M

viva la variational #gvar

[M @mertgvar]

Why have I been farming @variational_io for almost a year?

Unlike most perp DEXs, Variational uses an RFQ-based model instead of relying entirely on a traditional CLOB.

RFQ stands for Request for Quote. Rather than placing an order directly into a public order book, a trader’s request is sent to professional market makers, who compete to provide the best executable quote.

Many perp DEXs still use the traditional CLOB model. Since they lack sufficient native liquidity, some source pricing, orders or liquidity through APIs connected to larger venues such as @HyperliquidX.

In these structures, a significant share of trading fees reportedly up to 90% in some cases may flow back to the underlying liquidity venue. The protocol generates volume but retains very little revenue.

When a protocol cannot generate and retain meaningful revenue, it also becomes difficult to build a sustainable airdrop economy. The result is often a sunset, shutdown or rapid token depreciation after launch. Some projects rely on Binance Wallet or Binance Alpha distribution, only for their tokens to lose most of their value within a few months.

I have been actively using @variational_io for almost a year because it is structurally different and built around a model that can generate real revenue.

So far, I have generated:

• $100M+ in personal trading volume
• $300M+ in referral trading volume
• 3,000+ points
Do not evaluate a protocol only by its interface, investors or points campaign.
Research where the liquidity comes from, who the actual counterparty is, who retains the trading fees and whether the protocol can generate sustainable revenue.

Always understand the mechanics behind what you are farming.

The next projects I am actively farming and watching are @arcus_xyz and @Loafmarkets.

Good luck, everyone. 777 🍀

[M @mertgvar]

@DidiTrading Arcus 10 M vol

Variational 3000 points

[M @mertgvar]

@chivasxbt congrats

[Muallimin Biri @Muallimin_biri]

✅️ Hayırlı Cumalar..

🔺️ $BTC 77k $ üzerinde gidiyor..

🔺️ @variational_io tarafında haftalık puanlar geldi.
Yıl içindeki puan bazında bu hafta en düşük puanı aldım.
Ceo'su @variational_lvs bugün Türkiye saati ile 15:00 de @ElNachoCrypto 'nun konuğu olacak.
Orada bir çok sorunun cevabını alacağımızı düşünüyorum.

🔺️ @arcus_xyz çok kısa bir zaman ve içeride bir avuç kullanıcı olmasına rağmen günlük hacimde 100 milyon doların üzerinde devam ediyor.
Aylardır piyasada olan bir çok perp projesinde daha fazla hacim oluşturuyor.
Herkese açıldığı zaman çok ciddi hacimlere ulaşacaktır.
Sağda solda gereksiz perp projelerinde paranızı harcamak yerine bence burayı bekleyin!!

🔺️ @StandX_Official tarafında piyasanın bu pozitif durumunda olabilecek bir TGE süreci projeye ve bizim kazanç hanemize çok olumlu yansıyacaktır.

🔺️ @Loafmarkets tarafında ödüllü yeni testnet sürecini bekliyoruz.
Bu turda daha fazla ödül ve daha fazla kazanan olacağını daha önce duyurmuşlardı.

Bol Şans 💙

[M @mertgvar]

@ProMint_X bro can i come in this group i have 500 m usd volume already

[M @mertgvar]

They’ll effectively operate as a single layer. On the swap side, a $1M market order costs just 0.0039% in fees — an exceptional rate. Compared with CEXs and perp DEXs where total fees and slippage can reach around 0.045%, both trading volume and users could migrate toward Variational. With Pro Mode launching as well, I expect the platform’s growth to accelerate significantly.

[M @mertgvar]

@StandX_Official tge ?

[M @mertgvar]

@Arn_Wintermute check dm pl

[M @mertgvar]

Different venues, same mission.

Variational → $427.11M volume
Arcus → $4.14M volume / #67
Testing liquidity, execution and market structure where it actually matters: with real size.

The perp DEX grind continues.

Variational × Arcus.

[M @mertgvar]

@shadowofintent3 I think once the selling pressure eases after TGE, the Pro launch could push it to a $4–5B FDV.

[M @mertgvar]

@StandX_Official "As you keep delaying the TGE, TVL and all the [vaults] are dropping.''

[M @mertgvar]

@variational_io https://t.co/pshyCvCFX8 You can start at silver tier with %15 booster

[M @mertgvar]

@variational_io https://t.co/pshyCvCFX8 You can start at silver tier with %15 booster

[M @mertgvar]

@fiyalkin @variational_io

[M @mertgvar]

@saylor If you had the chance, you'd sell the bitcoin in your food and say we increased our USD reserves, you son of a bitch.

[muar @muarmemuar]

Top 5 Perp DEXs by Open Interest:

Hyperliquid ($HYPE) - $10.7B OI, $54B FDV
Aster ($ASTER) - $1.9B OI, $4.8B FDV
Variational - $1.4B OI
Lighter ($LIT) - $854M OI, $2.4B FDV
GRVT ($GRVT) - $350M OI, $302M FDV

If we value Variational using the FDV/OI multiples of other perp DEXs:

Average multiple: 2.81x
Excluding Hyperliquid: 2.07x

That would imply:

$2.9B FDV at a 2.07x multiple
$3.9B FDV at a 2.81x multiple

For the bear case, using GRVT's 0.86x FDV/OI multiple, the implied valuation is around $1.2B FDV.

Based on current comps, a $3-4B FDV for Variational doesn't seem unreasonable if it can sustain its current OI.

[M @mertgvar]

You’re one of the reason Bitcoin is stuck in a bear market. As long as you’re holding that much BTC, it’ll never become truly decentralized. If one person owns such a huge chunk of an asset, what’s even the point of it going up or down?

You’re so panicked that you bought at an average of $76,000 and then sold at $60,000. In that case, maybe you shouldn’t have bought so much in the first place. 😂

[M @mertgvar]

@Doddy_cz @saylor @grok What is the average price of Michael Saylor's Bitcoin buy?

[M @mertgvar]

@Loafmarkets vessel trading , vendor trading

[M @mertgvar]

Maybe, yes. I also have another question regarding the bear market and the airdrop.

I currently have around 3,000 points on Variational , and I expect to reach about 3,500 by the end of the season. My main question is this: if the platform generates around $35 million in annual revenue and has raised $61 million in funding, how are they going to distribute a $300–400 million airdrop?

The market conditions are very different from when Hyperliquid, Aster, and Lighter launched, so I’m struggling to understand how such a large airdrop would be sustainable.

Also, if each point ends up being worth around $25, they would need to distribute roughly $200 million worth of tokens just for the airdrop. How would that be possible?