Follow my journey. Currently focusing on Variational, this is my last trade in crypto. My sole focus apart from crypto is Robotics stocks.
Joined December 2024
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Starting to realise this one decision i made to deep dive into variational back in April will change my families lives for generations to come.
CryptoMadbad.Var retweeted
Open interest limits on all TradFi perps are now 3 times higher.
This increase comes from OLP improvements in today's mainnet release. Limits will continue to climb as OLP and the platform mature.
CryptoMadbad.Var retweeted
In mid-September, we made the decision to allocate a large chunk of our dev resources towards auditing and further improving protocol security. This included additional audits of both the codebase and our operations, AI-enabled pentesting, red teaming, and more.
Public mainnet is now right around the corner, and the trading API is being rolled out to a small set of whitelisted alpha testers before being publicly launched this month.
We remain on track for this year’s TGE and major partnership announcements that we alluded to in our tokenomics update. Expect to hear much more from us beginning later this month!
CryptoMadbad.Var retweeted
Welcome back to the Variational biweekly update!
PRODUCT
➡️ The most recent mainnet release was v0.38.2
➡️ Updated wallet connection service
➡️ Improved mobile notification display
➡️ Various portfolio page optimizations
➡️ Trading API preparations
METRICS
➡️ Total Volume Traded: $449.92B
➡️ Current Dual-Sided OI: $1.78B
➡️ TVL (Excludes OLP Hedging Accounts): $289.97M
➡️ Total Markets Currently Listed: 581
➡️ Total Rewards Claimed: $9.08M
➡️ Total Losses Refunded (Sunset): $4.56M
➡️ Total Referral Rewards Claimed: $4.52M
➡️ 2w Spreads Paid (Gross Revenue): $5,233,390
➡️ 2w Net Revenue: $2,341,767
➡️ 2w Rewards: ($236,977)
➡️ Referral Rewards: ($236,977)
➡️ 2w Net Profit: $2,104,790
➡️ 2W Protocol Treasury Inflow: $1,046,678
➡️ 2W OLP PnL: $1,058,112
➡️ Lifetime OLP PnL: $24,483,081
➡️ Current Protocol Treasury Holdings: 12,128,702 USDC
Thank you for your continued trust and support!
ICE ICE BABY
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Impressive.
"Variational traded $114.2B in Q3, against $62.8B in Q2, while its average open interest rose from $410M to $741M and closed the quarter at $1.01B."
Thanks to @AleaResearch for highlighting Variational's Q3 growth, driven by swaps adoption over the final month of the quarter!
CryptoMadbad.Var retweeted
I asked Claude to estimate Variational PRO’s potential revenue based on the assumption that it clears 0.1% of the yearly turnover in OTC derivatives.
It turns out that this would potentially result in ~$650M annual revenue.
That would almost be on par with Hyperliquid, which has generated ~$685M in annual revenue based on DefiLlama.
Variational PRO would almost match Hyperliquid’s annual revenue by only capturing a small fraction of the yearly turnover in OTC derivatives, without even counting RFQ options coming next year, or OMNI scaling further on perps and SWAPs, which are already generating ~$88M annually if you annualize the recent biweekly net profit.
Traditional OTC derivatives trading is remarkably outdated.
Dealers call around bank desks for quotes, negotiate prices by hand, pass contracts back and forth, and manage collateral, counterparty risk, clearing and settlement through largely manual processes.
Variational PRO aims to automate this through multi-dealer RFQs, smart contracts, and stablecoin settlement. Think what stablecoins did for payments, but for derivatives.
Co-founder @variational_lvs said that they are already working with major institutional partners, with large clients expected on PRO soon.
Keep in mind that both co-founders, Lucas and Ed, have a lot of experience in OTC trading (VP of Engineering at Genesis Trading for 2 years after their own quant hedge fund Qu Capital got acquired by DCG).
Lucas even worked at Goldman Sachs and Google beforehand, while the whole team brings experience from Google, Meta, Virtu, IMC, Jane Street, and more.
Based on all of the available information, I expect Variational PRO to become really big and establish Variational as one of the leading names, not only in crypto but also in TradFi.
It’s quite shocking how much edge you still have in crypto if you take a few hours to understand a project better than 99.9% of other people, position yourself early, and watch everyone else buy your bags sooner or later.
TL;DR: don’t yeet your precious $VAR tokens at TGE, and accumulate as much exposure to Variational as humanly possible, for example through points.
Still 2 months left to earn points until TGE, which will most likely take place in December of this year.
Variational still requires an invite code to access. OMNIBASESOL offers the maximum 18% points boost:
omni.variational.io/?ref=OMN…
CryptoMadbad.Var retweeted
Variational has listed 13 new markets in the past two weeks, with more added daily.
The broker-like model aggregates existing liquidity from crypto and TradFi sources, so each new listing is liquid on day one.
This is a very good insight into what PRO can and will become, by the way Lucas speaks it is clear that relationships are being built in the shadows enabling PRO to be at the forefront of the tech that brings OTC on chain.
Variational decade ahead.
Earlier today, @variational_lvs and @andyyy went live to discuss Pro, an upcoming second app on the Variational Protocol for options and custom derivatives.
If you didn't make it, check out the recording 👇
