Binance Invests in New Project Perena: Is It Worth Participating?
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Binance Invests in New Project Perena: Is It Worth Participating?
Perena's Entry into the Stablecoin Arena: How to Participate?
Navigating Web3 tides with focused insightsAuthor: shaofaye123, Foresight News
As one of the core infrastructures in the decentralized finance (DeFi) ecosystem, stablecoins have long attracted significant attention.
On December 11, Binance Labs announced an investment in Quine Co., the core development team behind Perena, to support its mission of building the first stablecoin infrastructure protocol on Solana.
Tether, a key player in the stablecoin space, generated as much as $5.2 billion in profit during the first half of this year alone—over $30 million per day. Despite the collapse of Luna earlier, numerous projects continue persistently building in the stablecoin sector.
Recently, ENA returned to parity with USD, Usual surged nearly 60% in a week, and ANZ spiked threefold in a single day. Stablecoins across various blockchains are continuously evolving. This article provides a quick overview of Perena—an early-stage project gaining strong backing from top-tier VCs.
What is Perena?
The current stablecoin market holds over $200 billion in capital, with new stablecoins emerging constantly. Issues such as stablecoin fragmentation, isolated liquidity pools, and complex user experiences are becoming increasingly evident. Perena aims to solve these problems. As infrastructure for the stablecoin ecosystem, it does not compete with USDC, PYUSD, or similar tokens, but instead enables more efficient and seamless trading among them.
Perena primarily offers an efficient and flexible multi-asset stablecoin exchange platform for the Solana ecosystem, aiming to build borderless monetary infrastructure. Since the announcement of Binance's investment, its TVL has rapidly grown to nearly $1 million.
Perena boasts a strong team. Founder Anna Yuan previously served as Head of Stablecoins at the Solana Foundation, where she significantly contributed to increasing stablecoin issuance on Solana and launching non-USD stablecoins—helping double the total issuance to $3.6 billion. Team members also include professionals from institutions like Jump Trading. Additionally, the team has engaged in collaboration with central bank governors and regulators regarding stablecoin regulation.
In terms of funding, Perena has secured support not only from prominent investors including Solana co-founders Anatoly Yakovenko and Raj Gokal, but also institutional backing through a completed Pre-Seed round led by Borderless Capital. Other investors include Binance Labs, Primitive Crypto, Anagram, Temporal, ABCDE Labs, and SevenX Ventures, raising approximately $3 million. Furthermore, Perena has established partnerships with multiple DeFi protocols.
How Numéraire Works
Perena has already launched its first product—Numéraire. Numéraire is a multi-asset stablecoin exchange system that introduces the concept of USD*. It leverages an AMM mechanism to enable seamless creation and swapping of stablecoins while optimizing liquidity and efficiency across markets. It addresses fragmentation within the stablecoin ecosystem and reduces capital requirements for launching new stablecoins. Users can mint stablecoins via the protocol, earn returns from tokenized real-world assets, and utilize a tiered collateralized debt position system to customize risk-return profiles. However, despite claiming cheaper and more efficient swaps, due to current liquidity constraints, slippage remains higher than platforms like Raydium.
USD* is the core component of the Numéraire system—a tradable LP (liquidity provider) token that already generates potential yield for holders. By introducing USD*, Numéraire achieves higher capital efficiency and greater flexibility. All stablecoins share a single liquidity pool, reducing capital fragmentation. The lending feature allows excess stablecoins to be lent out, further improving capital utilization. Adding a new stablecoin requires only forming a pairing with USD*, enabling instant swapability with all other stablecoins in the system. Acting as an intermediary unit, USD* facilitates more accurate price discovery by reflecting the market’s real-time valuation of various stablecoins.
Through USD*, Numéraire delivers an efficient and flexible multi-asset stablecoin exchange platform for the Solana ecosystem. It simplifies user experience and provides DeFi with more effective liquidity management solutions. Its advantages include:
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Consolidating fragmented liquidity across different stablecoins
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Enabling efficient price discovery and settlement mechanisms
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Providing risk-return opportunities
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Scaling to meet institutional adoption and real-world needs
How to Participate
The project is still in its early stages, currently offering only Swap and Pool functionalities. Users can earn Petal Points by trading between stablecoins or providing liquidity. The Swap pool is accessible without an invite code, while access to Pool requires either a referral code or accumulating 700 points. Referrers receive 5% of the referred user’s earned points. Upon reaching 700 points, users can generate 4 invite codes; every additional 1,000 points grants 2 more codes. Using a referral code during registration grants both the user and referrer 100 Petal Points each. Once unlocked, Pool access remains permanently available. Currently, supported stablecoins include USDC, PYUSD, sUSD, and five others.
Daily Point Earning Methods:
Swap:
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Up to 500 points per day from trading. Maximum of 10 trades daily. Each dollar traded earns 0.1 points, with a maximum of 50 points per trade (a $500 trade yields the daily cap).
Pool: (Currently no point cap—the larger the amount, the more Petal Points earned)
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Seed Pool: 10 petal/$/day
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Growth Pool: 20 petal/$/day
USD*: 100 petal/day (balance > $100)
Other LP tokens: 100 petal/day (balance > $100), e.g., sUSD-USD* LP, USDS-USD* LP
Perena has a compelling vision and impressive investor backing. However, as an on-chain stablecoin exchange platform, the actual demand for such a service remains questionable. Centralized exchanges currently offer zero-fee stablecoin trading, so Perena may need to compete directly with them. Perhaps only when on-chain capital inflows continue growing, on-chain applications flourish, or real-world integration occurs (such as payroll disbursements), will Perena truly realize its full potential.
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