USD* Staking

USD* is a yield-bearing digital dollar issued by Perena on Solana. Perena describes it as "a digital dollar that automatically accrues value generated from delta-neutral strategies, secured lending positions and tokenized liquid assets."

• Proportional ownership: each USD* represents a share of an aggregated, professionally managed portfolio.
• Non-rebasing: your token balance stays the same while the USD* price rises as the portfolio earns.
• No staking required: there is nothing to stake or claim; holding USD* is enough to earn.

USD* is an SPL token with mint address star9agSpjiFe3M49B3RniVU4CMBBEK3Qnaqn3RGiFM.

The capital behind USD* is allocated across three strategy types, according to Perena:

• Delta-neutral positions (50-70%): hedged positions that earn funding and basis income without directional price exposure.
• Secured lending (10-20%): collateralized borrow-lend market positions.
• Stablecoins and tokenized real-world assets (5-10%): liquid holdings that also serve redemptions.

Yield compounds into the USD* price rather than being paid out, so the APY is variable and reflects the actual returns of the underlying strategies. Perena charges a performance fee on generated yield only; it is deducted from returns, not from deposited principal.

Perena states that USD* is fully collateralized by a diversified portfolio of yield-generating positions: delta-neutral hedged positions, secured borrow-lend market positions, stablecoins and tokenized real-world assets.

The USD* price equals the vault's net asset value divided by the token supply, and the NAV is settled on-chain. Current holdings and allocations are published on the Perena Transparency Dashboard, and the vault's on-chain accounts can be inspected on Solana explorers.

• 1. Open the app: go to app.perena.org/earn and connect a Solana wallet.
• 2. Deposit USDC: you receive USD* at the current USD* price.
• 3. Hold: the USD* price rises as the portfolio earns; no staking or claiming is needed.
• 4. Redeem any time: there are no lock-ups. Redeem USD* for a supported stablecoin in the app, and the transaction settles on Solana in seconds.

Perena states there are no deposit or withdrawal fees on its side; standard Solana network fees apply.

In Perena's words, it "structures risk, it does not remove it." USD* holders share proportional exposure to the portfolio, so a loss in the underlying strategies shows up as a lower USD* price. Key risks include:

• Strategy and counterparty risk: delta-neutral and lending positions can lose money, and part of the portfolio is deployed outside the vault with external venues.
• Valuation risk: off-vault positions are priced by oracle reports rather than read directly from the chain.
• Smart contract risk: the Perena vault program has been audited (see Perena Security), but audits do not eliminate risk.
• Variable yield: the APY is not fixed and depends on market conditions.

Perena also offers tranche products: USD*-J, a junior tranche that absorbs first losses, and USD*-P, a protected tranche with a fixed rate.