I got invited to the private Vari Dinner in Seoul! If you're going to the Sept 30th Variational Dinner, drop a comment or send me a DM. Would love to connect with you guys before the event. Day 10/17 of why I'm bullish on @variational_io: We're talking about Omni again since I feel like I covered Pro quite extensively. Specifically, we're talking about Swaps. Swaps changed how I think about Variational. Before swaps, I already thought Vari had a pretty unique setup: - RFQ instead of a traditional order book - OLP handling liquidity and risk - 500+ markets - Omni for active traders - Pro for customizable institutional derivatives But swaps added another piece that I think is incredibly important. TradFi liquidity. On Omni, you can sometimes see two versions of the same market. For example: US500-PERP and US500-SWAP From the trader’s perspective, they can look pretty similar. Both give you leveraged exposure to US500. Both are perpetual. Both settle in USDC. The main difference is that US500 perp is built around crypto-native liquidity while NVDA swap sources liquidity from traditional financial institutions. Why's this so important? Because now Variational isn’t only creating a synthetic market on-chain and asking crypto market makers to price it, providing artificial exposure to its users. It’s starting to connect on-chain traders to the liquidity and financing infrastructure of the actual traditional market. Variational is continuing to expand its business as a platform, not just a DEX. It also fits perfectly with everything I’ve been talking about over the past 10 days. Variational started with traders and market makers. They built RFQ infrastructure, OLP, expanded into hundreds of assets, and built Pro for institutional OTC derivatives. And now they’re bringing TradFi liquidity directly into Omni through swaps. It's what they've been planning To me, the vision starts looking more like building on-chain venue where crypto-native and traditional derivatives liquidity can eventually coexist. That’s a much bigger opportunity than a standard perp DEX. And my main argument behind why I think Variational is underrated. Swaps are still early. They currently operate around traditional-market trading hours rather than 24/7, and the product has limitations that perps don't. It's because they’re connected to a fundamentally different liquidity source, but now their goal is to have 24/7 trading of swaps. So much room for growth. Tomorrow I'll go deeper into what actually makes a SWAP different from a PERP... especially funding.

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