> For the complete documentation index, see [llms.txt](https://perena.gitbook.io/perena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perena.gitbook.io/perena/products/yield-bearing-risk-assets/strategies.md).

# Strategies

The shared framework behind Perena strategy tokens.

Every Perena strategy token is backed by a set of on-chain positions managed on your behalf.

This page covers what strategies share. Each strategy has its own page for mechanics and risks.

### One framework, many strategies

Perena can support different strategies over time.

The shared concepts apply to every strategy token. Each token page shows its holdings, yield sources, and relevant risks.

### What a strategy is

A strategy is a repeatable, rules-based way to put a deposited asset to work on-chain.

When you buy a token, you deposit its underlying asset. Perena allocates it according to the strategy. This may include lending, borrowing, or deploying capital into yield-bearing venues.

You hold one token. Perena's automated services manage the underlying positions.

### What every strategy shares

* **You hold a token, not a position.** The token represents your claim on strategy holdings.
* **Value accrues into the redemption price.** Your token balance does not grow.
* **Value can rise or fall.** The price reflects strategy holdings, net of fees.
* **Redemptions depend on liquidity.** They settle immediately when liquidity is available. Otherwise, settlement may be asynchronous.
* **Fees are token-specific.** Mint, burn, and performance fees are configured on-chain for each strategy.

### How strategies are run

Perena operates automated services that manage strategies through approved protocol instructions.

These services refresh on-chain accounting and prices. They can deploy idle collateral, rebalance positions, monitor position health, and unwind capital when liquidity is needed.

Smart contracts enforce each service's permissions and limits. Services cannot move funds outside those rules.

### Live strategy

[Yield Carry](/perena/products/yield-bearing-risk-assets/yield-carry.md) lets you hold a risk asset while earning delta-neutral carry yield.

{% hint style="info" %}
Each token's live price, APY, allocations, LTV, and fees come from its token detail page.
{% endhint %}