DeFi Protocol Perennial Launches, Announces $12M in Funding

Polychain Capital and Variant co-led a seed round for the decentralized derivatives protocol.

AccessTimeIconDec 7, 2022 at 3:00 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Perennial, a decentralized-finance (DeFi) platform used to trade derivatives, has gone live with a $12 million seed funding round that was led by Polychain Capital and Variant.

The capital raise happened earlier this year, but the firm just announced it, a month after the collapse of centralized exchange FTX, which put a spotlight on the viability of all crypto projects.

  • How NEAR Enables Multichain Access From One Account
    How NEAR Enables Multichain Access From One Account
  • Why Injective's INJ Has Surged 3,000% in 2023
    Why Injective's INJ Has Surged 3,000% in 2023
  • DeFi Market Rebounds to $50B as Speculators Hunt for Yield
    DeFi Market Rebounds to $50B as Speculators Hunt for Yield
  • How Spool Is Aiming to Help Institutions Enter DeFi
    How Spool Is Aiming to Help Institutions Enter DeFi
  • Other investors in the round included Archetype, Scalar Capital, Robot Ventures, Coinbase Ventures, and a number of angel investors, according to a draft Medium post provided to CoinDesk.

    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. The losing side of the trade pays the winning side. Perennial’s initial core features also include zero price slippage – trades happen directly at the current price regardless of size – and trades that are settled in U.S. dollars instead of crypto.

    “Perennial is built as a non-custodial DeFi protocol that is fully on-chain with open source code,” Perennial operations head Jacob Phillips told CoinDesk in an email. “This means users always control their own funds and can easily verify any of the actions/behaviors of the protocol.

    “At the protocol level, Perennial is starting with a guarded launch and conservative risk parameters,” he continued. “Perennial has a robust liquidation engine and uses battle-tested Chainlink oracles.”

    The platform will be released initially on main network of the Ethereum blockchain, but Perennial will soon begin building out its layer 2 ecosystem. The startup will then ramp up the number of its tradable markets, Phillips said.

    Perennial was co-founded by Kevin Britz and Arjun Rao, who previously co-founded the early smart contract wallet Astro Wallet that was acquired by crypto exchange Coinbase (COIN). Phillips, who previously worked as a researcher and crypto-focused venture-capital firm Polychain Capital, joined earlier this year as Perennial’s first hire.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.