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After the conclusion of Season 1 of EdgeX, our studio has been exploring new directions. To be honest, the delay of EdgeX has somewhat shaken our confidence, but uncertainty itself is part of this game, so choosing the next project becomes even more crucial.
First, the conclusion — we have decided to heavily invest in Variational.
Before we begin, a note: this is an internal review of our research and investment process, purely based on data and logical analysis.
**Why choose Variational? The data speaks for itself.**
In the ongoing battle of Perp DEXs, Variational has indeed been the hottest in the second half. The most direct evidence is that open interest (OI) has already surpassed $1 billion, clearly outpacing competitors besides EdgeX. After Lighter's token launch, market FUD about Perps has decreased significantly, but that also means we don’t have time to worry about the prospects of this track — the problem is quite simple: find projects that can capture market liquidity, and before deflation arrives, get your points in order.
**The killer move in liquidity capture.**
The logic behind choosing Variational is actually simple. Zero fees combined with a loss-rebate mechanism provide an absolute advantage in capturing liquidity. As early as the second half of 2025, before the public announcement of the points system and airdrop, many retail and institutional traders were already using Variational to hedge other Perp positions. This has ensured real trading volume and market share.
**Airdrop expectations and the value of points.**
Secondly, the project team’s commitments are quite clear — 50% of the token supply is directly allocated to the community. The points system is designed to be detailed and reasonable; rather than encouraging participation, it rewards genuine traders. This means the value of the points is quite high.
**The time window is still open.**
Although the difficulty of earning points is gradually increasing, we are still in the early stages. Variational has released a read-only API, but the trading API is not yet enabled, and there is no mobile app — in other words, the volume has not fully ramped up yet. Every week that passes early on gives us an additional first-mover advantage.
Allocating 50% to the community sounds great, but I'm worried it might end up dispersed among millions of people.
Is the enthusiasm not rising yet? Bro, you're speaking too early.
Once OI breaks 1 billion, I'll start heavy investing. This pace is hard to gauge.
Giving 50% to the community sounds great, but who can guarantee it won't be diluted into worthless paper like other projects?
API isn't open yet? That means the people who get in now are the most likely to get burned. I just want to see what the later entrants will say.
Breaking 1 billion in OI is a highlight, but high popularity doesn't necessarily mean profit. That logic has some issues.
Talking about early advantages has become quite tiresome to me now.
EdgeX's delay really hurts, but the fact that Variational's OI has broken 1 billion is no lie.
The value of points is truly high, but I'm just worried that inflation might come too quickly later on.
Getting in a week earlier definitely has advantages, but are we still in the early stage now? It feels like many people are already competing.