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@0xBaseee

just a delusional degen trying to make a living off magic internet money

Katılım Haziran 2022
6.4K Takip Edilen20.6K Takipçiler
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Base@0xBaseee·
$100 per Variational point is no hot take anymore. Looking at the data, it's quite realistic. Variational generated $2.2M in revenue over the past two weeks — 50% more than Lighter in the exact same timeframe. Open interest has been consistently 30% higher than Lighter as well. And APIs are not even live yet. $LIT is currently trading at a $1.7B FDV. So based on revenue and open interest alone — the two most important metrics for a perp DEX — $VAR should already be valued at $2.5B FDV if it launched today. Without counting in any further growth between now and TGE. But here is what makes this even more compelling. Variational launched RWA markets only 3 weeks ago and is already a top 2 RWA venue by open interest behind Hyperliquid. The RFQ model allows them to list new markets at an insane speed while maintaining tight spreads on each one. They simply plug into existing TradFi liquidity like a broker, instead of bootstrapping liquidity on every single pair. It's cheaper, faster and infinitely more scalable. It took Hyperliquid 8 months to list 100 RWA markets. Variational is doing the same in 3 months. Almost 3x faster — while Phase 2 isn't even live yet. Do you realize how huge this is? The amount of attention Hyperliquid is already getting from TradFi and major news outlets like WSJ and CNBC confirms that 24/7 tradable on-chain RWAs are the future. TradFi wants to trade during off-hours and weekends when something big happens — a war, a rate decision, a sudden change on a pre-IPO. And the only way to do that right now is on-chain. Those who can offer the most markets with the tightest spreads will win the race and become the venue where price discovery happens on off-hours and weekends. For now it's Hyperliquid. But I believe that changes within the next 6-12 months. CLOB DEXs like Hyperliquid simply can't compete with RFQ at scale. And do you remember what drove $HYPE's insane run over the last few months? Exactly — the growth of on-chain RWAs aka HIP-3. $HYPE pumping higher raises the ceiling for the entire perp DEX sector. I expect $VAR to launch at minimum 5% of $HYPE's valuation, which implies a $3-3.5B FDV today. $LIT launched at 10% of $HYPE back then — with no clear USP and no RWA markets live. At 9M total points and a 25-30% genesis airdrop, Variational points will be worth over $100. It's pretty obvious that Variational will be the biggest airdrop of this year. You have 3 months left to earn as many points as you can. You need an invite code 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: omni.variational.io/?ref=OMNIBASES…
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Base@0xBaseee·
@Crypto_tIdr - Private beta (invite-only) - no APIs yet - 25k daily active accounts - daily volume below 1B while open interest is at 1.3B
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Houdini.hl
Houdini.hl@Crypto_tIdr·
@0xBaseee just my intuition.. seeing lots of ppl posting about it makes me think the ref's are more important here. could still be worth it idk.
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Houdini.hl@Crypto_tIdr·
'Variational is heavily underfarmed right now.' i doubt that
Base@0xBaseee

Earned +357 points this week on @variational_io and crossed 4,000 points in total. Generated ~$6M in volume this week, mostly scalping $HYPE and $MU. Volume is the secret sauce for points — it's the most important metric from my experience, and other traders I've talked to noticed the same thing. If you want to optimize, focus on RWAs and low caps, since these tend to get rewarded with more points. On the product side, Variational just dropped a new UI, and it looks absolutely sick. SWAPs are also coming very soon, which will significantly reduce spreads on RWAs. Right now is the moment to capitalize, since APIs aren't live yet. Once they go live, quants and bots will flood in and competition for points will get much tougher. Zooming out: although the broader crypto market is down, perp dex tokens like $HYPE and $LIT are outperforming. Capital is clearly rotating toward revenue-generating protocols — and that shift is very bullish for $VAR, especially since Variational already has higher open interest and net revenue than Lighter, which is currently trading at a $2.5B FDV. Based on metrics alone, $VAR should be launching above $LIT — implying $100+ per point, considering a 25-30% genesis drop. At a cost of ~$5 per point, the risk/reward is still insanely good. Points distribution ends in 8-10 weeks. 24h trading volume today is below $800M, which is remarkably low given OI sits at $1.25B. Variational is heavily underfarmed right now. That's exactly why I'm doubling down before APIs go live. If you haven't joined Variational yet, change that now. It's the best risk/reward airdrop play out there, by far. 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%): omni.variational.io/?ref=OMNIBASES…

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Base@0xBaseee·
@0xMasterPo @DidiTrading Swaps will heavily reduce spreads on RWA markets soon (at least 20% improvement). Variational still has the best execution cost on majors compared to any other dex right now if you don’t clip millions at once.
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Po 🐼@0xMasterPo·
I like your optimism but you sure about the execution costs argument? The slippage and spread eats into the PnL much worse than a CLOB. You can put limit orders but they are not filled easily and since there is no live orderbook you cannot see what’s exactly is going on. I say this with my own personal experience. I was also pissed with Lighter early on when they had a very substandard product but over time they made it very good. Now you can say variational is a new dex but coming from using Hyperliquid and Lighter just creates a lot of friction. I say this not to dunk but to get the product better. I am farming variational somewhat but not at the levels I farmed Lighter just because of UX. I want it to be better but things haven’t been as expected. Lets see
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Didi
Didi@DidiTrading·
Day 558: Once an airdrop becomes the obvious farm, that's usually the moment you're the one getting farmed. The last 3 months I farmed Lighter were actually -EV. The last few weeks, my farming cost was around $54/point while OTC traded at $100/point. It looked like a great deal, but in reality it was the equivalent of buying $LIT at a $2.7B FDV. I think the same thing is happening with Variational. Most people are farming at a cost of $15/point while OTC trades around $20. You're basically buying $VAR at a -20% discount to current valuation. No offense to either project, but the real money is made before a farm becomes the general consensus. Find protocols with strong teams and incentives that nobody is talking about yet. That's where the big money is made.
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Base@0xBaseee·
@x256xx @0xMasterPo @DidiTrading True, but I wanna spread knowledge, there is enough for many people to eat. 99.9% of readers will fade anyways, as every airdrop.
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Base@0xBaseee·
First of all, we're still 3-4 months away from TGE — OTC prices can change and are nowhere near as inflated as $LIT OTC prices were back then. Your second argument doesn't make any sense. Just because Hyperliquid has more users right now doesn't mean Variational can't gain market share against them, especially when they're coming up with a far better solution for on-chain RWAs, with much lower execution costs than any CLOB DEX like Hyperliquid can offer. Don't you think traders will want to trade on Variational in the future if execution costs for the same RWA assets are significantly lower than on any other DEX? The perp dex pie as a whole will also grow a lot going forward, as CEXs are scams and we're seeing major TradFi players move to DEXs (e.g., Robinhood and eToro). You also mentioned Lighter flipping Hyperliquid in volume before TGE, which is true — but volume is a far more manipulable metric than open interest and net revenue. Lighter was nowhere close to reaching Hyperliquid's open interest and revenue. And just FYI, Variational hasn't enabled APIs yet and is still in private beta (invite-only), so everyone is still trading manually — no bots or market makers. Considering this, it's very impressive and a clear sign of strength that Variational has still managed to surpass Lighter in open interest and net revenue, months before TGE, while $LIT is trading near a $3B FDV. Points are massively mispriced, and you'll regret fading this opportunity a few months from now. Variational is an IQ test — those who understand why it's different from other perp dexs will be rewarded with generational wealth. For those who haven't joined Variational yet, you need an invite code anyway since it's still in private beta, so you might as well use the one with the best perks. Use code OMNIBASESOL for the highest available points boost (15% instead of the usual 12%): omni.variational.io/?ref=OMNIBASES…
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Po 🐼@0xMasterPo·
Don’t think at TGE they will be worth way more than $20. OTC prices gave a somewhat fair idea of where price per point may end up. LIT struggled to go near late stage OTC prices before TGE. Also even though Variational is trying to carve a unique positioning now in perps space but we already have couple of really large players in it and unless the total DEX pie increases the valuation may not be crazy. Also I have seen a lot of people say that Variational current OI and volume is way higher than current Lighter stats but just before TGE I remember Lighter even flipped Hyperliquid in volume for a couple of days.
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Base@0xBaseee·
Earned +357 points this week on @variational_io and crossed 4,000 points in total. Generated ~$6M in volume this week, mostly scalping $HYPE and $MU. Volume is the secret sauce for points — it's the most important metric from my experience, and other traders I've talked to noticed the same thing. If you want to optimize, focus on RWAs and low caps, since these tend to get rewarded with more points. On the product side, Variational just dropped a new UI, and it looks absolutely sick. SWAPs are also coming very soon, which will significantly reduce spreads on RWAs. Right now is the moment to capitalize, since APIs aren't live yet. Once they go live, quants and bots will flood in and competition for points will get much tougher. Zooming out: although the broader crypto market is down, perp dex tokens like $HYPE and $LIT are outperforming. Capital is clearly rotating toward revenue-generating protocols — and that shift is very bullish for $VAR, especially since Variational already has higher open interest and net revenue than Lighter, which is currently trading at a $2.5B FDV. Based on metrics alone, $VAR should be launching above $LIT — implying $100+ per point, considering a 25-30% genesis drop. At a cost of ~$5 per point, the risk/reward is still insanely good. Points distribution ends in 8-10 weeks. 24h trading volume today is below $800M, which is remarkably low given OI sits at $1.25B. Variational is heavily underfarmed right now. That's exactly why I'm doubling down before APIs go live. If you haven't joined Variational yet, change that now. It's the best risk/reward airdrop play out there, by far. 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%): omni.variational.io/?ref=OMNIBASES…
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Base@0xBaseee·
@fluck_hl @variational_io its defo less, cause you paying way lower spread than on HYPE. I would say like 10-20 ppm on BTC compared to 35 ppm on HYPE
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Base@0xBaseee·
@spacexbt in jugg as well, what's the quick thesis on vex?
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space Ξ
space Ξ@spacexbt·
You do not fade one of the goats in this industry simply a skill issue if you cannot adapt to another chain
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Base@0xBaseee·
@koolkrypto223 @skyiszen Hmm interesting, same with revenue/FDV ratio? And where do you realistically see DRV if the gap to catch up with HYPE and LIT ratio is just 2-3x?
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KoolKrypto@koolkrypto223·
@0xBaseee @skyiszen It's a better ratio than both HYPE and LIT on 30d fees (annualized)/FDV. Considerably better actually, 29.3x for ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be vs ~80x for $HYPE and $LIT
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Nacho
Nacho@ElNachoCrypto·
@0xBaseee @variational_io no better feeling that holding a decent stack of points with everything unfolding as it is gvar
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Nacho@ElNachoCrypto·
busy week here's your 30s update on @variational_io for 10th july gvar
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Base@0xBaseee·
@skyiszen quick tldr? last time I checked their fees/fdv ratio it wasn't that convincing
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Sky@skyiszen·
CT has a habit of letting you know they bought something after it has gone up a lot. Wanting to get this out here while it has, imo, extremely favorable R/R. DRV: derive.xyz I will post a write up on this in the coming days.
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Base@0xBaseee·
@JoestarCrypto love the new UI as well x.com/0xBaseee/statu…
Base@0xBaseee

Earned +357 points this week on @variational_io and crossed 4,000 points in total. Generated ~$6M in volume this week, mostly scalping $HYPE and $MU. Volume is the secret sauce for points — it's the most important metric from my experience, and other traders I've talked to noticed the same thing. If you want to optimize, focus on RWAs and low caps, since these tend to get rewarded with more points. On the product side, Variational just dropped a new UI, and it looks absolutely sick. SWAPs are also coming very soon, which will significantly reduce spreads on RWAs. Right now is the moment to capitalize, since APIs aren't live yet. Once they go live, quants and bots will flood in and competition for points will get much tougher. Zooming out: although the broader crypto market is down, perp dex tokens like $HYPE and $LIT are outperforming. Capital is clearly rotating toward revenue-generating protocols — and that shift is very bullish for $VAR, especially since Variational already has higher open interest and net revenue than Lighter, which is currently trading at a $2.5B FDV. Based on metrics alone, $VAR should be launching above $LIT — implying $100+ per point, considering a 25-30% genesis drop. At a cost of ~$5 per point, the risk/reward is still insanely good. Points distribution ends in 8-10 weeks. 24h trading volume today is below $800M, which is remarkably low given OI sits at $1.25B. Variational is heavily underfarmed right now. That's exactly why I'm doubling down before APIs go live. If you haven't joined Variational yet, change that now. It's the best risk/reward airdrop play out there, by far. 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%): omni.variational.io/?ref=OMNIBASES…

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Joestar⭐
Joestar⭐@JoestarCrypto·
When I started telling everyone to use Variational last October everyone said : "I logged in, saw the UX, then logged off, it's really bad" That cost them a huge opportunity because they thought bad UX was a red flag It's actually a green flag because it means the team is focused on the backend for now, they have plenty of time to improve the frontend later, and that's exactly what happened here Amazing job on the new frontend, got a nice surprise today
Variational@variational_io

A brand-new Variational UI is now live, featuring reworks of each page of the app and an improved mobile experience with PWA support.

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Base@0xBaseee·
@variational_io variational is generational! x.com/0xBaseee/statu…
Base@0xBaseee

Earned +357 points this week on @variational_io and crossed 4,000 points in total. Generated ~$6M in volume this week, mostly scalping $HYPE and $MU. Volume is the secret sauce for points — it's the most important metric from my experience, and other traders I've talked to noticed the same thing. If you want to optimize, focus on RWAs and low caps, since these tend to get rewarded with more points. On the product side, Variational just dropped a new UI, and it looks absolutely sick. SWAPs are also coming very soon, which will significantly reduce spreads on RWAs. Right now is the moment to capitalize, since APIs aren't live yet. Once they go live, quants and bots will flood in and competition for points will get much tougher. Zooming out: although the broader crypto market is down, perp dex tokens like $HYPE and $LIT are outperforming. Capital is clearly rotating toward revenue-generating protocols — and that shift is very bullish for $VAR, especially since Variational already has higher open interest and net revenue than Lighter, which is currently trading at a $2.5B FDV. Based on metrics alone, $VAR should be launching above $LIT — implying $100+ per point, considering a 25-30% genesis drop. At a cost of ~$5 per point, the risk/reward is still insanely good. Points distribution ends in 8-10 weeks. 24h trading volume today is below $800M, which is remarkably low given OI sits at $1.25B. Variational is heavily underfarmed right now. That's exactly why I'm doubling down before APIs go live. If you haven't joined Variational yet, change that now. It's the best risk/reward airdrop play out there, by far. 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%): omni.variational.io/?ref=OMNIBASES…

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Variational
Variational@variational_io·
Welcome back to the Variational biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.21.0. ➡️ Completely reworked UI (“v3”) ➡️ Leaderboard performance improvements. ➡️ Preparations for isolated margin. ➡️ Various UX fixes. METRICS ➡️ Total Volume Traded: $266.99B ➡️ Current Dual-Sided OI: $1.26B ➡️ TVL (Excludes OLP Hedging Accounts): $160.50M ➡️ Total Markets Currently Listed: 506 ➡️ Total Rewards Claimed: $7,507,896 ➡️ Total Losses Refunded (Sunset): $4,559,196 ➡️ Total Referral Rewards Claimed: $2,948,700 ➡️ Daily Active Users (avg. over past week): 9,820 ➡️ Weekly Active Users: 16,636 ➡️ 2w Spreads Paid (Gross Revenue): $3,069,800 ➡️ 2w Market Making Costs (Cost of Revenue): ($1,652,505) ➡️ 2w Net Revenue: $1,417,295 ➡️ 2w Rewards: ($148,583) ➡️ Referral Rewards: ($148,583) ➡️ 2w Net Profit: $1,268,712 ➡️ Protocol Treasury: $613,960 ➡️ OLP PnL: $654,752 ➡️ Lifetime OLP PnL: $15,619,555 ➡️ Current Protocol Treasury Holdings: 4,662,552 USDC We appreciate your continued trust and support!
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Base@0xBaseee·
@Cosmyn_23 @variational_io lookin gud x.com/0xBaseee/statu…
Base@0xBaseee

Earned +357 points this week on @variational_io and crossed 4,000 points in total. Generated ~$6M in volume this week, mostly scalping $HYPE and $MU. Volume is the secret sauce for points — it's the most important metric from my experience, and other traders I've talked to noticed the same thing. If you want to optimize, focus on RWAs and low caps, since these tend to get rewarded with more points. On the product side, Variational just dropped a new UI, and it looks absolutely sick. SWAPs are also coming very soon, which will significantly reduce spreads on RWAs. Right now is the moment to capitalize, since APIs aren't live yet. Once they go live, quants and bots will flood in and competition for points will get much tougher. Zooming out: although the broader crypto market is down, perp dex tokens like $HYPE and $LIT are outperforming. Capital is clearly rotating toward revenue-generating protocols — and that shift is very bullish for $VAR, especially since Variational already has higher open interest and net revenue than Lighter, which is currently trading at a $2.5B FDV. Based on metrics alone, $VAR should be launching above $LIT — implying $100+ per point, considering a 25-30% genesis drop. At a cost of ~$5 per point, the risk/reward is still insanely good. Points distribution ends in 8-10 weeks. 24h trading volume today is below $800M, which is remarkably low given OI sits at $1.25B. Variational is heavily underfarmed right now. That's exactly why I'm doubling down before APIs go live. If you haven't joined Variational yet, change that now. It's the best risk/reward airdrop play out there, by far. 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%): omni.variational.io/?ref=OMNIBASES…

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Base@0xBaseee·
@CallumOnCrypto @variational_io insane callum, congrats! on my way to 5k as well x.com/0xBaseee/statu…
Base@0xBaseee

Earned +357 points this week on @variational_io and crossed 4,000 points in total. Generated ~$6M in volume this week, mostly scalping $HYPE and $MU. Volume is the secret sauce for points — it's the most important metric from my experience, and other traders I've talked to noticed the same thing. If you want to optimize, focus on RWAs and low caps, since these tend to get rewarded with more points. On the product side, Variational just dropped a new UI, and it looks absolutely sick. SWAPs are also coming very soon, which will significantly reduce spreads on RWAs. Right now is the moment to capitalize, since APIs aren't live yet. Once they go live, quants and bots will flood in and competition for points will get much tougher. Zooming out: although the broader crypto market is down, perp dex tokens like $HYPE and $LIT are outperforming. Capital is clearly rotating toward revenue-generating protocols — and that shift is very bullish for $VAR, especially since Variational already has higher open interest and net revenue than Lighter, which is currently trading at a $2.5B FDV. Based on metrics alone, $VAR should be launching above $LIT — implying $100+ per point, considering a 25-30% genesis drop. At a cost of ~$5 per point, the risk/reward is still insanely good. Points distribution ends in 8-10 weeks. 24h trading volume today is below $800M, which is remarkably low given OI sits at $1.25B. Variational is heavily underfarmed right now. That's exactly why I'm doubling down before APIs go live. If you haven't joined Variational yet, change that now. It's the best risk/reward airdrop play out there, by far. 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%): omni.variational.io/?ref=OMNIBASES…

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Callum
Callum@CallumOnCrypto·
Weekly @variational_io Points are out! 4,534 / 5,000 for me █████████████████░░░ 91% 466 to go to my goal Each week that passes I get more bullish Hard to see many opportunities in crypto better than farming Variational Access: omni.variational.io/?ref=OMNICALLUM
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Keşfet

@Crypto_tIdr @0xMasterPo @DidiTrading @x256xx @0xdefidaniel @variational_io @fluck_hl @spacexbt