POPA ReconTokenless Perpetuals Battle: Variational vs Extended
Tokenless Perpetuals Battle: Variational vs Extended Both projects closed rounds within the last six weeks: Variational raised a $50M Series A led by Dragonfly, with Bain Capital Crypto, Coinbase Ventures, and Peak XV ($60M+ total), while Extended secured $12.5M in a strategic round led by eToro alongside Jump Crypto ($19M total). The money comes with different theses. Dragonfly is betting Variational's RFQ model becomes the liquidity layer for RWA perps - routing depth from TradFi instead of rebuilding order books. eToro is betting Extended becomes its in-house perp engine, plugging it stra…
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