Glossary

Term	Definition
USD STAR (USD*)	USD* is a digital dollar that automatically accrues value generated from delta-neutral strategies, secured lending positions, and stablecoins.
Stablebank	Perena’s vision of an on-chain financial institution that provides savings, rewards, and capital allocation products centered around stablecoins. Think of it as a decentralized “bank” for digital assets.
Yield	Yield refers to the income generated by your assets over time. At Perena, yield comes from real sources such as funding payments from delta-neutral positions, interest from stablecoin lending, returns on tokenized assets. This yield is auto-compounded into USD*, so holders benefit from growth without needing to manually claim rewards.
Annual Percentage Yield (APY)	APY represents the projected annual growth rate of your assets, including the effects of compounding over time. In Perena’s context, it indicates how much the value of USD* could increase in a year based on current yield strategies, assuming conditions stay constant.
Delta-Neutral Strategy	An investment strategy where price exposure to volatile crypto assets (e.g. BTC, ETH) is hedged using derivatives, so the portfolio's value remains stable in USD terms. Perena uses this method to generate returns while avoiding volatility.
Funding Rate	A periodic payment between traders in perpetual futures markets. In delta-neutral setups, Perena earns positive funding payments by taking the other side of the trade.
Secured Lending	Yield generated by lending stablecoins to borrowers on-chain with overcollateralization. These borrow-lend positions are a core component of Perena’s USD* backing.
Tokenized Liquid Assets	Fully liquid stablecoins (e.g. USDC, USDT) that are transparently managed and accessible on-chain. These assets serve as low-risk collateral in the USD* portfolio.
Counterparty Risk	Risk associated with the platforms or exchanges where Perena’s strategies are executed. These include centralized exchanges (e.g. Binance), decentralized platforms (e.g. Hyperliquid), and lending protocols (e.g. Drift).