Gabye.eth

Lighter Maxi / Lighter Ref Code; YGN77J1Y3G2Z

[giveno @givenoxbt]

pacifica @pacifica_fi is the most interesting exchange nobody is talking about yet.

$900M in daily volume. zero VC funding. fully bootstrapped.

variational just raised $60M. phoenix, grvt, gte all heavily backed. pacifica has none of that and is still in the same conversation.

that's the thesis. let me go deeper.

$905M 24h volume on $29.79M TVL = 30.38x TVL utilization.

that's an insane capital efficiency ratio. capital on pacifica isn't sitting idle - it's being deployed, recycled, and traded hard.

OI/TVL at 3.13x confirms it. people are using leverage, not just parking bags. $35M in lifetime fees. real revenue from real activity and all these with zero external capital while going head to head with projects that collectively raised hundreds of millions from tier 1 VCs.

the product is also genuinely different.

unified margin means your spot holdings, unrealized PnL, and USDC all margin together. long spot + short perp on the same asset gets a collateral bonus. a jane street person designed that. it shows.

hybrid CLOB under the hood: off-chain matching, on-chain settlement. CEX speed without giving up custody.

security is hot-cold hybrid - bulk of funds in a multi-sig cold vault, only a capped daily limit accessible operationally. most DEXs don't think this carefully until after something breaks. pacifica built it before they needed to.

the long game: they're building their own L1.

hyperliquid left existing chains because no chain was good enough. they built HyperCore. pacifica is on the exact same path - solana today, native chain when they outgrow it.

now zoom out.

hyperliquid competed against binance, bybit, okx and won on product.

before that, it looked exactly like this:
quiet, high usage, ignored.
pacifica feels like that stage, just earlier.

no VC funding means no investor allocation, no unlock overhang. the users are the cap table. same playbook hyperliquid ran.

in a market where most projects are built for investors first, that difference matters more than people think.

the bigger picture is simple; perpetuals are becoming the dominant trading primitive and the platforms that win won’t just have the best tech
they’ll have the best alignment with traders... pacifica is one of the few projects that seems to understand both

and that’s why it’s interesting here

[giveno @givenoxbt]

been watching the hyperliquid vs solana drama/debate..

> i use both.. i'm not picking sides, just being honest.

> what made hyperliquid @HyperliquidX special wasn't just the product. it was the airdrop. hyperliquid minted new millionaires overnight. that's why the cult exists. same reason people still root for arbitrum despite the chart being dead - generosity builds loyalty that outlasts price action.

> $HYPE has been the top performer since TGE and the bull run peak. hyperliquid is going 1v1 with the biggest CEXs and breaking records back to back. that's not luck, that's a superior product backed by real execution.

> been using phoenix @PhoenixTrade since the first batch. it's fast, it's cheap, liquidity is solid - better than most newer platforms. the product is genuinely good. the potential is real

> but good isn't enough when you're trying to dethrone something people are emotionally and financially attached to.

> solana is the everything chain and that's a real advantage. but right now on the perp dex meta, they're not in the same conversation yet.

> toly @toly if you want to compete for mindshare, a generous airdrop goes further than any fee comparison chart. most people are here to make money. that's just the truth. fee charts don't build cults. making people money does

product is not just the tech. it's how it makes users feel. that's the moat. hyperliquid built it

build the product. reward the users. then we can compare.

[giveno @givenoxbt]

3 days hold on $BTC $ETH pairs between katana and 01... already covered fees and some little profits

long both pairs on 01, short on katana and collect funding + points... rinse and repeat and stay market neutral

https://t.co/ANq2uYOs18

https://t.co/P0FaPPN740

[giveno @givenoxbt]

i started tracking some hyperliquid @HyperliquidX wallets on nansen @nansen_ai after the airdrop cos i wanted to see where they were bridging to / depositing next

that's how i caught lighter @Lighter_xyz, most of them were moving into lighter quietly... i got in early. ended up with a 6 fig airdrop.

the nansen ai agent lets you query onchain in plain english;
- which wallets are farming this perp?
- where is smart money rotating right now?
- which venues have real liquidity vs ghost volume?

that's the edge nansen gives you - not dashboards, not noise. just knowing where smart money is going before everyone else catches on

been using it alongside my perps stack (01, variational, pacifica, extended) ever since:
before sizing into a venue → check where capital is rotating
farming a specific perp → see if smart money is positioned similar
funding / liquidity shifting → back it with onchain confirmation

it becomes: my positioning + nansen as the validation laye, not "look at this dashboard"
more like... i already have a thesis, nansen just tells me if the data agrees

their trading platform is coming out of beta soon too

the people building context now will have the edge when it goes live

https://t.co/ZkUogiEMcq

[giveno @givenoxbt]

week 14 update @01Exchange

+530 points | $350k volume | $75k open interest

lower OI week but volume carried - kept the funding rotation clean and let the numbers do the work... pairing this with variational and katana perps

been layering nansen @nansen_ai into how i validate my 01 positioning lately, it shows in my points so far

funding shifts: onchain liquidity data backed the rates i was already seeing on-platform
it's not guesswork anymore. my thesis + nansen confirming the setup
01 consistently showing up as a top venue for delta-neutral setups

execution on 01 is noticeably tighter now too. platform feels smoother week on week

platform updates:
trading competition #2 dropping - $5k across 4 categories, sign-ups closing soon
sigmaengine integration live - daily delta neutral trade picks with backtesting + RWA data

this is what a maturing platform looks like - steady compounding improvements, not noise

still one of the more efficient farms running if you're doing this properly

4 weeks left in public mainnet phase. consistent players are going to be in a good spot

join for 5% off fees: https://t.co/BmR3MwW4nE

[giveno @givenoxbt]

pacifica week 36 update @pacifica_fi 🌊

17,953 points | $240k volume | $120k open interest

steady farming week - positions running clean, funding rotation consistent, nothing forced.. started pairing with sodex

but the bigger story this week is the educator sprint... 5 of my pieces selected as winners out of the competition. genuinely didn't expect that many to land

points are starting to reflect more than just volume here - content, consistency, showing up. pacifica is building a real community around this

and the team has been shipping so fast i can barely keep up:
– swim now live on mainnet - predict short-term price moves, set your bet size, get paid multiples for hitting
– HODL order type on testnet - earn yield while waiting for your order to fill (this one is underrated)
– $ANTHROPIC pre-IPO perp now live - trade with up to 3x leverage
– 10,000,000 points distributed this week across the community

competition is heating up in the solana ecosystem and pacifica keeps taking the lead

this isn't a team that's talking about building. they're just building.

lending and borrowing still incoming... phase 3 (forex, structured products, options) getting closer

still early for how much is already live

keep swimming...

https://t.co/qZLCw8RIWZ

[giveno @givenoxbt]

weekly points update on @variational_io

+77 points | $550k volume | $207k open interest

kept it simple this week - farming funding on BTC, ETH, SOL, XRP, PUMP. no overthinking, just staying in the pairs where funding is consistent and rotating when needed
positioned and collecting. that's the whole strategy.. still pairing this with 01 exchange

was a quite week for variational as they prepare for RWA listings
– protocol treasury crossed $2M USDC - charging traders $0 in fees the whole time. captured via spread instead of extraction
– $215B+ total volume processed, traders saved $100M+ in fees vs standard CEX/DEX rates
– RWA TradFi markets appeared on testnet: Gold (XAU), Silver (XAG), Oil (CL), Copper
– SPY, QQQ, EUR/USD, NVDA, AAPL, MSFT, AMZN, META all marked upcoming in TradFi tab on testnet

the narrative is shifting. commodities on-chain with actual liquidity depth is a different game entirely - on-chain crude oil currently shows ~20x worse slippage than CME at $1M size. variational is built to close that gap

and the sentiment around the protocol is clearly building - top 5 by OI, private trades, RFQ for capital efficiency, founders are quants, highly focused on rewarding users

still early. RWAs and equities incoming

the people positioning now will look very smart by summer

still positioned, still grinding

how many points did you get this week?

https://t.co/XecoRujdeL
12% points boost ref: OMNIGIVENO

[giveno @givenoxbt]

two pacifica @pacifica_fi campaigns just went live;

🐬 swim dash - 1,000,000 points up for grabs, just trade on swim to enter. ends june 15
already playing it anyway so this is just free points on top

🎓 educators marathon - 200,000 points for content creators (threads, videos, guides). also ends june 15

let’s go a swim

[Gabye.eth @Gabyeeth]

@givenoxbt @pacifica_fi you boutta win again hehe

[giveno @givenoxbt]

katana @katanaperps just paid traders 7x their fees back

i checked my stats…

$4,000 in fees on one of my go-to perps dexes
→ would’ve been $28,000 back on katana plus points on top

this is genuinely insane

i’m allocating some capital here asap

if you’re active, don’t fade

my ref gives +10% points boost and 5% fee discount
https://t.co/P0FaPPN740

[giveno @givenoxbt]

perps is still the only meta consistently paying.

it rewarded early adopters in 2021 (dydx-chain:native)
it’s still rewarding now
and it’ll keep rewarding over the next 1–2 years

most people wait for confirmation
i’d rather be early

that’s why i’m positioning on perpl @perpltrade

https://t.co/jjOshcg7Bt

[giveno @givenoxbt]

been using 01 @01Exchange from day 1 and it’s honestly helped me refine and perfect my delta-neutral funding arb strategy

yeah, product’s still a bit rough around the edges - but progress is real. team’s shipping faster, comms are better, tickets actually get handled quick now

execution is trending in the right direction

already made $500 this week just from funding... so, opportunities and inefficiencies are still there if you’re patient enough to capture them

some updates;
2 competitions dropping:
• weekend comp ($1k pool)
• main trading comp ($5k pool across PnL, volume, ROI) https://t.co/Lh4802XAwC

- referral rewards finally going live this week
+ 100k points for users that have supported 01 and invited users

team’s clearly pushing harder now - more activity, more incentives, more reasons to be on platform

if you’re already trading perps, might as well farm it properly bro

join 01; https://t.co/ANq2uYOs18

[giveno @givenoxbt]

don’t wait till points are out

that’s when narratives peak and rewards shrink

the edge is being early
not chasing dashboards after the fact

perpl @perpltrade will cook!

https://t.co/9pqvYZNxmC

[giveno @givenoxbt]

https://t.co/qKenyC6SDA

[giveno @givenoxbt]

variational still feels underpriced here

everyone thinks $20/point is too bullish but the math doesn’t really support that take

lighter had 12M points and priced around $48 at tge
variational will have 9M total points

at $20 per point implies roughly $600M FDV... i think var can easily clear $1b FDV once they become a universal broker

almost 6M points have already been distributed leaving us with around 3m points left... points program ends aug/sep - so roughly 4 months left.

hope to take this account to 3k points before tge

RWA markets + public Trading API launch will bring so much new competition that it gets way harder to get points

most will look back on this the same way they do every cycle and realize that variational was not overhyped... just underpriced

https://t.co/XecoRujL4j
12% points boost ref: OMNIGIVENO

[giveno @givenoxbt]

pacifica week 33 update @pacifica_fi

4164 points | $240k volume | $196k open interest

kept the same approach – rotating positions to stay aligned with funding

nothing fancy, just consistency
funding offsets fees → points stack without eating into capital

pacifica situation update:
big progress on product side this week – team is clearly shipping fast

– unified margin coming soon → major UX + capital efficiency upgrade
– vaults now live on testnet → opening up structured strategies + passive flows
– full vault management system (custom params, tracking, control)

on top of that:
– integration with fuul @fuul_xyz now live and incentives + distribution layer starting to build

this is the phase where everything starts coming together – infra, UX, and distribution

still early, but direction is very clear

...we keep swimming

https://t.co/qZLCw8RIWZ

[giveno @givenoxbt]

apr 2024, $OMNI.... qualified through jumper @jumperapp another surprise and unexpected airdrop

level 13 users were eligible… think it was top ~20 or so, somehow had 2 wallets up there 😅 felt like a real level 13 chad moment

got ~120 $OMNI, sold 90% around $38, staked the rest (went to dust)

still a clean ~$4k–$5k

it ain’t much, but it’s honest work

starting to feel like we might get surprise airdrops just from using perps dexes… especially in a bull run

who else caught $OMNI?

[Gabye.eth @Gabyeeth]

@givenoxbt @PolynomialFi teams are so greedy now

[giveno @givenoxbt]

pacifica week 32 update @pacifica_fi

5262 points | $347k volume | $203k open interest

traded majors for oi and then equity for arb funding

leverage isn’t just for exposure anymore, for me, it has turned to generating yield

this week i continued running delta-neutral across extended x pacifica
focusing on funding capture and pricing inefficiencies

deploy on extended → hedge via pacifica → collect funding/spreads

same market exposure but now it generates yield

what’s interesting is how consistent this has become

on the bigger picture: pacifica feels like one of the more credible plays in this cycle

self-funded
build-first approach
strong roadmap (spot, lending, RWAs, unified margin)

this is the kind of setup that usually gets attention after it’s already crowded, very similar to the “hyperliquid window” before everyone piled in

while some farms are cooling, conviction here is still strong

as more perps dexes compete on equity listings and incentives, inefficiencies naturally increase and pacifica becomes the layer that lets you extract them cleanly

most people still use perps directionally but the real edge is: structuring positions to get paid regardless of direction - pacifica plays a key role in that - turning perps from speculation to cashflow and yield

i’m continuing to scale this approach as long as inefficiencies exist

farming inefficiencies > trading direction

we keep swimming

https://t.co/qZLCw8RIWZ

[giveno @givenoxbt]

weekly points update on @variational_io

+61 points | $170k volume | $220k open interest

ran multiple approaches across weeks scaling up, pulling back, testing and one thing is clear:

it’s largely an efficiency and strategy game

what consistently works:
• open interest > volume
• hold > flip (12–24h sweet spot)
• alts > crowded majors (selectively)
• time in market = more points

there were weeks with higher volume but fewer points… and weeks with lower volume but better output

translation: positioning > activity

strategy recap:
largely delta-neutral
long on 01, short on variational when funding favored it
rotate alts selectively while holding core hedged positions

this setup:
→ cancels directional risk
→ farms funding
→ stacks points efficiently

funding alone covered costs in multiple weeks even made points free

key shifts noticed:
open interest is the strongest driver
overtrading hurts more than it helps
removal of loss refunds = healthier system long-term

pairing with @01Exchange still the best combo

bear market conditions actually help: less hype, less competition, more edge for disciplined farmers

sticking to the same playbook: efficient size, controlled rotations, long-term consistency

https://t.co/UEhIf8QOV6