New announcement from 0xmgb in Discord:
Welcome back to another Variational biweekly update!
Product
• The most recent mainnet release was v0.25.4.
◦ Added isolated margin.
◦ Added dividends information to market pages.
◦ Final preparations for swaps.
Community
• Variational crossed $500M in TradFi open interest and reached a new all-time high of $1.5B in open interest.
• We launched an “On-Chain Trader Rewards” campaign with $1M+ and 150k points in rewards to onboard accounts with on-chain trading history. Over 250 new traders had onboarded by the first distribution.
• We achieved our goal of listing 100 TradFi markets in 90 days and shared data on the adoption of TradFi markets on Variational.
• A brand-new Variational website was released.
• Isolated margin was enabled for all markets.
• Variational co-founder @ User did a live X Space to answer community questions.
Metrics
• Key Metrics
◦ Total Volume Traded: $302.23B
◦ Current Dual-Sided OI: $1.41B
◦ TVL (Excludes OLP Hedging Accounts): $177.18M
◦ Total Markets Currently Listed: 543
• Rewards Metrics
◦ Total Rewards Claimed: $7,870,436
◦ Total Losses Refunded (Sunset): $4,559,196
◦ Total Referral Rewards Claimed: $3,311,240
• Revenue Metrics
◦ 2w Spreads Paid (Gross Revenue): $3,158,920
◦ 2w Net Revenue: $1,477,153
◦ 2w Rewards: ($155,016)
◦ Referral Rewards: ($155,016)
◦ 2w Net Profit: $1,322,137
◦ Protocol Treasury: $631,784
◦ OLP PnL: $690,353
◦ Lifetime OLP PnL: $17,418,874
◦ Current Protocol Treasury Holdings: 6,336,268 USDC
We appreciate your continued trust and support @ everyone!
X (formerly Twitter)
Variational (@variational_io) on X
Variational has crossed $500M in open interest on traditional markets, accounting for more than 30% of total OI.
2August 21, 2026 324
