Life is a game of poker and chess yet most niggas be moving like pawns and jokers

I find something strangely profound about how polar bears always have this look of boyish innocence to them no matter what the context is. Even covered in the blood of his prey, the bear looks like a silly little guy. Much to learn.

You chose your emotions!

Ella y yo un día antes de dejarnos de hablar para siempre

Bro I’m crying😂😂😂

Short videos are great, but we're consuming way more than we want to. On this particular issue, government should step in to help those who cannot help themselves. 1/

having a job is like holding 0.00001 % of a shitcoin while you work your bags the hardest and the dev owns 99% of the supply and only he is allowed to sell plus your tokens are locked until you’re 65 and by then the dev has already rugged the project

Daily Cat #749

im going to switch up on all of you real soon

Yeah I got a disability DIS ABILITY TO MAKE MONEY NIGGA We’re so fucking back

The Sam Hyde Show: No Half Measures with @brutedeforce

Con esa misma cara me miraba usuario no encontrado un día antes de desaparecer de mi vida

*Enviado hace 12 horas* Historia hace 58 segundos.

gambling on new pairs isn't locking in, its being lazy and offloading the cognitive burden. its harder to find real conviction than it is to rip a lottery ticket. if someone said they were going to lock in as they sports bet/traded options you'd look at them the same way a small port has less market impact, more nimble, many more advantages than a large port. the concept of "not enough size" is relative framing vs CT that is poisoning ppls process and returns

“mein goyslayer, he’s at walmart with his 200% polyester idgaf fit” “deploy his high school crush”

We are officially about 1 month away from the @variational_io points program ending. The final date it can ever end is 30 September, as written in the docs. So we have 36 trading days left before the explicit point program ends. To begin, Variational is still in private beta, meaning you need a referral code to trade on it. The floodgates when it goes public are still unclear, but gauging from previous Perp DEXes like @Lighter_xyz, activity level spikes another 30-50% (dependent on market conditions ofc) after public mainnet launches, where everyone can just connect a wallet and trade. This post aims to take a jab at what @variational_io implied fair value looks like. I personally think @Polymarket odds are too conservative, and this post aims to explain the "how" and the "why." Firstly, Variational’s Omni product charges 0% maker/taker fees. It is not a fee-based CLOB like @HyperliquidX. Second, it uses a novel RFQ model where there is only 1 single counterparty against all traders called Omni Liquidity Provider (OLP). The benefits of OLP are to have full autonomy over maker flows, the ability to keep quotes tight, and all without the typical retainer deals with independent market makers that generally require token allocation and subsidies for providing liquidity to taker flow. OLP’s model allows for these excess returns to be kept within the ecosystem, not to market makers, which is why they were able to innovate on things like loss refunds, spread rebates, and many more. Aside from OLP’s single counterparty innovation, the next important question is: how does Variational make money? It has zero maker and taker fees, just like Lighter and other zero-fee Perp DEXes. They monetise via spread capture: trades settle against a single in-house counterparty (OLP), which nets the bid-ask spread instead of clipping an exchange fee. A little more info on how RFQ work on Variational: Unlike CLOB DEXes, the Variational protocol uses Request-for-Quote (RFQ), where traders (takers) request a price and the maker (OLP) responds with executable quotes. This specific model allows Omni to capture spread revenue that is usually leaked to external market makers, making it multiple times more profitable per dollar traded than any other exchange. This is the real difference from Lighter/Aster model. Now that we understand how Variational makes money, let’s look at how we can value Variational Omni from two distinct lenses: 1. Open Interest-to-Market Cap + Open Interest-to-FDV, anchored to Lighter and Aster as the closest comps: Variational’s current metrics at the point of writing: $1.47B OI, $27.3B 1-month volume (~$328B annualised). If we use Aster and Lighter as the main comparisons, this is what it looks: @Aster_DEX OI/MCAP multiple: 1.23x OI/FDV multiple: 0.42x @Lighter_xyz OI/MCAP multiple: 1.32x OI/FDV multiple: 0.33x Using the above, we reach an average implied market cap valuation of $1.15B and an average implied FDV valuation of $3.9B. 2. Revenue Multiple Comparison Since there is no fee line to multiply for Variational, we once again compare to the closest peer. On a 1-month basis, Lighter’s take rates run 0.64bps while Aster’s take rates run 0.88bps on average. For context, Hyperliquid’s take rates run 1.93bps. If we apply this range of assumptions to Variational’s ~$328B annualised volume, we reach an implied market cap valuation range of $1.66B-$2.5B and an implied FDV valuation range of $5.6-$8.4B. The above implied circulating market cap calculation is estimated based on a 25-30% float at TGE, which is in line with peers like Hyperliquid, Aster, and Lighter. Based on the two lenses of comparison, the fundamentals point towards a $3.5-$4B FDV base case. The only reason why Polymarket’s implied valuation is still conservative is likely due to traders treating the above metrics as being “inflated by incentives” at the moment. That is absolutely fair, as metrics are beefed up to an extent during this current growth stage of user acquisition (and hopefully retention). Even if we take a 25% discount on the base case, that still implies a $2.6B-$3B FDV. Now, this is just an implied valuation snapshot based on what Variational metrics is today. As new products like Swaps get rolled out, public mainnets go live, API trading rolls out, and longer-term Variational Pro, which targets an even larger TAM, things can change extremely quickly. Aside, the eventual $VAR value-accrual design (e.g., buyback mechanism/tokensinks) and initial float are still unclear. So take this with a pinch of salt. This post is an attempt to nail down a “fair value” for Variational right now in an objective manner. If this was in any way helpful, I would highly appreciate a Like or RT. Also, I think even at this stage of the points program, the risk-reward relative to an early, unproven Perp DEX is still much better on @variational_io if you start using it in a meaningful way. If you are interested after reading the above, I have the best boost for you to get started. Code: OMNIIBDAO omni.variational.io/?ref=OMN… - 18% points boost for referrals (the highest ever you can find out there) – applies to everyone who used my code before; it will be updated and reflected. - Auto-grants you SILVER (gives you an additional 1% points boost) tier for 90 days upon signing up - Total boost of 19% to all the points you are earning Also, shoutout to @0xdefidaniel's dasboard for helping me come up with some of the calculations above. It's the best Variational dashboard out there so far. Do check it out! variational.money/#landing Disclaimer: Views here are my own. I am actively trading on Variational, and no, this is not a paid post. I do not operate in that manner. This is also not investment advice and is purely for educational purposes only.