
Live with Nasdaq. This partnership brings us a step closer to unlocking access to global financial markets. More assets, more liquidity.
PAX Ostium
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Live with Nasdaq. This partnership brings us a step closer to unlocking access to global financial markets. More assets, more liquidity.




We’ve raised $50M led by @dragonfly_xyz to go all in on RWAs and bring TradFi liquidity on-chain. Today, we're launching Phase 1 of our RWA rollout to stress-test our infrastructure before bringing 100+ TradFi markets on-chain this summer.

We’ve raised $50M led by @dragonfly_xyz to go all in on RWAs and bring TradFi liquidity on-chain. Today, we're launching Phase 1 of our RWA rollout to stress-test our infrastructure before bringing 100+ TradFi markets on-chain this summer.




If you're wondering why $HYPE pumped to $48 while the rest of crypto (including $BTC at $76k) is dumping, here's the real reason. On May 18th, news broke that the SEC is preparing to greenlight trading of tokenized assets as early as this week. This would let people trade tokens that track regular stocks ($NVDA, $TSLA, etc.) directly on crypto platforms and perp DEXs. The key detail: these tokens don't need full shareholder rights (no voting, no dividends) and can be issued without the company's permission. So @Tesla or @nvidia don't have to approve anything. Right now, the majority of RWA perp volume sits on @HyperliquidX, mostly through @tradexyz. That flow has already driven serious fees for the protocol, which gets used for $HYPE buybacks. Once the SEC actually moves, TradeXYZ volume should keep rising, which means more fees and more buybacks. That's why $HYPE decoupled so hard. Most other perp DEXs barely have any RWA volume, so their tokens didn't react to the news. The smartest players in crypto are shifting toward sectors where attention, volume, and fees are still growing. This is precisely why $HYPE continues to outperform while the rest of the market dumps. Right now I'm looking at perp DEXs that don't have their own token yet and are actually focusing on RWA markets. The idea is to get in early and farm a potential airdrop by trading on the platform. Buying $HYPE at a $46B FDV isn't necessarily too late - the upside is still massive - but I'd rather find something in a much earlier stage. Nothing personal. A few perp DEXs (without tokens yet) that are actually leaning into RWA: TradeXYZ, @variational_io, @grvt_io, @nadoHQ, @pacifica_fi, @Ostium, @extendedapp I'm personally bullish on Variational here. They're the only one seriously planning to onboard 100+ RWA markets in the next 2-3 months. TradeXYZ is under 70 right now, and everyone else is under 20-30. You can't keep building theses around altcoins when interest in them keeps fading. The real hype right now is around tokenization and being able to trade real-world assets 24/7 onchain.


Live with Nasdaq. This partnership brings us a step closer to unlocking access to global financial markets. More assets, more liquidity.







Variational @variational_io 交易竞赛 S2 的积分分配下来了,拿了 30 多分 上周的交易积分也分配下来了,看了一下,小号基本是短持仓交易,7 万交易量拿一分;大号长持仓交易, 2 万交易量一分 现在我拿到的总积分是 2500 分,拿分效率还是太低了呀,希望到时积分价值高一点!



Welcome back to the Variational biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.17.1. ➡️ Added initial Phase 1 RWA markets to testnet for public testing. METRICS ➡️ Total Volume Traded: $219.08B ➡️ Current Dual-Sided OI: $740.07M ➡️ TVL (Excludes Some OLP Hedging Accounts): $104.0M ➡️ Total Tokens Currently Listed: 456 ➡️ Total Rewards Claimed: $6,945,522 ➡️ Total Losses Refunded (Sunset): $4,559,196 ➡️ Total Referral Rewards Claimed: $2,386,326 ➡️ Daily Active Users (avg. over past week): 8,389 ➡️ Weekly Active Users: 14,773 ➡️ 2w Spreads Paid (Gross Revenue): $1,687,700 ➡️ 2w Market Making Costs (Cost of Revenue): ($1,011,619) ➡️ 2w Net Revenue: $676,081 ➡️ 2w Rewards: ($81,710) ➡️ Referral Rewards: ($81,710) ➡️ 2w Net Profit: $594,371 ➡️ Protocol Treasury: $337,540 ➡️ OLP PnL: $256,831 ➡️ Lifetime OLP PnL: $12,980,541 ➡️ Current Protocol Treasury Holdings: 2,070,935 USDC

Fun fact: this was the 32nd biweekly update since we began posting them in February 2025. In the first biweekly update, Omni had processed $8.8M in cumulative volume.