Author: Mohamed Allam, Messari protocol analyst; compiled by 0xjs@Golden Finance
Stablecoins are very important in the cryptocurrency space—indeed a pillar of DeFi—but what about the infrastructure that supports them? It's a bit messy.
While stablecoins are a powerful tool, especially for people in developing countries who can easily make cross-border remittances, the market is fragmented and inefficient.
Perena is stepping in to change this situation, building infrastructure on Solana with the aim of unifying and optimizing the stablecoin ecosystem.
Why is Perena important for the development of stablecoins?
Unified liquidity:
Technical description: Perena's Numéraire AMM integrates the liquidity of major stablecoins (e.g., USDC, USDT, PYUSD) into a central seed pool. The pool is tokenized as USD*, and its value appreciates as fees accumulate. The growth pool expands this liquidity by pairing USD* with new stablecoins, ensuring a concentration of liquidity across the entire market.
In simple terms: Perena does not establish separate liquidity pools for each stablecoin but creates a large stablecoin pool that makes trading between them easier and cheaper. For new stablecoin projects, it's like joining a bustling market rather than starting from scratch.
Growth available to issuers:
Technical description: The growth pool allows stablecoin issuers to pair their assets with USD* rather than traditional assets like USDC. This approach reduces operational complexity and capital requirements while providing instant access to the liquidity of a larger stablecoin ecosystem.
In simple terms: For creators of new stablecoins, Perena makes it very easy to join the stablecoin game by providing instant access to liquidity pools, without the need to put in a large amount of cash upfront.
Capital efficiency:
Technical description: Numéraire uses bounded liquidity and smart routing to maximize capital utilization. Centralized liquidity allows trades to get closer to stablecoin peg, thereby reducing slippage and increasing fee generation for liquidity providers.
In simple terms: Perena makes every dollar work harder. Trades are cheaper and smoother for users, and liquidity providers can achieve better returns without constantly adjusting their investments.
Currently, Perena is still in its early stages, but the cryptocurrency space is evolving rapidly. As the adoption rate of stablecoins continues to rise, such infrastructure will be crucial. They are building on Solana, leveraging its speed and low costs—ideal for the stablecoin market. The development of Perena is exciting, especially with rumors of upcoming fundraising announcements!
Source: DefiLlama (the market cap of stablecoins surged to nearly $200 billion)
