That's why building RWA perps in-house is much better than outsourcing it.
Reason 1: You keep 100% of the revenue as the protocol — no leaking half of it to an external team.
Reason 2, and the most important one: you're not exposed to the risk that an external team (tradeXYZ on HL, for example) one day walks away, or launches their own token that dilutes your protocol's token.
Now, I don't think Shoku would ever turn his back on Jeff and leave Hyperliquid — that wouldn't even be smart on their end, given how much they're profiting from HL's infra and distribution via builder codes.
But the risk is always there.
And here's the kicker: Hyperliquid is already leaking 50% of that revenue to XYZ.
This is exactly why I think @variational_io has the best positioning in RWA perps by far over the next few months and years.
They build everything in-house — zero leakage, zero outsourcing risk.
On top of that, their RFQ model lets them offer tight spreads across thousands of RWA markets simultaneously, something no competitor can match right now.
Here's how: instead of bootstrapping liquidity market-by-market on every new RWA listing, Variational plugs directly into deep, existing TradFi liquidity through specialized partners.
That's not just the better setup for traders chasing the lowest possible execution cost — it's also far more scalable.
People want to trade niche stocks.
Crypto natives especially crave volatility — they're not looking to just long the S&P 500.
Imagine being able to trade every stock you want, anytime (24/7/365), with 50x leverage, on-chain, on a decentralized exchange — even if its market cap is below $1B.
Think of it as the on-chain IBKR, but with a much better UI, much lower execution costs, and no regulatory bullshit.
Right now, Variational is the only place that makes this possible.
You're not bullish enough — you might not even see the full picture yet.
But I'd strongly suggest shifting at least some of your regular trading activity over to Variational while you still have a few weeks left to earn points.
Stack a few points, so you're not kicking yourself later once it clicks.
An invite code is required to access the private beta — so you might as well use the one with the best perks.
Code OMNIBASESOL gives you the highest available points boost (15% instead of the usual 12%): https://t.co/6yD90W4fuK
Brothers and sisters don’t forget each year we get at least one good memecoin season on each shiny new good chain.
If you remember Base szn for example, we had $DEGEN and $HIGHER and a few others running from $100k/1m mcap to $100/500m…
You don’t think the same couple happen on RH?
Think twice (literally)
Deposit stock + ETH into the Robistocks pool.
Next 24 hours:
Early community $ROBI allocation for everyone who LPs.
→ Lock allowlisted stock
→ Add ≥ 0.006 ETH backing
→ Pack goes live. Fees start accruing.
Don’t watch from the sidelines.
→ https://t.co/qcXKu9rgQr
Deposit stock + ETH into the Robistocks pool.
Next 24 hours:
Early community $ROBI allocation for everyone who LPs.
→ Lock allowlisted stock
→ Add ≥ 0.006 ETH backing
→ Pack goes live. Fees start accruing.
Don’t watch from the sidelines.
→ https://t.co/qcXKu9rgQr