We're giving away TWO Token2049 tickets with our friends at @jpegtrading - Follow @perena & @jpegtrading - Comment with TICKET - QT with your hottest take on stablecoins and yield products We'll contact the lucky winners by EOW.

Perena is dropping our gold checkmark on X and filing a chargeback on the unethical practices of @PremiumBusiness. After multiple rounds of back and forth, we've failed to achieve a resolution on X's bot activities and fake metrics. We raised these issues with a few of our X reps (they keep changing due to turnover). We explained our situation of lost ad credits due to lack of customer support via chat, email, calls, and reached no conclusion. In the dozens of emails we've exchanged, our @X rep confirmed that we would get downgraded this month. Today, we got charged again. We are active with organic followers on Instagram, LinkedIn, and we publish our macro and portfolio commentary on our own blog page. Please stay vigilant during this time as we might lose our @perena handle, despite X's email confirmation (which they keep reneging on). We will keep official communications via LinkedIn, Instagram, and our official website. @elonmusk there are better ways to do business than trick your customers into a subscription they don't want.

Every week there's another announcement about tokenized stocks, funds, and other real-world assets. But why should these assets live on a blockchain at all? So we made But Why? Blockchain. An 8-episode series with @austincampbell, produced by @ZKZeroKnowledge and @Perena with support from @superteam. We start from first principles: Why blockchains? Why put stuff onchain? What problems do they actually solve? Where does regulation fit? Episode 1 is live ↓

Someone asked me how is Perena different from Morpho and other curated lending vaults. "Vault" is an overloaded word, so let me explain. Perena is allocation infrastructure. Capital routes through a segregated vault directly into the strategy the allocator has selected and diligenced, so the allocator earns the strategy's full return, less a visible infrastructure fee, with mandate, reporting, and liquidity terms fixed upfront. A Perena vault is more akin to a fund or SPV setup with known terms, counterparties, and fixed bounds around portfolio allocation. We deploy capital into professional underwriters who then lend to specific borrower profiles. Then, the entire portfolio is tranched into junior and senior tranches, similar to a CLO. A curated lending vault, on the other hand, takes the same capital but positions it from the perspective of a lender. It is lent to (mostly) anonymous borrowers, so the depositor's return is capped at the borrowing rate, diluted by idle liquidity and curator fees, while the borrower keeps the strategy's upside. The problem is you're basically lending your capital to someone else who is going to run strategies that are inherently riskier than what you're comfortable with because they need to generate more yield than the borrow cost. As a depositor, you're also going to inherit risks unrelated to any investment view, such as collateral quality, oracle integrity, liquidation mechanics, a curator's ongoing judgment, pro-rata socialization of bad debt across the pool, etc. meanwhile having to deal with capital inefficiency if the pool isn't being fully utilized. Here, the payouts are tranched but the risk isn't quite tranched the same way. DeFi lending is beautiful because it's instant and anonymous. The system is extremely safe on highly liquid crypto assets. However, when the curator starts adding bridged-staked-wrapped synthetic RWA assets, the risk profile fundamentally changes. If your objective is the best risk-adjusted return, I think a simpler allocation structure makes more sense. Happy to be challenged.