Author: shaofaye123, Foresight News
Stablecoins, as one of the core infrastructures of decentralized finance (DeFi) ecosystems, have always attracted significant attention.
On December 11, Binance Labs announced its investment in Perena's core development team Quine Co., supporting its establishment of the first stablecoin infrastructure protocol on Solana.
As a core player in the stablecoin sector, Tether's profits reached $5.2 billion in the first half of this year, with daily profits exceeding $30 million. Despite the previous Luna crash, many projects continue to build in the stablecoin sector.
Recently, ENA returned to 1 U, Usual rose nearly 60% in a week, and ANZ exploded by 3 times in one day. Stablecoins across various chains are continuously evolving. This article will give you a quick overview of Perena, a project favored by major VCs from its early stages.
What is Perena
The current stablecoin market has a funding scale of $200 billion, and the number of new stablecoins is also increasing. The fragmentation of stablecoins, isolated liquidity pools, and issues with user experience are becoming increasingly apparent. Perena is committed to solving these issues as the infrastructure in 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, the TVL has seen rapid growth, nearing $1 million.
The Perena team is quite strong. Perena founder Anna Yuan was the head of stablecoins at the Solana Foundation, during her tenure, she made significant contributions to increasing the issuance of stablecoins on Solana and the launch of non-USD stablecoins, doubling the issuance of stablecoins to 3.6 billion. The team also includes professionals from institutions such as Jump Trading. Additionally, the team has collaborated with central bank governors and regulatory bodies on stablecoin regulation.
In terms of financing, Perena has gained support from renowned investors such as Solana co-founder Anatoly Yakovenko and Raj Gokal. It has also attracted interest from numerous institutions, completing its Pre-Seed round of financing led by Borderless, with investors including Binance Labs, Primitive Crypto, Anagram, Temporal, ABCDE Labs, SevenX Ventures, among others, raising approximately $3 million. Additionally, Perena has established partnerships with several DeFi protocols.
How Numéraire works
Perena has 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 across various markets. It solves the fragmentation problem of the stablecoin ecosystem and lowers the capital requirements for issuing new stablecoins. Users can mint stablecoins through this protocol, obtain tokenized real-world asset returns, 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, it currently suffers from liquidity issues, showing greater wear than platforms like Raydium.
USD* is a core element of the Numéraire system, which is a holdable LP (liquidity provider) token that is currently tradable and holding it will also 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 improving fund utilization. Additionally, 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 real-time valuations of various stablecoins in the market.
Numéraire provides an efficient and flexible multi-asset stablecoin exchange platform for the Solana ecosystem through USD*. It not only simplifies user experience but also offers a more efficient liquidity management solution for the DeFi ecosystem, with advantages including:
· Integrated dispersed liquidity among different stablecoins
· Achieve an efficient price discovery and settlement mechanism
· Provides risk-return opportunities
· Scale up 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 LP, users can earn petal points. The Swap pool can be accessed 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. 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 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, sUSD, etc.
Daily point earning methods:
Swap: Earn up to 500 points daily from trades. A maximum of 10 trades per day, with $1 equaling 0.1 points, and each trade can earn a maximum of 50 points (500 U trade amount can earn maximum points).
Pool: (Currently no points cap, the larger the amount, the more petal points earned)
-Seed Pool: 10 petal/$/day
-Growth Pool: 20 petal/$/day
USD*: 100 petal/day (balance greater than $100)
Other LP tokens: 100 petal/day (balance greater than $100) For example, sUSD-USD* LP, USDS-USD* LP
Perena has a beautiful vision and a luxurious investment background. However, as a blockchain stablecoin exchange platform, it remains uncertain whether this demand truly exists. Currently, centralized exchanges still exempt fees for trading stablecoins, which may require competition against centralized exchanges compared to on-chain trading platforms like Raydium. Perhaps only when on-chain funds continuously flow in, on-chain applications thrive, or truly integrate with real assets (such as salary issuance), can Perena play a greater role.
