The crypto fundraising market just went through a 'late spring chill.' Perp DEX secured nearly $100M in funding within two weeks, becoming one of the sectors investors are most willing to bet on. Variational connects traditional market liquidity through an on-chain broker model, while Liquid uses AI trading assistants to capture the front-end gateway. The three companies are betting on different directions, but they all point to the same thing: on-chain derivatives are shifting from subsidy-driven to more professional trading infrastructure.