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