Overview

What peard is

A venue: its own AMM and its own perpetuals, for assets other venues will not or cannot quote.

peard is a venue. It runs its own AMM and its own perpetuals for assets that existing venues will not or cannot quote, and it carries a registry of those assets, verified on chain.

That is the product. Everything else on this site is how those three things are built.

Our own AMM

peard_amm is a constant-product curve with a virtual quote leg. It exists because Meteora's DBC refuses 35 of the 44 hard-tier mints as quote tokens, which is every tokenised equity, PAXG and every Etherfuse bond, so the venue was built rather than waited for. Two pools live on devnet, and the fee route is proven end to end with real swaps.

Our own perpetuals

peard_perps is a virtual AMM where funding manufactures the counterparty, so a market needs neither a liquidity provider nor anybody willing to take the other side. 48 markets live on devnet.

A registry of real assets

44 pairables holding a real on-chain asset, $68.4m of verified liquidity across the 43 of them carrying a dated figure on 2026-08-25. Every mint checked against three gates, by address, with the date the check was made.

Cross-chain execution

A router that buys tokenised US Treasuries on Stellar with Solana USDC. Proven on mainnet on 2026-08-25: $19 burned, attested in 6 seconds, minted, filled at 2.5bp over NAV.

The thesis

Most launch venues can only pair your token with whatever already has a liquid pool. That constraint is not a policy, it is an inherited limitation: the pool has to exist first, and somebody else decides which assets get one.

Bringing the venue and the perp changes the constraint to "can we verify and hold the asset" rather than "does a pool already exist".

That single substitution is why the registry work matters, why there are three gates, and why there is a router: once the question is whether the asset can be verified and held, the answer sometimes requires going and getting it from another chain.

Why the AMM had to be ours

Meteora's Dynamic Bonding Curve accepts a Token-2022 mint as a quote mint only when MetadataPointer and TokenMetadata are its sole extensions. Checked against their source rather than assumed:

if *mint_info.owner == Token::id() { return Ok(true); }
for e in extensions { if e != MetadataPointer && e != TokenMetadata { return Ok(false); } }

Thirty-five of the 44 hard entries are Token-2022 and every one of the 35 carries more than that pair, so DBC refuses all 35: every tokenised equity, PAXG, and all three Etherfuse bonds. The other nine are classic SPL (wSOL, USDe, USDY, syrupUSDC, EURC, PRIME, ONYC, PST, eUSX) and DBC would take them.

Read off the mainnet mint accounts on 2026-08-25, across the 44 hard entries: permanentDelegate on 32, a transferHook slot on 32, pausableConfig on 31, defaultAccountState on 31, scaledUiAmountConfig on 31, and interestBearingConfig on 3.

So there is no venue at which a token can be quoted against SPYx or PAXG. Three tiers, and the middle one is the business:

	Venue	Quote in	Who serves it today
Asset exists, venue accepts it	Meteora DBC	USDC	everyone
Asset exists, venue refuses it	peard_amm	the asset itself	nobody
No asset exists at all	`peard_perps`	USDC collateral	nobody

What the registry holds

44 pairables carry a real on-chain asset the vault can hold, as of 2026-08-25. The mix, with liquidity measured at a $25,000 fill and dated:


Tokenised equities	30, across xStocks, Backpack Securities and Ondo
Staked dollars	syrupUSDC ($11.7m), eUSX ($8.2m), USDY ($2.9m)
Tokenised reinsurance	OnRe ONYC ($5.5m)
Private credit	Hastra PRIME, Huma PST
Sovereign bonds	three Etherfuse: CETES, GILTS, KTB
Metals	gold via PAXG ($518k)
Currency	EURC, the only non-USD currency with a real market behind it

TESOURO and SLV were both demoted to index grade on 2026-08-25 when a live quote found no route at $25,000, which is why the sovereign row is three rather than four and the metals row is gold alone.

The other 67 entries have no token and never will, which is what peard_perps is for. They run from the ordinary (WTI, the S&P, FX crosses) to a long tail the registry can express because a pairable is a number rather than a mint: the Phoenix daily high, a carton of D'Anjou pears, a Big Mac in Switzerland.

That long tail is real, is in the registry, and resolves. It is a consequence of how the registry is built rather than the reason to build it. See What can be an underlying.

Denomination is separable from reserve

The reason a venue can quote against a number at all is one structural decision in peard, and it is worth stating once.

A trading pair does three separable jobs. Reserve is what sits in the pool and can be withdrawn, and that must be real. Payout is what fees settle in, real but only at claim. Numeraire is the unit the price is quoted in.

peard owns payout and numeraire and deliberately owns nothing of the reserve. With no oracle in the swap path there is no oracle-manipulation surface on trading, and a stale or frozen price degrades the product into "the chart is frozen" rather than "the market is broken". A frozen pairable blocks accrual, claims and fulfilment. It never blocks a swap.

Where things stand

Nothing here is on mainnet. Three programs are on devnet, two are on no cluster at all, and the one thing that has ever touched mainnet is the USTRY router.


Registry, 2026-08-25	111 pairables, 44 hard grade, 67 index grade
On devnet, 2026-08-25	all 111 pairables registered, 48 peard_perps markets (32 with funding accrued), 2 peard markets, 2 peard_amm pools
`peard`	`7uwT6YPFpAVESKHpA6fBeTh7mQNdsYXr8jSp1nkwpHqR`
`peard_perps`	`AZdLGAaYiie1mwuhHUfHM9zA9CC3F3BP5tJoUiAE3umZ`
`peard_amm`	`EdAdkPJMR6wpZq2ehxubV9Cy8opDrD8XisbXNUwXYi4C`
`peard_vault`, `peard_tote`	built and tested, never deployed anywhere

The full fee route has been proven with real swaps on devnet. A swap accrued 500,000 base units of quote, claim_fees moved it into the market's reward vault because the pool names that market as its fee_claimer, sweep_fees credited it, and the split landed at 50,000 to the protocol and 450,000 to holders. After a second swap with a position open, a holder ended up owed 899,999 units with exactly 1 unit of truncation dust retained in pending_units_undistributed. Three programs, joined only by addresses, with no CPI in either direction.