Perennial, a decentralized finance (DeFi) platform for trading derivatives, has launched with a $12 million early fundraising round headed by Polychain Capital and Variant.
Archetype, Scalar Capital, Robot Ventures, Coinbase Ventures, a.capital, and a number of angel investors also participated in the round.
The capital raising occurred earlier this year, but the business just recently publicized it, one month after the collapse of centralized exchange FTX, which cast doubt on the future of all crypto initiatives.
Perennial is a derivatives protocol designed from the ground up to be a DeFi-native primitive.
Perennial allows for the establishment of two-sided markets comprised of traders and liquidity providers. Traders deposit assets in order to get leveraged exposure to various price feeds, while liquidity providers pool resources in order to earn fees for taking the opposite side of trading positions.
Rather than creating a one-size-fits-all solution, Perennial adheres to the design philosophy behind protocols such as Uniswap V3 and Compound III by staying simple and unopinionated at its core, enabling market players to make the market structure and design decisions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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