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If you're a trader with a history of trading perps on-chain, you could be eligible to claim up to 3,000 Variational points and grant up to $15,000 to the trader that refers you. Join the 750+ new Variational traders who have already signed up through the program!

I know absolutely nothing and team members are probably laughing when they see this tweet on the timeline but… I have a suspicion @variational_io will have a huge 33% genesis drop.

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.

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!

Hang it in the Louvre

Let me repeat my summer take Most users on Variational are airdrop farmers, not traders. Back in May, when I publicly pointed out the spread issues, people called me a fudder and told me to go farm points somewhere else or find a cheaper way to farm using BTC or ETH. At the time, I was having spread issues with $LIT. So basically, airdrop farmers don't even see Variational as an innovative onchain brokerage product. To them, it's just another place to farm points. Yet somehow, I'm the fudder in their eyes, even though I've been using the platform organically as a trader, not an airdrop farmer. And I'm not even a fudder, lol. I'm currently the #1 KOL by views among everyone who's mentioned Variational on X, with over 2M views btw (you can check your own stats at proofofvar.fun). Too bad I'm not #1 in referrals, haha, since more than half of my tweets don't even include a Variational referral link. I genuinely like this project and share it with you guys without trying to shove my referral link into every single tweet When it comes to crypto assets (everything except BTC and ETH), Variational doesn't really interest me. I don't want to pay aggregators an extra fee just to open a long or short position when I can do it directly through CLOB-based perp DEXs. I don't think the RFQ model for crypto assets will survive in the long run in the perp DEX meta But when it comes to RWA assets, there is simply no better place than Variational in terms of spread costs and overall trading costs. And if you look at Variational's X account, you'll see where their focus has been over the last five months: RWA, Swaps, and Variational Pro. They understand that there's little reason to focus on crypto assets when there's an underserved market like RWAs, where no clear leader has emerged yet in terms of competitive fees and spreads. I'm also convinced that starting with over 300 crypto markets was a brilliant marketing move to attract users to the platform. Just imagine if they had launched their points program in December 2025 with nothing but RWA assets. Who would have traded there? That's exactly why I'm bullish on Variational. Crypto is becoming less and less interesting to me, and I'm increasingly looking towards RWAs. Crypto is turning more and more into a circus every year. There are supposedly over 500 coins available to trade on futures, but when it comes to actual volatility, maybe five of them are worth trading. Everything else is just a bunch of sluggish assets where you can't even figure out whether you should be going long or short. I believe Variational will become one of the strongest players in the RWA meta, which is why I plan to hold the token after TGE. Not because some KOL told me how much each point might be worth and that we should keep farming for the airdrop. What matters to me is seeing what the team has prepared for us this month and what major partnership announcements are coming. That's what will determine my sentiment. Either I'll become giga bullish, or I'll be seriously disappointed with the team's moves The thing is, most airdrop farmers don't even understand what RWAs are. I've genuinely had people DM me asking why perp DEXs with RWA markets have such weird metrics on weekends and why there's barely any trading volume. These guys don't even understand the basics: RWAs include tokenized stocks, and the stock market is closed on weekends. So where exactly do they expect the volume to come from? We're still at an early stage, and you should be paying attention to perp DEXs focused on RWAs because CT hasn't fully understood what this market is about yet That's exactly why I said back in the summer that Variational would face insane sell pressure at TGE. All these airdrop farmers will simply dump their allocations and move on to worshipping the next project, sucking up to its devs every chance they get. Because they have absolutely no idea what they've been farming in the first place They read KOLs, use point calculators to estimate the value of their points, come up with a valuation, and get ready to dump everything at TGE without even understanding where that valuation comes from. And if someone posts criticism (even constructive criticism) or shows anything other than a bullish attitude towards the project they're farming, that person automatically becomes a fudder in their eyes. But these are exactly the people who help projects become better versions of themselves. If everyone surrounding a project is just a bunch of fanboys blindly praising it, what incentive does a perp DEX have to improve anything? That's exactly why I said Variational's token price chart will probably look similar to $LIT. Lighter airdrop farmers were also dumping their tokens at the beginning without understanding why they needed that perp DEX in the first place. But what happens when the token price starts going up? That's right, people suddenly start discovering all the technology behind the project Variational is not a perp DEX, and there's no point comparing it to Hyperliquid or Lighter, or comparing its valuation to theirs. The RWA meta itself will only get stronger in 2027-2028, and Variational will be one of the leaders in that space By the time airdrop farmers figure this out, it'll already be too late. They'll have dumped everything at TGE and forgotten about the project, moving on to farm a bunch of other garbage So here's my thesis: Some people farmed points on Hyperliquid, dumped their airdrop at TGE, and regretted it later. Their reasoning was simple: why would they need another perp DEX when Binance and other CEXs already exist? Some people farmed points on Lighter, dumped their airdrop at TGE, and regretted it later. Their reasoning was just as simple: why would they need Lighter when Hyperliquid already exists? Now people are farming points on Variational. They'll dump their airdrop at TGE and regret it later. And their reasoning will be exactly the same: why would they need Variational when Hyperliquid and Lighter already exist? But they'll be wrong. Variational will establish itself as a leader in the onchain brokerage niche for RWA assets. And only then will people start asking themselves: why farm anything else when we already have Hyperliquid, Lighter, and... Variational?

JUST IN: THERE HAVE BEEN 24.4M COINS LAUNCHED ON PUMPFUN 312 ARE CURRENTLY ABOVE $100K MARKET CAP

Time wasted. You better do API instead of this. No wonder why delayed

日本の交換業者がDEXを運営することは禁じられています HyperLiquidに技術的な革新性はなく、その利便性の多くは法令を遵守しないところによると認識しています 巨額の投資が必要なガバナンスやセキュリティどころか、本人確認やマネロン対策さえ行われていません もしHyperLiquidが合法であると言ってもらえるなら、私は今すぐDEXを開発します それとも違法業者を称賛されているのでしょうか？

Based on the amount of cheerleading of Hyperliquid and the new position by Druck how big do you think this thing is? I mean everyone must have size in this thing. I'm gonna short soon.

$114.2b q3 volume and $1.01b open interest- and people still ask why I’m selling zero VAR and buying spot + long perp at TGE. swaps adoption is barely getting started. @variational_io isn’t game changing, it’s game redefining. INFINIVAR teapaw.org/variational_io/status/…

This is a pretty L take to assume that volume is solely responsible valuation. This would suggest Hyperliquid's FDV would be ~ half of @solana Nice maths.

STOP FARMING PERP DEXs! Everyone is telling you to farm this and that but that ain't the way and the most likely outcome of that is you will lose money. Like most of those encouraging you to do it If you want to take advantage of this meta focus only on the projects you enjoy using and that you'd use even without an airdrop promise In our case perp DEXs. Trade on the ones that offer you the best experience, the best rates and the best tools you need to be successful as a trader TRADE ORGANICALLY! Focus less on farming and more on your profits, you'll end up way better than the majority Don't spread thin your capital chasing 20 projects at once, choose 2-3 where you feel the most comfortable trading and fully focus on those Before going all-in on-chain, I used to trade on Binance, Mexc & BingX Now I'm using Hyperliquid, Avantis & Variational, each of these cover different needs and trading strategies: 1. @HyperliquidX - this is where I feel most comfortable trading with size. Mostly trading BTC and ETH here 2. @avantisfi - the only place on-chain that offers high leverage up to 500x on multiple assets. Best place to take advantage of sharp market moves & breakouts. Also the best place to trade XAG (Silver) with size on-chain from what I know. Expect lots of updates and improvements in the coming months 3. @variational_io - the latest addition to my trading routine. One of the best UI right now, but what caught my attention from the start is that it's the ONLY place on-chain where you can trade a wide variety of low caps and really small caps with 50x leverage. Still in invite-only mode, you can use the code "OMNI329H3XCC" for a 11% points boost This is my trio and for now it covers all my needs as a trader And I'm not saying to ignore incentives, not at all, as they are an important part of the outcome and you should choose platforms that will reward you the most for your trading activities. But don't make that as a priority or you'll probably end up losing way more than you'll get back through an airdrop Your time & money are important, spend both wisely and you'll outperform the vast majority

Let me break a myth: for years crypto projects have reached crazy valuations without any fundamentals or revenue (look at L1s/L2s). As an industry we’re now moving toward revenue-generating projects, and a classic error is projecting valuation based on the buybacks a project does Are US companies valued based on the number of shares they buy back, or on their net revenue and profitability? Net revenue and profitability You want to invest in profitable companies with good operating margins that eventually return a portion of that cash flow to shareholders, whether through buybacks ($VAR treasury), dividends/rebates (OLP), rewards, etc. As a company, @variational_io (before Pro, API, public mainnet, and public OLP) has generated: Treasury: ~$11.7M OLP PnL: ~$24M Rewards: ~$9M That’s roughly $44–45M in lifetime net revenue (after market-making costs). Modeled gross spreads sit at ~$64M (s/o @0xdefidaniel) In the latest biweekly reports Variational is averaging >$250k daily net revenue, or roughly $90M+ annualized, and that’s without Pro, which @variational_lvs has said could become a bigger business than Omni At current Hyperliquid and Lighter P/E multiples averaging at 100x and 55x (s/o @JoestarCrypto) , Omni's valuation should land in the 5-9B range (that’s before factoring in API flow replacing farmer-driven volume post-TGE or any contribution from Pro) Do the math yourself, and you’ll see why Variational is generational