DeFi protocol Perennial has raised $12 million in its funding round.
The funding round was led by Polychain Capital, Variant, Archetype, Coinbase Ventures, Scalar Capital, Robot Ventures, and other contributors.
DeFi Protocol Perennial’s Mainnet Launched
Perennial was co-founded by Kevin Britz and Arjun Rao. The duo previously founded Astro Wallet, which was acquired by Coinbase in 2017. Briztz and Rao still serve as consultants for Coinbase.
Britz said:
“Perennial is a super simple trading experience, a flexible, capital-efficient model for providing liquidity, and a derivatives protocol that makes it easy to create DeFi derivatives”
The mainnet launch is initially offering long-ether, short-ether and long-squeeth.
Blitz continued:
“This is just the beginning. Perennial has a planned roadmap, including more tradable markets, the creation of an ecosystem on Layer 2s, and mechanism design improvements.”
It was not specified whether the funds were raised through stock or token rounds. Britz stated that there is currently no token of the Perennial protocol.
Britz declined to comment on how many people are currently working on the protocol.
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