DeFi Derivative Protocol Perennial Closed $12 Million Funding Round Led by Polychain Capital and Others

DeFi derivatives protocol Perennial closed a $12 million funding round led by Polychain Capital and Variant, with participation from Archetype, Scalar Capital, Robot Ventures and others. The round took place earlier this year, but the recent FTX event has brought more attention to risk mitigation, liquidity and the DeFi project.

Perennial enables the creation of two-sided markets made up of traders and liquidity providers. Traders deposit assets to get leveraged exposure to different price feeds, while the liquidity providers pool capital to earn fees for taking the other side of trader positions.