Dragonfly partner Haseeb Qureshi has highlighted the limitations of the order book (CLOB) model in addressing liquidity issues for real-world asset (RWA) trading. While Hyperliquid has managed to secure liquidity for a few macro RWA assets, liquidity significantly diminishes beyond the top 10 trading assets. Qureshi argues that the CLOB model requires a cold-start for each asset, leading to thinly liquid markets. In contrast, Variational employs a Request for Quote (RFQ) model, which allows market makers to provide instant quotes and hedge orders in primary trading venues. This approach enables Variational to tap into mainstream TradFi liquidity and map it on-chain, with settlements in stablecoins and liquidity sourced from major markets like CME and NYSE. Variational's model promises to offer market depth and spreads comparable to traditional markets without requiring permission. The company recently completed a $50 million Series A funding round led by Dragonfly Capital, with Bain Capital Crypto and Coinbase Ventures also participating.