Variational, an onchain perpetuals trading firm that has rapidly climbed into the top tier of decentralized derivatives, is betting that the next wave of crypto growth won’t come from yet another onchain order book—but from making trading cheap enough that demand reveals itself all at once.
In an interview in Seoul, Variational founder Lucas Schuermann argued that the industry’s biggest constraint is not a lack of interest, but a lack of efficient market structure. “A ‘liquidity shortage’ is ultimately a cost,” he said. “When that cost gets low enough, markets explode.”
The comments come… Read more






