Perena Vaults

Perena Vaults receives a C+ risk grade (36/100) from Hindenrank, where lower scores indicate lower risk. Elevated risk — innovative stablecoin infrastructure with strong volume metrics, but novel hub-and-spoke design and delta-neutral strategy backing introduce untested complexity. Perena is a Solana-native stablecoin infrastructure protocol that offers yield-bearing USD* tokens and vaults backed by delta-neutral strategies and over-collateralized lending. With $25M TVL and a novel hub-and-spoke AMM (Numeraire) that has processed $2.1B in volume, it aims to unify stablecoin liquidity on Solana. The C+ risk grade reflects the innovative but untested nature of the hub-and-spoke model and the complexity of delta-neutral yield strategies backing USD*.

The key risks identified for Perena Vaults are: (1) USD* earns yield from complex trading strategies — if these strategies fail during market turbulence, your stablecoins could be worth less than $1. (2) All stablecoin swaps route through a central hub (USD*), meaning if USD* has problems, it affects liquidity for every stablecoin connected to the system. (3) The protocol launched in 2024 and has not been tested through a major market downturn.

Perena Vaults scores 36/100 across eight risk dimensions: Mechanism Novelty: 9/15, Interaction Severity: 5/20, Oracle Surface: 2/10, Documentation Gaps: 4/10, Track Record: 6/15, Scale Exposure: 3/10, Regulatory Risk: 4/10, Vitality Risk: 3/10. The highest risk area is Mechanism Novelty at 9/15.

Among 112 rated Yield protocols on Hindenrank, Perena Vaults ranks #57 by safety (lowest risk score = safest). Its 36/100 risk score and C+ grade place it in the middle tier of Yield protocols.

Perena Vaults scores 6/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.