Vault Adapter Technical Design

Composable Currency Vaults

Overview

Perena is bringing new yield sources to Solana, expanding both the depth and diversity of yield liquidity available on-chain. Our mission is to make stablecoin yield transparent, composable, and accessible—without the fragmentation and opacity that currently define today’s market.

As stablecoins proliferate, users face a confusing landscape of assets and yield strategies—each with different risks, trust assumptions, and compliance levels. From T-bill–backed tokens to complex DeFi loops, many products are wrapped in opaque structures that obscure how yield is generated or what risks are embedded.

The Vault Adapter protocol is Perena’s solution: a modular, open-source framework for yield aggregation on Solana, designed to unify and simplify stablecoin yield.

What We’re Building

Perena’s vault system enables users to deposit stablecoins and access curated strategies in a risk-isolated way. Through Vault Adapters, users can:

• Select from multiple strategies such as synthetic dollars, money market funds, or DeFi-native yield.

• Diversify across stablecoins and yield sources within a single vault.

• Earn composable yield via curated vaults.

• Use vault receipt tokens as a composable currency anywhere on-chain.

Design Goals

The protocol is being developed with three principles in mind:

• Risk Isolation – Vaults are independent, with permissionless adapters preventing failures from cascading.

• Real-Time Risk Management – Yield and risk are reported transparently, with circuit breakers to halt activity in adverse conditions.

• Liquidity Efficiency – Deposits and withdrawals remain smooth, even when strategies differ in timing or liquidity profiles.

Development Roadmap

The first iteration of the program will:

• Accept USD* deposits and mint a single fungible share token at deposit.

• Route funds to underlying strategies through standardized adapter traits.

• Accrue protocol fees in real time and sweep them to the treasury.

• Launch with an initial implementation of a simple off-chain yield adapter.

Alongside the core program, we are also building:

• A fee engine and liquidity logic.

• Program-derived accounts for vault state.

• React/CLI tooling and a test suite for developers.

One open design question we’re actively exploring is how to support instant vault withdrawals even if the underlying assets follow epoch-based redemption cycles.

Next Steps

The Vault Adapter protocol is an ongoing project that will evolve into a full ecosystem of yield sources and strategies on Solana. By starting with transparent, modular building blocks, we aim to set a new standard for stablecoin yield products.

If you are interested in collaborating, contributing, or learning more, please reach out to the Perena team.