The dumbest bear take on @variational is :

"But variational isn't printing much revenue broooo"
Unlike some competitors variational has full control over its revenue capture because it takes a share of the spread
Rn they're in full growth mode so they keep spreads as tight as possible, but at some point they can gradually increase them through OLP
They don't generate revenue like your traditional perp dex, they generate it more like a market maker, which gives them much more control over revenue generation