How Perena works
Perena solves a fundamental problem in stablecoin markets: liquidity fragmentation. When new stablecoins launch, they often struggle to gain traction because low liquidity means poor exchange rates and limited DeFi integrations. Perena’s solution uses a hub-and-spoke model:
Numéraire (the AMM):
- Central hub: USD* acts as the routing asset for all swaps
- Spoke assets: Major stablecoins (USDC, USDT, PYUSD, others) connect to USD*
- Swap flow: USDC → USD* → USDT happens in two hops, maximizing capital efficiency
- Liquidity pools: Seed Pool (main reserves) and Growth Pools (higher-yield opportunities)
*USD (the yield asset)**:
- USD* is an interest-bearing token built on Solana’s Token22 standard that accrues yield in real-time based on network timestamps
- Backed by: USDC, USDT, PYUSD initially; plans to expand to additional stablecoins
- Yield sources: Tokenized U.S. Treasuries, over-collateralized lending protocols, market-neutral strategies
- Current APY: 12-15% (variable based on underlying asset performance)
- Use cases: Hold for yield, provide liquidity on Numéraire, deploy in partner protocols (RateX, Exponent, Sphere)
Strong backing and team:
- Raised approximately $3 million in pre-seed funding led by Borderless Capital
- Binance Labs invested in Quine Co., the core contributor team behind Perena
- Other backers: SevenX Ventures, Primitive Ventures, Maelstrom Capital, ABCDE Capital
- Founder Anna Yuan previously led stablecoin initiatives at the Solana Foundation
- Solana co-founders Anatoly Yakovenko and Raj Gokal are both angel investors
Underfarmed opportunity:
- Season 1 launched December 13, 2024, less than one year old as of November 2025
- Early-stage user base compared to established Solana protocols
- Community reports suggest modest deposits ($200-500) can secure leaderboard positions during beta
- Dual earning potential: Petals for potential airdrop + 12-15% APY on USD* holdings
Proven use case: Unlike speculative farming opportunities, Perena addresses a real infrastructure need. Stablecoins now represent a $170+ billion industry, and fragmented liquidity remains a persistent problem. Protocols solving core infrastructure challenges tend to sustain long-term value, which benefits early token holders.
Liquidity provision risks
Providing liquidity exposes you to:
- Impermanent loss: If one stablecoin depegs, your LP value drops below what you would have held separately
- Smart contract bugs: Exploits in the pool contract can drain LP funds
- Withdrawal delays: High utilization can temporarily prevent instant withdrawals
Mitigation:
- Stick to Seed Pools with major stablecoins (USDC, USDT, PYUSD) rather than experimental Growth Pools with newer assets
- Monitor stablecoin health (check if USDT or USDC ever trades significantly below $1 on aggregators)
- Keep 20-30% of your capital in wallet-held USD* for flexibility; don’t lock 100% in LPs
- Set calendar alerts to review LP positions monthly—time-based multipliers incentivize long holds, but don’t ignore red flags
Comparison to other Solana stablecoin opportunities
| Project | Focus | APY/Yield | Points Program | Entry Barrier | Liquidity Model |
|---|---|---|---|---|---|
| Perena (USD)* | Stablecoin infrastructure | 12-15% + Petals | Season 1 active | Open access | Hub-and-spoke AMM |
| Kamino | Lending/leverage | 8-20% (varies) | KMNO points (past) | Open access | Lending pools |
| Drift | Perps and spot | 10-18% (funding) | Points concluded | Open access | Order book + AMM |
| MarginFi | Lending | 5-12% | mrgn points (past) | Open access | Over-collateralized lending |
| Jupiter | Aggregation | No base yield | JUP points (past) | Open access | Route aggregation |
| Ondo (USDY) | Tokenized Treasuries | 4-5% | No points | KYC + non-U.S. | Centralized custody |
Perena’s advantages:
- Solving a structural problem (liquidity fragmentation) that affects the entire $170+ billion stablecoin market
- Active, transparent points program with clear earning mechanics (many competitors already concluded programs)
- Strong backing from Binance Labs, Borderless Capital, and Solana co-founders
- Dual earning: Base APY on USD* holdings + Petals for potential airdrop
- Over $2 billion in swap volume demonstrates product-market fit
Trade-offs:
- Newer protocol (launched late 2024) vs established platforms with longer track records
- Petals accumulation requires daily active farming; less passive than pure LP positions
- Partner integration boosts add complexity and third-party risk
- No token guarantee—Petals may redeem for non-monetary benefits
