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Binance Announces Investment in This Solana-Based Altcoin!

Popular Analyst: As SOL Coin Crashes, These 2 Altcoins Will Boom!
Popular Analyst: As SOL Coin Crashes, These 2 Altcoins Will Boom!
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Binance Labs has invested in Perena, the first Solana-based stablecoin infrastructure protocol. The leading exchange continues to support early-stage projects contributing to the growth of the Web3 ecosystem.

Binance Labs invests in Solana-based altcoin project

According to the latest development, Binance has invested in Quine Co., the parent company behind Perena, the first stablecoin infrastructure protocol based on Solana. The exchange stated that this investment will contribute to the development of Perena.

Perena aims to combine DeFi innovation with traditional financial principles, seeking to create a more decentralized and efficient financial system. As a Solana-based project, Perena uses financial engineering that merges traditional banking with decentralized finance. The project also seeks to eliminate fragmentation in the stablecoin ecosystem, aiming to distribute the risk of stablecoin production.

Recently, Perena launched Numéraire, the first weighted multi-token protocol that doesn’t require active centralized liquidity management. This innovation has significantly reduced the capital requirements for new stablecoin production.

Press Statements

Max Coniglio, Investment Director at Binance Labs, shared the following about the investment:

“Binance Labs is committed to continuously supporting early-stage projects that drive the growth of the Web3 ecosystem. We are excited to support Perena in its early stages and help integrate the next wave of stablecoin users on Solana.”

Perena’s Founder Anna commented, “We are honored to have Binance Labs as our investor and partner. They have supported our mission to build a robust on-chain financial system, allowing us to take another step toward pushing the boundaries of the financial world and realizing our vision.”

What is Perena, the Solana-based project?

Perena is the first monetary infrastructure protocol built on Solana. It aims to revolutionize the digital asset world by combining traditional financial principles with cutting-edge DeFi innovations. Its mission is to increase mass adoption by making stablecoins on the Solana network more usable, liquid, and rewarding. The Numéraire stableswap product functions as a decentralized exchange by rewarding liquidity providers and increasing diversification.

According to the official website of the project, key features of Numéraire include:

  • Swap with Hub-and-Spoke Model: It connects a central “hub” asset (e.g., USD) to multiple “spoke” assets, enabling swaps between any two spoke assets via the hub.
  • Limited Liquidity Capital Efficiency: More trading power around price limits. Efficient fee generation for liquidity providers. Configurable asset weights in pools.
  • Automatic Balancing: Maintains stability automatically. Adjusts fees to ensure balance. Less manual work and lower maintenance.
  • Trade Protection (MEV Resistance): Limited liquidity prevents price manipulation. Predictable asset relationships. No need for external price feeds.

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Binance Announces Investment in This Solana-Based Altcoin!
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