Compare Compound V3 and Variational on TVL, fees, revenue and activity to understand how these projects stack up.
$1.152B
Compound V3—also branded ‘Comet’—moves to a one‑way collateral model where users borrow a single base asset (USDC, ETH or WBTC) against isolated collateral lists. The simpler architecture reduces attack surface, halves gas per transaction and lets governance set per‑asset borrow caps. Launched on Ethereum in August 2022, V3 has since been ported to Arbitrum and Base and underpins products such as Coinbase’s USDC institutional lending pool.
Variational is an on-chain derivatives infrastructure protocol designed to power the next generation of retail and institutional trading. The protocol enables peer-to-peer trading, clearing, and settlement of perpetual futures, options, and other derivatives through smart contracts, while aggregating liquidity from both on-chain and off-chain sources. Supporting applications such as Omni and Pro, Variational combines request-for-quote execution, deep aggregated liquidity, and fully on-chain settlement to deliver efficient, transparent, and scalable derivatives markets across crypto, equities, commodities, and other asset classes.