About Perena

What is Perena, in simple terms?

Perena’s a decentralized stablecoin infrastructure built on Solana. Its mission’s pretty clear — fix liquidity fragmentation across a $170B+ stablecoin market. Instead of separate, shallow pools, Perena’s “hub-and-spoke” AMM called Numéraire connects USDC, USDT, PYUSD, and others through one shared liquidity hub. Think of it as the underlying network that makes stablecoins work together instead of competing for depth.

Does Perena have its own token?

Not yet. There’s no governance or utility token at this stage. The protocol revolves around USD* (USD Star) — a liquidity provider token that reflects ownership in a pool of major stablecoins. It earns from swap fees and grows in value as network volume increases. Unlike USDC or USDT, USD* isn’t pegged 1:1 to USD; it appreciates with usage, not issuance.

How does USD* actually function?

USD* acts as the central “bridge asset” inside Perena. It holds about 45% USDC, 35% USDT, and 20% PYUSD — automatically rebalanced through swaps. Every trade between stablecoins flows through it, concentrating liquidity right where it’s needed. The result: tighter spreads, fewer idle assets, and a yield-bearing LP token instead of a flat stablecoin balance.

Who funded Perena so far?

Perena’s raised two rounds. The pre-seed (Dec 2024) was led by Borderless Capital, joined by YZi Labs, SevenX Ventures, Maelstrom, Primitive Ventures, ABCDE, Breed, and Anagram. Then, in July 2025, Susquehanna International Group (SIG) led a follow-up round with participation from Nom and some earlier backers. That lineup places Perena among Solana’s most institutionally backed early projects.

What’s happening with the Petals campaign?

That’s the community backbone. The Petals rewards program launched in late 2024 and continues with Season 1, still active now. Users earn points (Petals) by swapping, providing liquidity, and referring others — with extra badges for milestones. Earlier rounds, like the “Pre-season,” already ended. Petals aren’t tokens yet, but it’s widely expected they’ll tie into any future governance launch.

Where can people actually use it today?

Right now, everything happens inside Numéraire, Perena’s own AMM. Users swap stablecoins through USD*, and key pairs like USDC/USD* or USDT/USD* see most volume. It’s pre-token, pre-exchange, but far from idle — over $2B in cumulative swaps and 100K+ wallet interactions since launch. For Solana DeFi, that’s real traction.

What comes next on the roadmap?

The next big milestone is Numéraire V2, introducing smart routing for best-price execution. After that: more yield strategies, institutional onboarding, and global expansion. The long-term vision’s clear — Perena aims to become Solana’s base layer for stablecoin liquidity, bridging both crypto-native and traditional finance players.

What are the main risks to keep in mind?

Nothing risk-free here. Smart contract bugs, stablecoin de-pegs, or Solana outages could hit liquidity or performance. Regulatory changes around USD-backed assets could also reshape operations. Still, Perena’s design focuses on diversification and deep liquidity — giving it a shot at outlasting less adaptive stablecoin models.