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Once I speak to Solana ecosystem folks, I’ll typically ask what new initiatives they’ve been listening to about. One such undertaking that’s been catching obvious buzz is Perena, a stablecoin infrastructure protocol.
Perena is constructed on the premise that as stablecoins proliferate, liquidity may fragment, and stablecoins aren’t helpful in the event that they aren’t liquid. The platform gives a Solana-based stablecoin liquidity pool, and it plans to supply an asset-backed stablecoin sooner or later.
The undertaking was based by Anna Yuan, who began the Solana Basis’s stablecoin arm throughout her greater than two years on the non-profit. Whereas working on the basis, Yuan started to see that new stablecoin issuers would mint a number of tokens however would have restricted integrations, and customers consequently weren’t capable of profit from stablecoins in the true world.
She cited Ondo for example — the tokenized US Treasury stablecoin has over $100 million in provide however solely 3,500 holders, in keeping with SolScan.
I requested Yuan in regards to the generally cited declare in crypto that stablecoins have pulled off the troublesome job of discovering product-market match, or satisfying the wants of an present market.
“I don’t agree,” Yuan mentioned, including that liquidity begets PMF, and most stablecoins merely aren’t liquid sufficient to be helpful. She added that the real-world want for issues like cash transfers in rising markets will assist stablecoins “get there.”
Perena is presently in closed beta, however the platform’s major characteristic will initially be a multi-stablecoin liquidity pool which makes use of a liquidity supplier token known as USD* that represents a chunk of a seed pool containing Tether, Circle, and PayPal USD. In easier phrases, the liquidity pool mannequin ought to make it simpler to challenge stablecoins, since smaller cash can entry the liquidity from the well-capitalized seed pool.
The idea has raised to-be-announced seed funds, and Yuan’s deep hyperlinks in Solana helped her faucet into the ecosystem’s very-active angel investor group. Yuan mentioned she determined to begin elevating funds on a Thursday, and by late Friday, she already had a pair dozen angel buyers on board. Solana co-founders Anatoly Yakovenko and Raj Gokal are each noteworthy backers.
On the finish of our name, Yuan and I bought chatting about how Solana’s stablecoin market capitalization can meaningfully develop. The community presently accounts for simply 2% of all stables, in keeping with DeFiLlama.
Yuan gave an attention-grabbing reply: Solana PayFi may develop the financial system for folks taking their paycheck in stablecoins. She estimated 2,000 folks presently take their full-time wage in Solana stablecoins. That quantity may actually get lots greater.
