Original title: (Binance invests in new project, is Perena worth participating?)

Original author: shaofaye123, Foresight News

Stablecoins, as one of the core infrastructures of decentralized finance (DeFi), have always been a focus of attention.

On December 11, Binance Labs announced an investment in Perena's core development team, Quine Co., to support its 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, averaging more than 30 million dollars per day. Despite the previous collapse of Luna, many projects are persistently building in the stablecoin space.

Recently, ENA returned to 1 U, Usual saw an increase of nearly 60% in one week, and ANZ surged 3 times in a day. Stablecoins across various chains are constantly evolving. This article will give you a quick overview of the project - Perena, which has been favored by major VCs since its early days.

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 concerns are gradually emerging. Perena is dedicated to solving these problems. As the infrastructure for the stablecoin sector, it does not compete with USDC, PYUSD, etc., but rather provides more efficient and convenient trading for them.

Perena primarily 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 experienced rapid growth, nearing $1 million.

The Perena team is quite strong. Perena's founder, Anna Yuan, was the head of stablecoins at the Solana Foundation and made significant contributions to the increase in the issuance of stablecoins on Solana and the launch of non-USD stablecoins, doubling the issuance volume to 3.6 billion. Team members also include professionals from institutions like Jump Trading. Furthermore, the team has collaborated with central bank governors and regulatory bodies on stablecoin regulation.

In terms of financing, Perena has not only gained support from well-known investors such as Solana co-founders Anatoly Yakovenko and Raj Gokal. It has also attracted numerous institutions and completed a Pre-Seed round of financing, led by Borderless, with investors including Binance Labs, Primitive Crypto, Anagram, Temporal, ABCDE Labs, and SevenX Ventures, raising approximately 3 million dollars. In addition, Perena has established partnerships with several DeFi protocols.

How Numéraire works

Perena has currently launched its first product - Numéraire. 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 addresses the fragmentation issue of the stablecoin ecosystem and lowers the capital requirements for issuing new stablecoins. Users can mint stablecoins through this protocol, gain tokenized returns from real-world assets, and utilize a layered 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 slippage compared to platforms like Raydium.

USD* is the core element of the Numéraire system; it is a holdable LP (liquidity provider) token that can currently be traded and held for potential returns. Through the concept of USD*, Numéraire not only achieves greater capital efficiency but also offers higher flexibility. 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* serves as an intermediary unit that 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:

· Integrated the fragmented liquidity among different stablecoins

· Achieve efficient price discovery and settlement mechanisms

· Provide risk-return opportunities

· Expand scale to meet institutional adoption and real-world needs

How to participate

Currently, the project is still in its early stages, only opening the Swap and Pool features. By trading between stablecoins and forming LPs, users can earn petal points. The Swap pool can be entered without an invitation code, while the Pool requires a referral code or reaching 700 points to unlock; referrers can earn 5% of the points gained by referred users. When 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 upon registration will grant both the user and the referrer 100 petal points. The Pool function will remain permanently open once entered. Currently, trading supports 7 stablecoins, including USDC, PYUSD, and sUSD.

Daily points acquisition method:

Swap: Daily trading can earn up to 500 points. A maximum of 10 trades per day, where 1 dollar is worth 0.1 points, and each trade can earn up to 50 points (500 U trade amount can earn maximum points).

Pool: (currently no point 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 USD)

Other LP tokens: 100 petal/day (balance greater than 100 USD) 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 is still in question. Currently, centralized exchanges still waive fees for stablecoin trading, which may necessitate competition with centralized exchanges compared to on-chain trading platforms like Raydium. Perhaps only when on-chain capital continues to flow in, on-chain applications thrive, or when it truly combines with real assets (such as wage issuance), can Perena play a greater role.

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