ETH* Staking

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

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

The goal is to earn yield on ETH held on Solana. ETH* is an SPL token with mint address Cd96ZEshj7Dtexs8AJQPtdrRXtQSNUugdB5ahtDEMZ3R.

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

• Collateral: the deposited ETH 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 ETH* redemption price, so each ETH* redeems for more ETH. 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 ETH* and connect a Solana wallet.
• 2. Deposit ETH: or a supported stablecoin, swapped in the same transaction, to mint ETH* at the current redemption price.
• 3. Redeem: burning ETH* returns ETH at the current on-chain redemption price. It settles instantly while the vault holds enough available ETH; 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.

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

• Mint fee: 0.05% when buying ETH*.
• Burn fee: 0.2% when selling ETH*.
• 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 ETH* can lose value. Key risks include:

• Price exposure: ETH* keeps your exposure to ETH, so its dollar value falls when ETH falls.
• Carry can shrink or invert: if borrowing costs rise above venue yield, the carry turns negative and the ETH* 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.