Perena 

What is the Perena protocol?

Perena is a Solana-based stablecoin infrastructure protocol that describes itself as a "stablebank". The protocol was founded by Anna Yuan, previously stablecoins lead at Solana Labs. Perena turns pooled stablecoin capital into structured yield products: its first product, Numeraire, was a hub-and-spoke AMM that unified USDC, USDT and PYUSD liquidity in one swap pool. The consumer surface has since shifted to yield-bearing savings tokens: USD*, SOL* and BTC*. DropsTab classifies Perena as not yet trading, since no token exists.

Does Perena have a token or TGE?

No. Perena has no token, no on-chain contract and no token generation event date. DropsTab lists the project with zero spot, derivative and DEX markets. The only Perena-associated on-chain assets are product stablecoins: USD*, SOL* and BTC* on Solana. Third-party tokens such as the Nest Perena Vault (NPERENA) represent vault positions, not Perena ownership. Any future token split between insider rounds and a community allocation remains undetermined.

What is USD* (USD STAR)?

USD* is Perena's yield-bearing savings token denominated in USDC, issued in partnership with Brale, a regulated stablecoin issuer. Holders mint USD* from supported stablecoins, and yield compounds into the redemption value with no lockups. A performance fee applies only to yield earned. USD* sits on a senior/junior tranche structure in which the senior seat is buffered by junior capital. Institutions can issue their own senior and junior claims through a B2B offering.

How does Perena's senior and junior tranche structure work?

USD* deposits split across two seats in the capital stack. The senior "protected" seat is buffered by junior capital held beneath it. The junior seat absorbs first losses in exchange for higher upside. Senior depositors therefore carry buffered exposure, while junior depositors take the first-loss position. Institutions can issue their own senior and junior claims on top of this structure through Perena's B2B offering.

Is depositing stablecoins into Perena safe?

Risk depends on the seat a depositor holds. Perena's junior tranche absorbs first losses, so losses hit junior capital before senior USD* balances, making the junior seat materially riskier than the senior seat. USD* is issued in partnership with Brale, a regulated stablecoin issuer. The protocol operates in the regulatory context shaped by the 2025 GENIUS Act, the first US federal stablecoin legislation.

Who are Perena's investors?

Per DropsTab fundraising data, Perena raised across two rounds. The pre-seed, announced December 11, 2024, raised about $3 million and was led by Borderless Capital, with YZi Labs (previously Binance Labs), Anagram, SevenX Ventures, Primitive Ventures, ABCDE Capital, Maelstrom and Breed participating. A second round announced July 2, 2025 was led by Susquehanna International Group (SIG). The second round amount is not publicly disclosed. The announcement also cited an oversubscribed Echo community round with 350+ supporters.

What do Perena's funding rounds signal about project maturity?

The July 2025 round moved Perena into institutional-tier backing: Susquehanna International Group (SIG), a quantitative trading firm, led the round. The pre-seed carried YZi Labs, a Tier 1 exchange-linked backer; per DropsTab data, that investment was made into Quine Co., Perena's core contributor company. No single backer is reported above a 20% stake, which limits observable concentration among early backers. Two rounds before any token launch indicate sustained venture and institutional interest.

How do Perena Petals points work?

Petals are Perena's off-chain loyalty points, not tokens. Per DropsTab data, Season 1 of the Petals program began on October 23, 2025. Participants earned 1 Petal per $1 held per day in USD* or eligible LP positions, plus 1,000 Petals per $1 of yield earned, and a 10% referral share. The formula reads Petals multiplied by Badge multipliers plus referral reward. Yield Badges, from Bronze through Platinum, and Identity Badges, including Whale for deposits above $1 million, act as multipliers.

Is a Perena airdrop confirmed?

No airdrop or token conversion of Petals is confirmed in Perena's official documentation. Season 0 of the Petals program ran from December 13, 2024 and has ended, with participation from that season displayed as badges. Season 1 opened October 23, 2025. Trackers widely anticipate a Petals-to-token conversion, but neither a Perena token nor a conversion mechanism has been announced, so any airdrop expectation remains unconfirmed speculation.