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vinz9119
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vinz9119
@vinz9119
Crypto Enthusiast | Data Analyst | MOD at @banksea_finance @xMoonLana #Bitcoin #NFT Discord-vinz#9119
Bitcoin Katılım Temmuz 2020
3.2K Takip Edilen460 Takipçiler
vinz9119 retweetledi
SpaceX $SPCX perps are now live, with an implied market cap of $2.3T.
Trade today with zero fees and up to 5x leverage.
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vinz9119 retweetledi
These @variational_io odds won’t stay this low forever imo.
1B+ FDV is still priced at only 22%, while the project just raised a massive Series A and now has $61.8M total funding.
For a tokenless perp DEX with only 9M total points, this feels like one of the more mispriced farming setups right now.
Do you think the market is underpricing Variational too?
Full thesis below.
CapyOnChain@capy_onchain
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vinz9119 retweetledi
didn’t he just open a short position onchain?
Ansem@blknoiz06
happy new $HYPE all time highs hyperliquid
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vinz9119 retweetledi
I want to offer a nuanced response to this, because some points here are correct and some are not.
> Orderbooks like Lighter are venue for Price Discovery; where the price is set. The price is based on supply and demand.
I agree that the primary purpose of orderbooks is for price discovery: if new information comes out and HFTs need to update the price in microseconds then orderbooks allow for that. Highly dubious whether any DEXes are setup for that, but that's besides the main point.
> RFQ models like Variational is a venue for Price Taking. It literally copies the price from elsewhere; physically cannot offer better pricing than the venue it hedges on without taking directional risk.
I would say a more accurate framing is we won't be offering a worse price than the aggregate of all venues we have liquidity access to? If a venue has the deepest orderbooks in the world for a specific market we'll just integrate. Again, highly dubious whether a DEX is the primary venue for any market.
This also ignores an important point about economies of scale. We are a top 20 trader on many of the top CEXes, and get preferential fee tiers. To put this into perspective, Hyperliquid fees start at 4.5bps whereas our BTC all-in cost for the user starts at 0.3bps! That's literally a 10x difference right off the bat.
Third, in fortuitous circumstances, sometimes one user is buying and another is selling. This allows us to net out the risk without going out to a hedging venue at all. That's pure price improvement for the user.
> In orderbook: If you see a price and click buy, you get filled
There is no guarantee you get filled at a specific price, the market could've moved in the meantime. To be fair this is not unique to orderbooks, RFQs suffer from the same problem. It's just physics, it takes time to process your order.
> The MM (or OLP) looks at your request, looks at the market, and then decides if they want to take the trade.
While it is true that OLP generally doesn't want to take trades that are instantly losing if the market has shifted, important to know that in our design last look is mutual.
Users can set a slippage limit which will reject all quotes outside their price band. Note that the slippage is defined against the most recent mark price (the same that OLP is using, it doesn't have a latency edge over the user).
A trade only goes through when the taker and maker mutually find the price acceptable, which is fundamentally what markets are supposed to be about.
tervelix@tervelix
We need to stop with this nonsense of crowning RFQs over Orderbooks. I’ve written about this before but once more wanted to share Orderbooks like Lighter are venue for Price Discovery; where the price is set. The price is based on supply and demand. RFQ models like Variational is a venue for Price Taking. It literally copies the price from elsewhere; physically cannot offer better pricing than the venue it hedges on without taking directional risk. Simple math: RFQ Price = Source Price + Hedging Fees + Profit. Actually, Variational isn't even a competitor to Hyperliquid/ Lighter; it is a customer of them when you check deep. There is also the Last Look problem: - In orderbook: If you see a price and click buy, you get filled. The engine is neutral, in Lighter's case it's proved by ZK that you get the fill you intended. - In RFQ: You request a price. The MM (or OLP) looks at your request, looks at the market, and then decides if they want to take the trade. If you are profitable, the RFQ engine can simply start rejecting your quotes, can delay them or giving you worse pricing. So please stop crowning RFQs. Most they can become an aggregator of actual trading venues.
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vinz9119 retweetledi
.@Lighter_xyz OTC point price (2025)
May-Jun: $5-10
Jul-Aug: $11-20
Sep-Oct: $21-100
@variational_io point price (2026)
Feb-Mar: $5-10
Apr-May: $11-20
Jun-Jul: …?
邻山Lynn@0Xlynn03
You are not bullish enough
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vinz9119 retweetledi
vinz9119 retweetledi
133 days
19 weeks
2,850,000 points
21,929 accounts are already in. The ones who joined in 25' are celebrating Variational Summer
If you've joined Hyperliquid 19 weeks before the TGE you were still early, window is closing though
12% boost via: omni.variational.io/?ref=OMNICORGIL
CorgiI@corgil
Variational is going to be ~$100/point at $LIT launch valuation (assuming 25% airdrop) Manifesting
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vinz9119 retweetledi
Enjoyed discussing our raise, initial RWA rollout, and plans to bring TradFi liquidity on-chain on @therollupco today.
Thanks @andyyy and @robbieklages!
The Rollup@therollupco
Variational (@variational_io) Founder @variational_lvs: $50M Series A, RWA Perps, And TradFi Onchain (Why Now) Timestamps 00:00 $50M Raised 00:54 Ten Years In Quant And HFT 01:29 Q Capital Dorm Room Story 01:46 Genesis Trading Chapter 02:23 Variational Started As Prop Shop 04:08 Luna FTX Risk Lessons 05:55 Dragonfly Series A Breakdown 07:03 RFQ Not Order Book Design 09:08 Trading Global Markets Onchain 12:42 $16B Volume In 30 Days 15:58 50% Of HyperLiquid Is RWA 19:43 Zero Fee Revenue Model 25:00 Robinhood GameStop Question 28:53 Why Built On Arbitrum 32:33 Exchanges Vs Brokerage Models 36:01 100 Plus RWA Markets Coming
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vinz9119 retweetledi
$VAR points doubled overnight
OTC went from $7-11 to $30-50
@variational_io just closed the biggest DeFi raise of 2026
$50M Series A from @dragonfly_xyz, @Baincap, @coinbase
And they didn't just raise, they shipped commodities markets the same day
Gold, silver, copper, oil, all live right now
Here's why this changes everything:
CorgiI@corgil
OTC is pricing $VAR points at $7-11 But the comps say $25-140 Either the market is asleep, or I'm completely wrong Here's the math, tell me where it breaks 👇 Top perpDEXs by the numbers: ✦ @HyperliquidX: $9B OI, $8B daily vol, $5B TVL → $HYPE at $41B FDV ✦ @Aster_DEX: $2.3B OI, $2B daily vol, $1.5B TVL → $ASTER at $5.2B FDV ✦ @variational_io: $800M OI, $350M daily vol, $90M TVL → $VAR not launched yet ✦ @Lighter_xyz: $750M OI, $1.5B daily vol, $500M TVL → $LIT at $1B FDV And $VAR hasn't even shipped: ✦ 100+ RWA markets (stocks, commodities, indices) ✦ OLP vaults (HLP/LLP equivalent)
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vinz9119 retweetledi
Hey so who has a @variational_io invite code? (yeah I know I called it a scam a few months ago, my quant might have fucked up)
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vinz9119 retweetledi
The best time to trade on Variational was 6 months ago. The second best time is now.
Variational Summer
Variational@variational_io
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.
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vinz9119 retweetledi
CLOBs are not going to take us to the RWA promised land.
Today Hyperliquid owns the liquidity for a handful of RWA macro names. But outside the top 10 traded assets (which are ~90% of volume) liquidity falls off a cliff. When there's enough retail demand, order books can work. But "perps on everything" is a different problem, and TradFi solved it decades ago.
The answer isn't every venue rebuilding its own order book. That's not what Robinhood does, it's not what Schwab does, and it's not what DeFi should be doing either.
Building your own book for every asset means bootstrapping demand ticker by ticker, renting liquidity with subsidies, and ending up with thin markets that blow out 200x the moment news hits. It's like sucking the ocean of TradFi liquidity through a straw.
Variational skips all of it via the RFQ model. RFQ is how institutions like Dragonfly actually trade. In RFQ, dealers quote just-in-time and hedge on the primary venue as orders come in. This lets Variational mainline TradFi liquidity directly and mirror it on-chain. Margin in smart contracts, settlement in stablecoins, liquidity aggregated from the people who already trade on the biggest underlying markets, like the CME and NYSE.
It makes it permissionless to access the same depth and spreads the big boys get. With the cold start problem gone, new markets can ship at the speed of software.
By next year I expect RWA perps to be the biggest contract class on-chain, bigger than BTC and ETH perps combined. That's how crypto truly becomes the market for everything.
I believe the platform that wins that won't look like a traditional exchange.
Proud to lead Variational's $50M Series A.
Watch this space.
Variational@variational_io
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.
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vinz9119 retweetledi
Thrilled to work with @hosseeb and the entire @dragonfly_xyz team, alongside @BainCapCrypto @cbventures and other strategics, to bring tradfi liquidity on-chain.
This raise gives @variational_io the resources we need to land key institutional partnerships, expand our team, and list 100+ RWA perps.
Variational@variational_io
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.
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vinz9119 retweetledi
Variational just raised another $50M led by @dragonfly_xyz
It already flipped Lighter in Open Interest and will likely be n2 right after Hyperliquud
There is only 100M TVL, it's easier to farm points now than it was before
1 $VAR point = 30-50$
Time to farm it hard before rest catches up
For access and max points boost:
omni.variational.io/?ref=OMNIX256XX
Variational@variational_io
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.
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vinz9119 retweetledi
Since launching in early 2025 on the Arbitrum Platform, @variational_io has grown into one of the largest perps platforms in crypto with over $220B in cumulative trading volume.
It’s been exciting supporting the team along their journey to build one of the best perps products in crypto from the ground up.
Now they’re expanding into gold, silver, copper, and oil markets onchain - a glimpse into where programmable markets are headed.
Congrats on the raise!
Variational@variational_io
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.
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vinz9119 retweetledi
If the FDV of @variational_io at TGE is less than $1B, I'll shave my head bald
Variational@variational_io
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.
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vinz9119 retweetledi
For context
Raised until yesterday: $11.8M
Raised now: +$50M→ $61.8M total (5x increase)
This announcement will absolutely skyrocket @variational_io point valuation.
You’re not early anymore, but you’re definitely not late either, you can still join the closed beta with a 12% points bonus:
🔗omni.variational.io/?ref=OMNITOMDE…
🎟️OMNITOMDEFI
Variational@variational_io
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.
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vinz9119 retweetledi
Variational is going to be ~$100/point at $LIT launch valuation (assuming 25% airdrop)
Manifesting
CorgiI@corgil
Variational vs Lighter: - Higher OI - Higher revenue - More markets - Better execution - Better UI - Based team of giga brains, too busy building rather than shitposting like Toly or Vlad (RWA's + more⏳) $LIT launched at $3B+ and still trading at ~$900M FDV Do the math 👇
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vinz9119 retweetledi
vinz9119 retweetledi
Variational Summer Phase 1
Universal Broker Arc
Variational@variational_io
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.
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