Project: Stablecoin protocol platform on the Solana chain

Purpose: Perena primarily provides an efficient and flexible multi-asset stablecoin exchange platform for the Solana ecosystem, aiming to create a borderless monetary infrastructure.

Belongs to the chain: Solana

Track: Stablecoins

Product:

Stablecoin Mining Pool Numéraire: is a multi-asset stablecoin exchange system that introduces the concept of USD*. It uses an AMM mechanism to achieve seamless creation and exchange of stablecoins while optimizing liquidity and efficiency across various markets. It solves the problem of stablecoin ecosystem fragmentation and reduces the capital requirements for issuing new stablecoins. It allows traders of eight different stablecoins to exchange assets. Stablecoin holders will be able to earn additional income by lending assets into the pool.

USD* is the core element of the Numéraire system, which is a holdable LP (Liquidity Provider) token and is currently tradable. All stablecoins share the same liquidity pool, reducing capital fragmentation. The lending feature will allow excess stablecoins to be lent out, further improving capital utilization. At the same time, adding stablecoins only requires establishing a relationship with USD* to exchange with all other stablecoins in the system. USD* as an intermediary can help achieve more accurate price discovery, reflecting the market's real-time valuation of various stablecoins.


Binance announced its investment in this project, and the project's TVL has rapidly increased;

In addition to the mining pool infrastructure, Perena also plans to establish a 'synthetic currency', which according to Yuan, will be more resilient than the fiat currency most people hold in traditional bank accounts. This will take the form of a 'Collateralized Debt Position' (CDP) stablecoin backed by other stablecoins. Perena has not finalized its design, but Anna Yuan hopes that building CDPs alongside stable exchanges will create more 'synergies'.


Funding:

The stablecoin infrastructure protocol Perena completed approximately $3 million in Pre-Seed round financing, led by Borderless Capital. The protocol was founded by Anna Yuan, the former stablecoin head of the Solana Foundation. Binance Labs also participated in the investment. It has also received support from well-known investors such as Solana co-founders Anatoly Yakovenko and Raj Gokal.

Founders and Team

Anna Yuan is the co-founder of Perena, previously the stablecoin director at Solana, during which 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. She holds a Bachelor's degree in Philosophy from the University of Chicago and an MBA from Harvard Business School. The team also includes practitioners from institutions like Jump Trading. Additionally, the team has collaborated with central bank governors and regulators on stablecoin regulation.

Receive airdrops:

The project is currently in the early stages, with only the Swap and Pool functions open. Points can be earned in the following ways:

1. Daily check-in: Visit the wallet panel every day, holding more than 100 USD* or holding Growth Pool LP tokens to receive 1 petal; furthermore, Growth Pool LP tokens will receive a 1.25 times multiplier;

2. Exchange stablecoins, currently supporting mutual exchange of eight stablecoins (USDT, USDC, PYUSD, sUSD, USD*, USDS, USDY, cfUSD); can be exchanged up to 10 times a day;

Daily trading can earn up to 500 points. A maximum of 10 trades can be made daily, with 1 dollar worth 0.1 points, and a maximum of 50 points can be obtained per trade (500 U trading amount can earn the maximum points).

3. Refer a friend: Inviting a friend can earn 100 points + 5% of the total points earned by the friend, and you can invite up to 10 people;

4. Provide stablecoin pairs as LP: You can participate in LP only if your points exceed 700, and for every 1000 points earned, you receive an additional invitation code; currently, there is no upper limit on points, and the larger the amount, the more petal points you earn.

  • 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