Original title: Binance invests in a new project, is Perena worth participating in?
Original author: shaofaye123, Foresight News
Original source: https://foresightnews.pro/article/detail/73859
Translated by: Tom, Mars Finance
Stablecoins have always been a focal point as one of the core infrastructures of the decentralized finance (DeFi) ecosystem.
On December 11, Binance Labs announced its 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 made a profit of 5.2 billion dollars in the first half of this year, with daily profits exceeding 30 million dollars. Despite the previous collapse of Luna, many projects continue to build in the stablecoin sector.
Recently, ENA returned to 1 U, Usual surged nearly 60% in a week, and ANZ exploded 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 capital scale of 200 billion dollars, and the number of new stablecoins is also increasing. Issues such as stablecoin fragmentation, isolated liquidity pools, and user experience problems are becoming increasingly evident. Perena aims to address these issues; as an infrastructure in the stablecoin sector, it does not compete with USDC, PYUSD, etc., but provides more efficient and convenient trading for them.
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 rapidly grown to nearly one million dollars.
The Perena team is exceptionally strong. Perena founder Anna Yuan was the stablecoin lead at the Solana Foundation, during which she made significant contributions to increasing the issuance of stablecoins on Solana and launching non-dollar stablecoins, doubling stablecoin issuance to 3.6 billion. The team also includes professionals from institutions like Jump Trading. Furthermore, the team has collaborated with central bank governors and regulatory bodies on stablecoin oversight.
In terms of financing, Perena has not only gained the support of well-known investors such as Solana co-founders Anatoly Yakovenko and Raj Gokal but has also attracted interest from numerous institutions. It has completed its 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 dollars. Additionally, Perena has established partnerships with several DeFi protocols.
How Numéraire operates
Perena has launched its first product—Numéraire. Numéraire is a multi-asset stablecoin exchange system that introduces the concept of USD*. It utilizes an AMM mechanism for seamless creation and exchange of stablecoins while optimizing liquidity and efficiency across various markets. It addresses the issue of stablecoin ecosystem fragmentation and reduces the capital requirements for issuing new stablecoins. Users can mint stablecoins through this protocol, earn tokenized returns from real-world assets, and achieve customized risk-return configurations using a layered collateral debt position system. However, although Numéraire claims to be a cheaper and more efficient stablecoin exchange, it currently experiences higher wear than platforms like Raydium due to liquidity issues.
USD* is a core element of the Numéraire system, which is a holdable LP (liquidity provider) token that is currently tradable and can yield potential returns. Through the concept of USD*, Numéraire not only achieves higher capital efficiency but also greater flexibility. All stablecoins share the same liquidity pool, reducing capital fragmentation. The lending feature will allow excess stablecoins to be lent out, further enhancing 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 unit can assist in achieving 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 a more efficient liquidity management solution for the DeFi ecosystem, its advantages include:
Integrates dispersed liquidity between different stablecoins
Achieves efficient price discovery and settlement mechanisms
Provides risk-return opportunities
Expands 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 is accessible without an invitation code, while the Pool requires a referral code or reaching 700 points to unlock. Referrers can earn 5% of the points earned by referred users. Upon 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 entered. Currently, trading supports 7 stablecoins, including USDC, PYUSD, and sUSD.
Daily points acquisition methods:
Swap: Up to 500 points can be earned daily from trading. A maximum of 10 trades per day, 1 dollar equals 0.1 points, with a maximum of 50 points per trade (500 U trading amount can obtain maximum points).
Pool: (Currently no points limit, 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 dollars)
Other LP tokens: 100 petal/day (balance greater than 100 dollars), for example, sUSD-USD* LP, USDS-USD* LP
Perena has an optimistic vision and a luxurious investment background. However, as an on-chain stablecoin exchange platform, it remains uncertain whether there is real demand. Currently, trading stablecoins on centralized exchanges is still free of fees, which may necessitate competition with centralized exchanges compared to on-chain trading platforms like Raydium. Perhaps Perena will only be able to play a larger role once on-chain capital continues to flow in, on-chain applications thrive, or it truly integrates with real assets (such as salary issuance).
