Decentralized derivative trading protocol Variational completes $50 million Series A funding, led by Dragonfly Capital According to Fortune, Variational, a decentralized derivatives trading protocol, announced the completion of a $50 million Series A funding round led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures. Previously, its seed round financing was $10.3 million, led by Bain Capital Crypto. Variational, headquartered in the Cayman Islands, aggregates liquidity from large cryptocurrency exchanges and traditional financial market makers to provide on chain derivative trading, including "real-world assets" (RWAs) such as oil and commodities, to benchmark traditional markets such as CME.