Perena: Building the Infrastructure for Stablecoin Innovation on Solana

Perena is building critical stablecoin infrastructure on Solana through their innovative Numéraire AMM. The protocol enables seamless stablecoin liquidity, digital asset issuance, and real-world asset integration through a unique hub-and-spoke model. Their first product, a multi-token stableswap called Numéraire, has processed over $2.1B in volume by implementing composable, extensible pools that reduce idle liquidity. The platform issues USD*, an appreciating LP token representing ownership of pooled USDC, USDT, and PYUSD that serves as the central liquidity hub for partner stablecoins.

What is Perena?

Perena represents a fundamental reimagining of stablecoin infrastructure on Solana. Founded by veterans from the Solana Foundation and Jump Trading, the project tackles core challenges in the $170B+ stablecoin market - namely fragmented liquidity pools, capital inefficiency, and complex user experiences.

At the heart of Perena's solution is their Numéraire automated market maker (AMM), which implements a novel hub-and-spoke model for stablecoin liquidity. This architecture connects established stablecoins like USDC and USDT through a core Seed Pool, while enabling emerging stablecoins to efficiently tap into this liquidity through satellite Growth Pools.

The project's approach emphasizes capital efficiency through bounded liquidity ranges and weighted asset exposure. Rather than spreading liquidity across a wide price spectrum, Perena concentrates it within a narrow band around the peg (0.99-1.01) where most stablecoin trading occurs. This focuses liquidity where it's most needed while implementing market-driven mechanisms to maintain stability.

How to Use Perena

Trading on Numéraire

Trading stablecoins on Perena's Numéraire AMM is designed to be straightforward while providing powerful functionality under the hood. Users can access the platform through the main interface at app.perena.org, where they're presented with a clean swap interface.

To execute a trade, users select their input and output tokens from the supported stablecoins. The interface displays key information including:

• Market Price: The best available rate for small trades
• Minimum Output: The minimum amount received after accounting for slippage
• Swap Price: The actual execution price including fees
• Price Impact: How the trade size affects the exchange rate

Trades are automatically routed through the most efficient path using Perena's hub-and-spoke model. For established stablecoins in the Seed Pool (USDC, USDT, PYUSD), trades can execute directly. For partner stablecoins in Growth Pools, trades route through USD* in two hops to maintain isolated risk exposure.

Providing Liquidity

Perena offers two primary ways to provide liquidity and earn yield:

Seed Pool Liquidity: Users can deposit supported stablecoins (USDC, USDT, PYUSD) into the Seed Pool either as single assets or in balanced proportions. Single asset deposits are automatically balanced to the pool's target weights (45% USDC, 35% USDT, 20% PYUSD), while proportional deposits avoid this rebalancing fee. Depositors receive USD* tokens representing their share of the pool.

Growth Pool Liquidity: Liquidity providers can also participate in Growth Pools that pair USD* with individual partner stablecoins. These pools maintain a 50/50 weighting between USD* and the partner asset. Growth Pool LPs can earn enhanced yields by combining native swap fees with the underlying USD* yield from the Seed Pool.

Key Features and Advantages

Hub-and-Spoke Architecture

Perena's most innovative feature is its hub-and-spoke liquidity model centered around the USD* token. The Seed Pool acts as a central liquidity hub containing trusted, widely-integrated stablecoins. USD* tokens representing ownership of this pool then extend liquidity to partner stablecoins through Growth Pools.

This architecture provides several key benefits:

• Isolated risk exposure between established and emerging stablecoins
• Enhanced capital efficiency by enabling liquidity reuse
• Simplified integration path for new stablecoin projects
• Unified liquidity access across the ecosystem

Bounded Liquidity Design

Rather than spreading liquidity across a wide price range like traditional AMMs, Perena implements bounded liquidity pools focused around the stablecoin peg. This design:

• Minimizes idle capital by concentrating liquidity where it's most needed
• Produces better exchange rates for most trades
• Generates more swap fee revenue from active liquidity
• Creates natural arbitrage incentives to maintain stability

Weighted Asset Exposure

Perena's pools implement configurable asset weights to maintain optimal stability and trading efficiency. The Seed Pool targets specific weightings (45% USDC, 35% USDT, 20% PYUSD) while Growth Pools maintain 50/50 splits between USD* and partner assets.

This weighting mechanism:

• Establishes market-driven stability without external management
• Automatically adjusts swap rates to restore target ratios
• Provides premium rates for trades that improve balance
• Enables customized exposure based on asset characteristics

The USD* Token

At the core of Perena's ecosystem is the USD* token, which serves multiple vital functions:

1. Seed Pool Representation: USD* tokens represent proportional ownership of the pooled USDC, USDT, and PYUSD in the Seed Pool. The token naturally appreciates in value as the pool accumulates swap fees and compounds yields.

2. Liquidity Hub: As the bridge asset in Growth Pools, USD* enables efficient liquidity extension to partner stablecoins while maintaining risk isolation from the core Seed Pool.

3. Yield Generation: USD* holders earn returns from:

   • Swap fees from Seed Pool trading activity
   • Auto-compounding of accumulated fees
   • Additional yield opportunities in Growth Pools

4. Governance: Future plans include using USD* for protocol governance, allowing holders to guide development and parameter adjustments.

Security and Risk Management

Perena implements multiple layers of security and risk management:

Smart Contract Security:

• Comprehensive audits conducted by leading firms
• Open source code for community review
• Conservative approach to protocol upgrades
• Extensive testing infrastructure

Risk Isolation:

• Hub-and-spoke model contains partner stablecoin risks
• Bounded liquidity ranges limit volatility exposure
• Weighted pools maintain natural stability
• Gradual liquidity bootstrapping processes

Operational Controls:

• Multi-sig governance
• Time-locked protocol changes
• Emergency shutdown capabilities
• Careful partner vetting process

Team and Backing

Perena brings together deep expertise across DeFi, market making, and blockchain infrastructure. The founding team includes veterans from:

• Solana Foundation core contributors
• Jump Trading's crypto division
• Leading DeFi protocols and infrastructure projects

The project has raised funding from prominent investors in the Solana ecosystem, including Solana co-founders Anatoly Yakovenko and Raj Gokal. This backing provides both resources and strategic support for long-term development.

Roadmap and Vision

Perena's roadmap focuses on three key areas:

Infrastructure Expansion:

• Additional stablecoin integrations
• Cross-chain bridges and unified liquidity
• Advanced pool types and parameters
• Integration with major DeFi protocols

Product Development:

• Stablecoin launchpad platform
• Lending markets built on USD*
• Synthetic CDP-based assets
• Enhanced yield strategies

Ecosystem Growth:

• Developer tools and documentation
• Strategic partnerships
• Community governance
• Protocol owned liquidity

The long-term vision is to create comprehensive infrastructure that enables the frictionless exchange of currency-pegged assets while maximizing capital efficiency and yield generation across the ecosystem.

Getting Started with Perena

New users can begin exploring Perena through several paths:

Basic Usage:

1. Visit app.perena.org
2. Connect a Solana wallet
3. Swap between supported stablecoins
4. Monitor rates and liquidity

Liquidity Provision:

1. Review pool parameters and yields
2. Choose single or balanced deposits
3. Contribute liquidity and receive LP tokens
4. Track earnings and positions

Growth Pool Participation:

1. Evaluate partner stablecoin opportunities
2. Deposit USD* and partner assets
3. Earn combined yield streams
4. Monitor pool performance