# Counterparty Overview

Perena is committed to maintaining the highest standards of risk management. We actively assess counterparty exposure across all yield strategies to minimize systemic risks and ensure capital safety for USD\* holders.\
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Every counterparty goes through a tiered approval process before capital is deployed. CeFi counterparties must provide audited financial statements, quarterly proof of reserves, documented asset segregation, and clear rehypothecation policies. DeFi protocols require at least two independent audits from recognized firms, minimum $100M TVL, and at least 12 months of operational history. The Investment Committee reviews and approves all new allocations.\
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View our [Live dashboard](https://app.perena.org/dashboard) for the latest values.

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This section outlines the current venues and protocols we interact with to deploy capital, categorized by yield strategy:

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### Delta-Neutral Strategy

| **Venue**       | **Type**          | **Use Case**        |
| --------------- | ----------------- | ------------------- |
| **Binance**     | Centralized CEX   | Spot and perpetuals |
| **Hyperliquid** | Decentralized DEX | Spot and perpetuals |
| **Lighter**     | Decentralized CEX | Perpetuals          |

***

### On-Chain Borrow-Lend Strategy

| **Protocol** | **Type**     | **Use Case**       |
| ------------ | ------------ | ------------------ |
| **Project0** | DeFi Lending | Stablecoin lending |
| **Drift**    | DeFi Lending | Stablecoin lending |

***

### &#x20;Tokenized Asset Holdings

| **Asset**                        | **Type**       | **Use Case**                  |
| -------------------------------- | -------------- | ----------------------------- |
| **USDC**                         | Tokenized Fiat | Treasury and liquidity buffer |
| Legacy USD\* ( Perena Seedpool ) | Tokenized Fiat | Treasury and liquidity buffer |