Perena: Decentralized Infrastructure for Stablecoins on Solana Attracts Attention from Investors and Users

Perena positions itself as an infrastructure for stablecoins, offering convenient exchanges (swaps) between them and its own stablecoin USD STAR (USD*). Built on the Solana blockchain, the project aims to address issues of liquidity fragmentation in the stablecoin market, which exceeds $170 billion, making them more accessible, liquid, and profitable in DeFi.

According to data from CryptoRank, Perena raised $3 million in a Pre-Seed round from leading investors such as YZi Labs (formerly Binance Labs), Borderless Capital (lead investor), SevenX Ventures, Anagram Crypto, and ABCDE. In a later Series B round, the project was supported by Maelstrom, Primitive Ventures, Breed VC, Alpen Capital, and Wise3 Ventures. Although users mention support from Phantom, official sources do not confirm it as an investor, but the project is integrated with the Solana ecosystem, including Solana Mobile.

USD* is a liquid savings stablecoin, fully backed by market-neutral strategies (80% delta-neutral strategies and 20% over-collateralized lending). It offers a current APY of 10.4%, with expected annual returns of 10-15%, surpassing traditional instruments like T-Bills (4% APY) or cash USD (0% APY). The project emphasizes security: it operates on Solana, has undergone audits, and risks are distributed across platforms without a single point of failure. Currently, Perena has 15.45 thousand holders, a total issuance volume of 30.29 million USD*, and a market capitalization of $31.31 million.

The first season of point farming is currently underway, where users can stake USDC at 10.43% APY and receive "petals" (Perena Petals) as rewards. These points accumulate for using the platform and can be exchanged for rewards. Additionally, owners of Solana Seeker phones receive special badges that provide an APY boost (for example, 1.1x for deposits up to $10,000 with a minimum of $100). Recently, Perena congratulated 535 Seeker Badge holders on Christmas, reminding them of the opportunity to claim rewards on app.perena.org. Users are sharing screenshots showing earnings, for example, +9.2 petals for a $100 deposit during the Seeker Season.

The project is actively developing: it recently integrated with Lince Finance for yield optimization, and TVL grew by $2.2 million during the Breakpoint 2025 conference. Founder Anna Yuan spoke at MetDhabi by MeteoraAG, discussing the transition of asset management to on-chain, where smart contracts replace opaque funds. Perena also organized community events like Perenarium (ambassador meetup) and flower karting at Breakpoint, emphasizing a focus on the community.

According to analyses from Solana Compass and Blockworks, Perena is building a Numéraire AMM for seamless stablecoin liquidity, planning expansion to asset-backed stablecoins. Partnerships, such as with DeFi Development Corp, allow USD* to be used for growth in the Solana ecosystem. The project is gaining momentum, but the farming season may end soon, so users are rushing to join.

This article is based on public information and is not a financial recommendation. Invest only what you can afford to lose, and conduct your own research.