Defi Specialist, Data-Analyst Variational: omni.variational.io/?ref=OMN…
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my quant telling me $VIX index is coming👀
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Mighty retweeted
The first of many listings which aren’t available anywhere else on-chain.
Swaps will unlock hundreds (and later thousands) of markets.
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rwa.perpetualpulse.xyz/
Great resource to explore how bringing tradfi liquidity on-chain leads to incredibly low costs for our users.
By connecting directly to TradFi, swaps on Variational offer the deepest liquidity available on-chain.
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Let them know @variational_io
If the tokenization thesis is correct and trillions of dollars of new assets move onchain in the coming years, which company will benefit the most?
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if you're new to @variational_io or want to learn more, this article is for you
it's full of useful resources and the latest info
updated today
enjoy
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Textbook hockey stick growth
Welcome back to another Variational biweekly update!
PRODUCT
➡️ The most recent mainnet release was v0.34.0.
➡️ Added in-app announcement page.
➡️ Improved margin usage display.
➡️ Improved notification display.
➡️ Other miscellaneous UI improvements.
METRICS
➡️ Total Volume Traded: $339.75B
➡️ Current Dual-Sided OI: $1.83B
➡️ TVL (Excludes OLP Hedging Accounts): $236.12M
➡️ Total Markets Currently Listed: 552
➡️ Total Rewards Claimed: $8,275,215
➡️ Total Losses Refunded (Sunset): $4,559,196
➡️ Total Referral Rewards Claimed: $3,716,019
➡️ 2w Spreads Paid (Gross Revenue): $4,570,970
➡️ 2w Net Revenue: $2,479,527
➡️ 2w Rewards: ($211,814)
➡️ Referral Rewards: ($211,814)
➡️ 2w Net Profit: $2,267,713
➡️ Protocol Treasury: $914,194
➡️ OLP PnL: $1,353,519
➡️ Lifetime OLP PnL: $19,787,369
➡️ Current Protocol Treasury Holdings: 8,274,637 USDC
We appreciate your continued trust and support!
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got lucky enough to spot Variational early, dig into the docs and watch it all play out
biggest takeaway: post your convictions publicly, not to be right, but to have something to look back on a few years later and learn from
Var mode on
Made with AI
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Lucas doesn't do hype, which is why this one hits
Wall Street liquidity comes on chain, fees go to zero and a whole layer of brokers and retail-flow market makers stops existing. This is not a vision, this is already happening
Hundreds of global assets, one account, no fees. Robinhood moment for on chain, this is Variational
Go listen, unless you're happy with your current Variational exposure
E185: @variational_io - Zero Fees, More Assets, No Funding Rate
@variational_lvs co-founded a hedge fund at 20 that Digital Currency Group acquired a year later, then walked away from that exit to build Variational that now sits second only to Hyperliquid in open interest and daily volume.
His argument: crypto rebuilt exchanges before it built brokers, and that architectural gap is what's holding on-chain trading back.
0:00 Intro
2:20 Merch, Travel & Being Back in Singapore
5:13 Who Is Lucas Schuermann?
5:24 How Lucas Thinks About Building Trust
6:03 Starting College at Age 12
8:26 How Do You Actually Skip That Many Grades?
9:45 Making Friends Six Years Younger Than Everyone Else
10:40 Are You Still a "Weirdo" at 30?
11:40 Starting a Hedge Fund at 20 - "Hubris of the Young"
14:09 From Paper-Reading Group to a Real Fund
16:50 Acquired by Digital Currency Group at 21
18:59 Why Sell the Fund to DCG?
19:54 Sponsors: Variational & @Bitwise
20:47 Did You Regret Selling That Early?
21:51 The Money DCG Made Off Their Work
22:38 Starting a Market Making Firm
24:46 Explain Variational Protocol to Your Mom
26:49 Biggest Mistake Building Variational
28:13 The "Holy Sh*t, We Built Something Massive" Moment
29:54 Reason #1: Zero Fees
32:59 How Do You Trust the Price With Only One Market Maker?
34:33 Are Trading Fees a Scam?
35:29 How Much Do Fees Actually Cost Traders?
36:33 Reason #2: Asset Selection & What "Liquidity" Really Means
40:20 Why Hasn't Crypto Solved This Already?
42:39 Where On-Chain Order Books Break at Scale
46:04 Sponsor: @KASTxyz
46:52 Why Wouldn't a Hyperliquid Trader Switch to Variational?
49:28 Who Gets Destroyed When Wall Street Liquidity Arrives On-Chain
51:18 Reason #3: Swaps
52:34 The Real Problem With Perps: Funding Rates
55:18 Roger's BitMEX Story: "Holy Sht, I Can Print More Bitcoin"
58:44 The Hard Lesson: Wiped Out by Funding Fees
1:00:38 Why Perps Are Easy but Options Aren't
1:01:13 What Is a Swap, Really?
1:03:20 How Swaps Beat Perps
1:05:28 Why Raise $50M in May?
1:07:30 Sponsor: @JupiterExchange & @ethena
1:08:14 Does VC Funding Help or Hurt a Project?
1:09:46 Variational vs. Hyperliquid: The Architecture Difference
1:11:44 Why Didn't Hyperliquid Build for Hundreds of Assets First?
1:13:14 Staying Relevant After the Points Program Ends
1:15:11 The "AWS of Liquidity" Analogy, Revisited
1:16:47 What Hyperliquid Gets Wrong About the Future
1:17:48 What Variational Could Get Wrong
1:19:06 Who Wins Long Term: Binance, Coinbase, Hyperliquid, or Variational?
1:21:39 Bitcoin Price Outlook & Crypto Adoption in 2026-27
1:23:59 Variational's Endgame
1:25:51 The One Thing to Remember
1:27:18 Closing Thoughts
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Everyone's watching perp volume charts for the flippening moment, this one's more interesting than that
Variational sat around 20% of combined RWA volume with TradeXYZ for three straight months, then swaps launched and it's 44%
Innovation can change the game
Research: @defillama_res
Chart: @HeiroCapital
.@variational_io is bringing Swaps onchain.
Dealer-backed liquidity, predictable funding, and access to TradFi markets.
We break down how it works and why it matters.
Read more here
defillama.com/research/spotl…
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Mighty retweeted
. @variational_lvs admits the real reason big traders haven't left Hyperliquid for Variational has nothing to do with the product
"I think the biggest reason in the near term is actually trust and scale. This model that we're trying is new. We need to prove that this works."
"We've achieved that scale - 450 different crypto listings, over $1 billion of open interest, over $1 billion of daily volume. But I think it's prudent to wait and see how the model works and how people adapt to it."
"Some of this stuff sounds too good to be true - how does zero fees even monetize for the protocol? But as people become familiar with the model and see it get proven out, I think we'll be able to provide a compelling product to most users on competing platforms."
Podcast out this week!
@variational_io
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One of the most anticipated podcast coming soon
Lucas is one of those guys you really gotta pay attention to every word he says
Variational is Generational
This week, I'm releasing a 1 and a half hour conversation with @variational_lvs - Founder and CEO at @variational_io.
Lucas co-founded a hedge fund at 20 that Digital Currency Group acquired a year later, then walked away from that exit to build a firm that now sits second only to Hyperliquid in open interest and daily volume.
His argument: crypto rebuilt exchanges before it built brokers, and that architectural gap is what's holding on-chain trading back.
We talk about:
- Why order books work for a handful of liquid assets like BTC and $ETH but break once you try to list hundreds of markets
- How Variational aggregates liquidity straight from traditional finance instead of rebuilding 40 years of market depth from scratch
- Why Variational charges zero fees by keeping the market-maker spread inside the platform
- The architectural difference between Variational's RFQ, broker-like model and Hyperliquid's order book
- How Variational's daily volume went from $1 million to over $100 million within months of launch
- What swaps offer that perps can't - a flat, predictable carry cost instead of a funding rate that can spike overnight
- Why he raised $50 million in May specifically to get taken seriously by trad-fi institutions
- The two kinds of businesses he wants competed into extinction: high-fee brokers and predatory market makers
And much more...
Podcast out this week!
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