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📈The Multi Dealer Variational Saga🤔
About a month ago I was in speculation mode trying to read between the lines and decrypt the vast amount of vague & cryptic posts from the Variational team from previous interviews/quotes/spaces/blogs and even going as far as connecting the dots between some background expertise and networking connections each and every member of the Variational team have. This thread will be for speculating about who could be the prime clients and dealers that will be plugging into OLP and onboarded onto Variational. Without further ranting, sit back and deep dive with me as this will be a long one
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I think Hyperliquid can and should do an S3 and retroactively rewards all the users that put in activity for 2 years heads down and no gratification in hopes of securing some Hype for the future. All those days in the Hyperevm Trenches/Staking/Hip3 Dapps/Defi/Hip4 shouldn't be forgotten especially during the toughest fud phase post 10/10 and the drawdown towards $21. Do right by your community and it doesn't need to be some major percentage could easily be something like 2% that more than dwarfs the 31% drop it did 2 years ago.
Who better than the founder who said do right by your community. Lots of diehards looking too gain exposure or attain it back. Perps pie will continue too grow in the years too come.
Leaders that pave the way for future teams & communities too learn from their strategy.
HYPERVARIATIONAL.
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Chumba.var retweeted
Now that swaps are live (with more markets being continually listed), our next major project is the Omni trading API.
Until now, all trading on has been through the frontend. Soon, traders will be able to trade programmatically on Omni's 550+ listed TradFi and crypto markets.
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I wonder if this Bitget Hack is what gets us too pullback further on BTC. Do they really have the funds too cover everyones assets?
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Chumba.var retweeted
New Pre-IPO Perpetual Contract Listing: $POLYMARKETUSDT is now live on Bybit! 🚀
Trade $POLYMARKET: i.bybit.com/18bab4So
Learn more: i.bybit.com/jabWuld
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No External Market Makers & No Points for OLP.
UPCOMING PARTNERSHIPS that the team is excited about.
IYKYK, HL fractal will happen. Just have too absorb all the non convicted into the hands of strong funds/institutions/family offices that see the Cash flow that want a piece of Variational as a whole.
A year and a half ago, we launched Omni to bring broker-style trading on-chain. Back then, we got excited about hitting $1M in daily volume. As we relentlessly iterated on our product with UI redesigns, spread improvements, new order types, and more listings, our user base grew exponentially. Eventually, we started seeing $10M, $100M, $500M, $1B+ days.
Now, Omni is one of the largest on-chain trading venues by any metric: $3B+ in daily volume and nearly $2B in open interest. More than half of the platform's activity is in non-crypto markets. That rapid growth is driven primarily by swaps, our new instrument bringing TradFi liquidity on-chain.
Omni was (and continues to be) shaped by the feedback of traders. Hyperliquid proved that if you do right by your community, they will do right by you. That's why 32% of $VAR is going to Variational traders at TGE, fully unlocked. No external market makers on Omni, and no points for OLP. 100% of the allocation goes to real users.
We have so much left to build: trading API, 24/7 swaps liquidity, spread rebates, OLP deposits, spot markets, and Pro for options. TGE will be just the start of our journey to make Variational the best place for retail and institutions to trade any global market on-chain.
I'm excited to share more about our upcoming partnerships. For now I'll just say that the wait will be worth it. See you in Q4.
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Founder has Spoken!
A year and a half ago, we launched Omni to bring broker-style trading on-chain. Back then, we got excited about hitting $1M in daily volume. As we relentlessly iterated on our product with UI redesigns, spread improvements, new order types, and more listings, our user base grew exponentially. Eventually, we started seeing $10M, $100M, $500M, $1B+ days.
Now, Omni is one of the largest on-chain trading venues by any metric: $3B+ in daily volume and nearly $2B in open interest. More than half of the platform's activity is in non-crypto markets. That rapid growth is driven primarily by swaps, our new instrument bringing TradFi liquidity on-chain.
Omni was (and continues to be) shaped by the feedback of traders. Hyperliquid proved that if you do right by your community, they will do right by you. That's why 32% of $VAR is going to Variational traders at TGE, fully unlocked. No external market makers on Omni, and no points for OLP. 100% of the allocation goes to real users.
We have so much left to build: trading API, 24/7 swaps liquidity, spread rebates, OLP deposits, spot markets, and Pro for options. TGE will be just the start of our journey to make Variational the best place for retail and institutions to trade any global market on-chain.
I'm excited to share more about our upcoming partnerships. For now I'll just say that the wait will be worth it. See you in Q4.
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10 yr yield just looks abysmal. BTC should be getting harvested for Sukkot and technically speaking wouldn't be bad if we just go retest $79k for the 50w SMA that confirmed the Bull run or not.
We are in the "Late, Early" phase for the cycle.
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Variational Is Generational. I still hold $1.5b in my head but I would be lieing too you especially in the current environment, many catalysts waiting too be unleashed and current metrics that this is more realistic than my $1.5b. During a bullmarket, fdvs end up being a meme.
Variational的OI即将达到20亿美金，我之前发了篇帖子举例了OI和FDV的关系，用最新的数据做了整理，目前整体行业的FDV是OI的8倍+，剔除Hype是3.5倍，仅极少perpdex的fdv低于oi，如Var后续的FDV是行业平均水平（剔除hype的3.5倍），那么var的估值会达到70亿美金
以上只是FDV/OI数据的客观比较，单体项目差异会很大，收入和tvl均对fdv有显著影响，此外，hype有龙头溢价，BP是cex有合规溢价且最近代币meme化，edgeX和grvt因为其背叛社区的行为导致折价，从var合理的评估来说，aster和lit是比较值得参考的对象
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Variational's OI is about to hit $2B. In an earlier post I used a few examples to show how OI relates to FDV, and I've now updated it with the latest data. Across the industry, FDV currently stands at 8x+ OI, or 3.5x excluding HYPE, and only a handful of perp DEXs have an FDV below their OI. If Variational's eventual FDV lands at the industry average (ex-HYPE), VAR would be valued at around $7B
This is purely an objective comparison of FDV/OI ratios. Individual projects vary widely, and both revenue and TVL have a significant impact on FDV. Beyond that, HYPE carries a market-leader premium. BP, as a CEX, carries a compliance premium, and its token has recently taken on a meme-like character. edgeX and GRVT trade at a discount because they betrayed their communities. For a reasonable valuation of VAR, Aster and LIT are the most useful comparables
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"$3b, $4b, or $5b, I'd argue we are already valued at that" - Insider
Variational is reflecting this with its metrics as of today
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Job's Not Finished.
I'm about to run it up on your heads on Variational's Leaderboard with a limited account.
piped.video/watch?v=1LSewbS5…
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