BTC* Staking

BTC* is Perena's yield-bearing BTC on Solana. In Perena's words, it is "a yield-bearing asset that keeps your exposure in BTC - returns accrue into the redemption rate."

• Deposit cbBTC (Coinbase Wrapped BTC on Solana): you receive BTC* at the current redemption price.
• Keep BTC price exposure: BTC*'s dollar value moves with the BTC price.
• Non-rebasing: your BTC* balance stays the same while the amount of cbBTC each BTC* redeems for grows.

The goal is to earn yield on BTC that would otherwise earn nothing. BTC* is an SPL token with mint address YXyMDi4y5aUDmxUFgUvxbm2hXR945yhYaoY9nFnM1KN.

BTC* uses Perena's Yield Carry strategy, run by automated services inside Perena's on-chain smart contracts:

• Collateral: the deposited cbBTC is supplied to a lending market, preserving the price exposure and possibly earning supply yield.
• Debt: a debt asset is borrowed against it within a conservative loan-to-value target.
• Carry: the borrowed capital is deployed into a delta-neutral, stable-yielding venue.

Net yield is roughly collateral supply yield + delta-neutral venue yield - borrowing cost - performance fee. When the strategy earns, the carry is folded into the BTC* redemption price, so each BTC* redeems for more cbBTC. Nothing is paid out and there is nothing to claim. The APY is variable and is shown net of the performance fee.

• 1. Open the app: go to app.perena.org/earn, pick BTC* and connect a Solana wallet.
• 2. Deposit cbBTC: or a supported stablecoin, swapped in the same transaction, to mint BTC* at the current redemption price.
• 3. Redeem: burning BTC* returns cbBTC at the current on-chain redemption price. It settles instantly while the vault holds enough available cbBTC; larger withdrawals are filled through a redemption queue while the strategy frees deployed capital, usually within a few minutes.

There is no lock-up. Settlement timing of queued redemptions is not guaranteed and depends on liquidity and network conditions.

BTC* fees are configured on-chain for the token:

• Mint fee: 0.05% when buying BTC*.
• Burn fee: 0.2% when selling BTC*.
• Performance fee: 5% of the yield the strategy generates, charged on price appreciation above the previous high-water mark. It is deducted from returns, never from deposited principal.

The displayed APY is already net of the performance fee. Solana network fees and third-party execution costs (slippage, venue fees) apply on top. Current settings are shown on the token page in the Perena app.

Perena states that strategy performance is not guaranteed and that BTC* can lose value. Key risks include:

• Price exposure: BTC* keeps your exposure to BTC, so its dollar value falls when BTC falls.
• Carry can shrink or invert: if borrowing costs rise above venue yield, the carry turns negative and the BTC* redemption price can decline.
• Smart contract and venue risk: bugs or losses in Perena, the lending market or the yield venue can cause losses; rebalancing reduces liquidation risk but does not remove it.
• Depeg and rate risk: stable assets in the carry leg can lose value, and borrow costs or venue yields can change quickly.
• Liquidity risk: redemptions can be delayed while deployed capital is unwound.

See Perena's Risks disclosure for the full list.