Messari: Understanding Perena, a new stablecoin project on Solana

Author: Mohamed Allam, Messari Protocol Analyst; Compiler: 0xjs@黄金财经

Stablecoins are very important in the cryptocurrency space—in fact, they are the backbone of DeFi—but what about the infrastructure that supports them? A bit of a mess.

While stablecoins are a powerful tool, especially for people in developing countries, they can easily make cross-border remittances, but the market is fragmented and inefficient.

Perena is stepping in to change this, building infrastructure on Solana that aims to unify and optimize the stablecoin ecosystem.

Why is Perena important to the development of stablecoins?

Unified Liquidity:

• Technical Description:

  • Perena's Numéraire AMM consolidates the liquidity of major stablecoins (such as USDC, USDT, PYUSD) into a central seed pool. The pool is tokenized as USD*, and its value appreciates as fees increase.

    Perena's Numéraire AMM consolidates the liquidity of major stablecoins (such as USDC, USDT, PYUSD) into a central seed pool.

    The ... Growth Pools expand this liquidity by pairing USD* with new stablecoins, ensuring liquidity concentration across the market.

  • In Simple Terms: Rather than having separate pools for each stablecoin, Perena creates one large stablecoin pool and makes it easier and cheaper to trade between them. For new stablecoin projects, it’s like joining an already busy market instead of starting from scratch.

  Growth for Issuers:

  • Technical Description: Growth Pools allow stablecoin issuers to pair their assets with USD* instead of traditional assets like USDC. This approach reduces operational complexity and capital requirements while providing instant access to the liquidity of the larger stablecoin ecosystem.

  • In Simple Terms: For creators of new stablecoins, Perena makes it very easy to join the stablecoin game by providing instant access to a pool of funds without having to invest a lot of cash upfront.

  Capital Efficiency:

  • Technical Description: Numéraire uses bounded liquidity and smart exchange routing to maximize capital utilization. Pooled liquidity enables trading closer to the stablecoin’s peg, reducing slippage and improving fee generation for liquidity providers.

  • In Simpler Words: Perena makes every dollar go further. Trading is cheaper and smoother for users, and those who provide liquidity get better returns without having to constantly adjust their investments.

  It’s still early days for Perena, but the cryptocurrency space is moving fast. As stablecoin adoption continues to grow, infrastructure like this will be critical. They are building on top of Solana, leveraging its speed and low costs — a perfect fit for the stablecoin market. Perena’s development is exciting, especially with rumors of an upcoming fundraising announcement!

  

  Source: DefiLlama (Stablecoin market value grows to a high of nearly $200 billion)