centralized exchanges still waive transaction fees for stablecoins. Compared with on-chain trading platforms such as Raydium, it may need to compete with centralized exchanges more. Perhaps only when on-chain funds continue to flow in, on-chain applications flourish, or are truly combined with real assets (salary issuance, etc.), Perena can play a greater role.
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