Wheel-and-Spoke Architecture, Solving Inefficiencies in DeFi Funds

Written by: Deep Tide TechFlow

Previously, CZ expressed his emphasis on blockchain applications through a tweet, which triggered a series of market reactions and kept the market focused on the next steps of Binance Labs.

Yesterday, Binance Labs announced an investment in the decentralized stablecoin protocol Perena within the Solana ecosystem, reinforcing its commitment to infrastructure applications from an investment perspective. According to Coindesk, Perena raised approximately $3 million in its seed funding round.

What exactly is Perena, which combines Solana and DeFi infrastructure applications with two versions of BUFF? How did it gain recognition from Binance Labs?

We have compiled information on Perena to bring you this light interpretation of the project.

Wheel-and-Spoke Architecture, Solving Inefficiencies in DeFi Funds

According to Perena's self-introduction, the current fragmentation of liquidity caused by the multitude of stablecoin solutions leads to low capital circulation efficiency and poor user experience. Its positioning aims to address these issues and work towards "unified liquidity."

Core Product Numéraire

To achieve the goal of liquidity integration, Perena launched its core product Numéraire, a swap protocol specifically designed for stablecoins. Through a composable and scalable liquidity pool design, it significantly reduces the idle capital problem found in traditional AMMs and is the first stablecoin swap protocol in the Solana ecosystem to natively integrate interest-bearing tokens (IBTs).

Hub-and-Spoke — Wheel-and-Spoke Architecture

The core feature of Numéraire lies in its adoption of the Hub-and-Spoke architecture. This architecture addresses the balance between capital efficiency and risk control through a dual-pool design of Seed Pool (Central Pool) and Growth Pools.

In this system, the Seed Pool serves as the core liquidity center, composed of mainstream stablecoins such as USDC, USDT, and PYUSD, and issues Perena's own liquidity token USD*** (USD Star). USD* not only generates swap fee income but also achieves continuous value growth through an automatic compounding mechanism.

The Growth Pools provide liquidity support for emerging stablecoins by pairing with USD*. This design requires all transactions to be routed through USD*, forming a double-jump swap mechanism that can:

• Effectively isolate Seed Pool risks

• Maximize protocol TVL utilization

• Allow USD* holders to simultaneously earn from both Seed Pool and Growth Pools

Thus, Perena's "unified liquidity" does not physically concentrate all liquidity in one pool but achieves logical unification through the Hub-and-Spoke architecture.

The entire Hub-and-Spoke architecture revolves around the stablecoin USD* to ensure its stable operation within the collaborative framework. The protocol also introduces bounded liquidity and weighted asset mechanisms.

The bounded liquidity mechanism concentrates funds within a narrow price range of "0.99-1.01," which is suitable for stablecoin trading characteristics. When the price reaches the boundary, the system restricts the trading direction until the price returns to a reasonable range.

The weighted asset mechanism establishes price anchors using invariant equations and allocates liquidity through configurable asset weights. When the asset ratio deviates from the target weight, the system automatically adjusts the exchange rate to create price differences, thus forming arbitrage opportunities and guiding market forces to restore the asset ratio to the preset target. In simple terms, it sets a target ratio and uses price adjustments and arbitrage mechanisms to allow the market to maintain balance through the system without manual intervention.

For example, if the target weight for the Seed Pool is set at 40% USDC, 40% USDT, and 20% PYUSD, the Growth Pool would adopt a 50/50 weight between USD* and the new stablecoin.

How to Participate

Currently, Perena is still in the testing phase and can be accessed through the Solana wallet.

If you are a new user, without a special invitation code, you can only experience the basic swap function. You can unlock Perena Pools and provide liquidity by earning 700 points.

According to the rules, you earn 0.1 points for every dollar of trading volume, with a maximum of 50 points per swap, and you can swap up to 10 times a day. For instance, if you trade 10 USDC for 9.99 USD*, you would earn 1 point.

In addition to earning points through swaps, you can also gain points through daily check-ins and invitation rewards.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。