Perena
The risk layer of Solana
Perena Vault V2 is a decentralized vault framework on Solana that manages structured yield products built from pooled stablecoin and risk-asset portfolios. It issues multiple pro-rata claims against the same underlying portfolio, applying a deterministic waterfall to allocate gains and losses across senior, protected, and junior tranches. Validated NAV accounting, queue-based subscription and redemption flows, and per-vault risk isolation with execution and concentration limits govern each vault. The framework supports structured credit products and can extend to tokenized real-world asset strategies through the same tranching mechanic.