# Perena

> The risk layer of Solana

Perena is a decentralized financial protocol that structures pooled stablecoin capital into risk tranches. It issues a yield-bearing digital dollar, alongside senior, protected, and junior tranches for stablecoin holders and yield seekers.

Perena is a decentralized financial protocol on Solana that structures pooled stablecoin capital into distinct risk tranches. It issues USD STAR (USD*), a yield-bearing digital dollar backed by a diversified portfolio of stablecoin and lending strategies. The protocol serves stablecoin holders, treasuries, and yield seekers looking for tailored risk and return profiles.

Rather than pooling risk indiscriminately, Perena separates it. A single portfolio issues senior and junior claims against the same underlying assets, with a code enforced waterfall that allocates returns and losses automatically each epoch. Senior positions are paid first and cushioned by junior capital beneath them, while junior positions absorb losses first in exchange for a larger share of the upside.

The product suite centers on USD*, alongside a protected tranche that adds reserve backed loss coverage and a junior tranche aimed at underwriters seeking convexity. Perena has also announced an RWA marketplace intended to extend the tranche mechanic to real world yield strategies. The protocol is used by treasuries seeking predictable income, stablecoin holders seeking passive yield, and underwriters willing to take on structured risk for greater returns.

- Type: Company
- Sector: Finance
- Status: Active
- Founded: 2024-06-01
- Profile: https://thegrid.id/profiles/perena

## Products

- [Numéraire](https://thegrid.id/profiles/perena): Numéraire is a legacy stablecoin automated market maker that used a hub-and-spoke liquidity architecture to enable stablecoin trading and capital-efficient swaps on Solana. A seed pool held reserves of major stablecoins while growth pools extended liquidity to partner stablecoins, with a liquidity provider token representing proportional ownership of the seed pool. The protocol has been superseded by Perena's unified platform and now operates on a separate legacy domain. (Decentralised Exchange, Inactive/Support Ended, Main Product)
- [Perena Vault V2](https://thegrid.id/profiles/perena): Perena Vault V2 is a decentralized vault framework on Solana that manages structured yield products built from pooled stablecoin and risk-asset portfolios. It issues multiple pro-rata claims against the same underlying portfolio, applying a deterministic waterfall to allocate gains and losses across senior, protected, and junior tranches. Validated NAV accounting, queue-based subscription and redemption flows, and per-vault risk isolation with execution and concentration limits govern each vault. The framework supports structured credit products and can extend to tokenized real-world asset strategies through the same tranching mechanic. (Yield Aggregator, Live, Main Product)
- [Perena Smart Borrow](https://thegrid.id/profiles/perena): Perena Smart Borrow is a decentralized borrowing product on Solana that lets users deposit SOL or wrapped BTC as collateral and borrow USDC against it up to a set loan-to-value threshold. The system routes borrowed liquidity through third-party lending markets and applies automated risk controls to manage collateral health. Yield generated on the deposited collateral is used to offset borrowing costs, reducing the effective interest rate paid by users. (Decentralised Borrowing & Lending, Live)

## Assets

- [USD Star (USD*)](https://thegrid.id/profiles/perena): USD* is a yield-bearing digital dollar issued by Perena on Solana. It is minted against a diversified vault architecture spanning delta-neutral strategies, secured lending positions, and tokenized real-world assets, with yield accruing directly into the token's redemption price rather than through staking or claims. A unified accounting layer validates collateral across up to sixteen vaults before and after every mint or burn. (Vault Tokens)
- [Legacy USD Star (USD*-LEGACY)](https://thegrid.id/profiles/perena): Legacy USD* is the original liquidity provider token for Perena's Seed Pool on Solana, minted when users deposited USDC, USDT, or PYUSD into the pool. It earned yield from swap fees and automated strategies within the Seed Pool alone. The token has been superseded by the current USD*, which aggregates multiple vaults, and holders are directed to upgrade their balance into the new token. (Vault Tokens)
- [SOL Star (SOL*)](https://thegrid.id/profiles/perena): SOL* is a yield-bearing asset issued by Perena that tracks SOL price exposure on Solana. Its redemption rate rises over time as yield generated by the USD* pool accrues into the token, without requiring separate staking or claiming. It keeps holders exposed to SOL while layering in returns sourced from Perena's underlying strategies. (Vault Tokens)
- [BTC Star (BTC*)](https://thegrid.id/profiles/perena): BTC* is a yield-bearing asset issued by Perena that tracks BTC price exposure on Solana. Returns from Perena's underlying strategies accrue directly into its redemption rate rather than through separate rewards or staking. It lets holders retain BTC exposure while capturing yield generated by the USD* pool. (Vault Tokens)
- [Gold Star (GOLD*)](https://thegrid.id/profiles/perena): GOLD* is a yield-bearing asset issued by Perena that tracks gold price exposure on Solana. Yield generated by Perena's underlying strategies accrues into its redemption rate, so no staking or claiming is required. It allows holders to keep gold-linked exposure while earning returns sourced from the USD* pool. (Vault Tokens)
- [USD Star Protected (USD*-P)](https://thegrid.id/profiles/perena): USD* Protected is the principal-protected tranche token issued by Perena against the USD* pool on Solana. It targets a fixed return while Perena's own reserves absorb losses first, returning the original deposit in full if a shortfall occurs. Deposits are capped to preserve the fixed rate the tranche offers. (Vault Tokens)
- [USD Star Junior (USD*-J)](https://thegrid.id/profiles/perena): USD* Junior is the junior tranche token issued by Perena against the same USD* pool on Solana. It absorbs losses ahead of standard USD* holders and in return receives everything the pool earns above the senior target, giving it a levered return profile. Withdrawals settle instantly for a fee or after a seven-day cooldown at a lower fee. (Vault Tokens)

## Links

- [Main](https://perena.org)
- [Documentation](https://perena.gitbook.io/perena)
- [Media Kit/branding](https://perena.gitbook.io/perena/additional-info/brand-guide-and-design-assets)
- [Privacy policy](https://perena.gitbook.io/perena/legal/privacy-notice)
- [Terms of Service](https://perena.gitbook.io/perena/legal/terms-of-use)
- [Blog](https://perena.org/blog)
- [Twitter / X](https://x.com/perena)
- [Discord](https://discord.com/invite/vaNnNBqXMt)
- [Telegram](https://t.me/perena_community)
- [Telegram](https://t.me/perenafi)
- [LinkedIn](https://linkedin.com/company/perenafi)

## Legal

This data is provided under two licensing models.

Model 1 - open data. The open data core is licensed under the Open Database License (ODbL) — a copyleft/share-alike license allowing free use, modification, and sharing for any purpose. Attribution is required: include "Powered by The Grid" linking to https://thegrid.id wherever the data is used. Derivative databases must be shared under ODbL terms. Trademarks, logos, and brand names (marked "Special TPIP") are not covered by the ODbL. For ML/AI use: training datasets that substantially extract ODbL data are Derivative Databases and must be shared under ODbL if publicly used; models must be attributed in documentation.

Model 2 - commercial licenses. The Grid Data Service (TGDS) is also available as a commercial license. See [Web Services Terms](https://about.thegrid.id/legal/web-services-terms) for commercial use that is not covered by the open data service.

The following applies to both licensing models.
- All data is provided AS IS with no guarantees of accuracy.
- The Grid does not provide investment, legal, or tax advice, and
- a project's presence in The Grid's data does not imply endorsement.


- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
- [Open Data (ODbL)](https://about.thegrid.id/legal/open-data): Open Database License terms and scope for The Grid's open data service.
- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

## Optional

- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP