Wu Says learned that on-chain derivatives protocol Variational announced it will launch on-chain Swaps products in the third quarter, aiming to bring liquidity from traditional financial institutions into the on-chain market. The protocol stated that it has signed cooperation agreements to provide over $1 billion in open interest (OI) capacity for the swaps market, and has begun connecting traditional financial liquidity to perpetual contract markets such as gold, silver, and WTI crude oil, narrowing related trading spreads by more than 20%. Variational completed a $50 million Series A funding round in May this year, led by Dragonfly, with participation from Bain Capital Crypto⁠, Coinbase Ventures⁠, and others.