$MU $DRAM Micron just demonstrated the world's first 512GB DDR5 RDIMM running at 9200 MT/s, best in class product, just hits week. AMD and Intel are validating it now for their next gen platforms. Volume production targets 2H 2027. One 512GB stick draws 16W versus 44.2W for the four 128GB modules it replaces. Over 60% less power for the same capacity.

Welcome back to another Variational biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.34.0. ➡️ Added in-app announcement page. ➡️ Improved margin usage display. ➡️ Improved notification display. ➡️ Other miscellaneous UI improvements. METRICS ➡️ Total Volume Traded: $339.75B ➡️ Current Dual-Sided OI: $1.83B ➡️ TVL (Excludes OLP Hedging Accounts): $236.12M ➡️ Total Markets Currently Listed: 552 ➡️ Total Rewards Claimed: $8,275,215 ➡️ Total Losses Refunded (Sunset): $4,559,196 ➡️ Total Referral Rewards Claimed: $3,716,019 ➡️ 2w Spreads Paid (Gross Revenue): $4,570,970 ➡️ 2w Net Revenue: $2,479,527 ➡️ 2w Rewards: ($211,814) ➡️ Referral Rewards: ($211,814) ➡️ 2w Net Profit: $2,267,713 ➡️ Protocol Treasury: $914,194 ➡️ OLP PnL: $1,353,519 ➡️ Lifetime OLP PnL: $19,787,369 ➡️ Current Protocol Treasury Holdings: 8,274,637 USDC We appreciate your continued trust and support!

Welcome back to the Variational biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.17.1. ➡️ Added initial Phase 1 RWA markets to testnet for public testing. METRICS ➡️ Total Volume Traded: $219.08B ➡️ Current Dual-Sided OI: $740.07M ➡️ TVL (Excludes Some OLP Hedging Accounts): $104.0M ➡️ Total Tokens Currently Listed: 456 ➡️ Total Rewards Claimed: $6,945,522 ➡️ Total Losses Refunded (Sunset): $4,559,196 ➡️ Total Referral Rewards Claimed: $2,386,326 ➡️ Daily Active Users (avg. over past week): 8,389 ➡️ Weekly Active Users: 14,773 ➡️ 2w Spreads Paid (Gross Revenue): $1,687,700 ➡️ 2w Market Making Costs (Cost of Revenue): ($1,011,619) ➡️ 2w Net Revenue: $676,081 ➡️ 2w Rewards: ($81,710) ➡️ Referral Rewards: ($81,710) ➡️ 2w Net Profit: $594,371 ➡️ Protocol Treasury: $337,540 ➡️ OLP PnL: $256,831 ➡️ Lifetime OLP PnL: $12,980,541 ➡️ Current Protocol Treasury Holdings: 2,070,935 USDC

We entered AIRA₃ with an ensemble of models in the live competition, and also assessed it with several others post-hoc. The 8th ranked gold medal entry ensemble was a combination of GPT 5.5 (w/ OpenCode) + Claude 4.8 (w/ ClaudeCode). Post-hoc we assessed with Muse Spark 1.2 (w/ MuseCode), which also performed at a Gold Medal level, as well as Muse Spark 1.1 (w/ OpenCode) and GLM 5.2 (w/ OpenCode), both of which achieved Silver Medal level performance. The post-hoc submissions were also graded externally on the same private test set as those made during the live competition.

Digital Credit - Weekly Close (Sep. 4) Both treasuries went shopping: it was announced on Monday that 6,400+ bitcoin:native had been added between Strategy and Strive. This week, the commons stole the attention and kept running. 🚀 @Strategy is buying again... • $MSTR advanced +12.2% w/w to $142.80. Announced its biggest BTC buy since May, 4,603 BTC at ~$80,318. Net mNAV grew to 1.15x, its richest in six months. 📈 • $STRC ended at $97.75 (+0.4% w/w), 12.3% effective yield. Another $152M repurchased was announced, bringing their buyback program to a total of ~$635M. The @Strive machine kept compounding... • $ASST +24.8% w/w to $27.14, bringing net mNAV 2.22x vs 1.81x a month ago. 👀 • $SATA back above par at $100.01 (+0.3% w/w), 13.0% effective. The ATM funded 1,800 BTC (+8.4% BTC yield in one week) purchase last week and shorts still pay 31%/yr to fight it. Wild... Where digital credit closed, updated daily:

Digital Credit - Weekly Close (Aug. 28) Follow-through week: the commons extended the rally, the credit stack stayed bid, and the shorts headed for the exits. @Strategy went on offense... • $MSTR +6.8% w/w to $127.31, Net mNAV back above water at 1.06. Raised ~$2.0B this week: USD reserve now $6.7B, or 3.9 years of obligations in cash. • $STRC ended at $97.33 (+1.2% w/w), its third straight best weekly close, 12.3% effective yield. The @Strive re-rate continued... • $ASST +19.3% w/w to $21.74, Net mNAV stretched to 1.86x vs 1.56x a month ago. The squeeze resolved: shorts covered from ~30% to ~24% of float and days to cover fell from 5.5 days to 2.0 days. • $SATA $99.75 (-0.3% w/w), 13.0% effective yield. The SATA ATM funded 1,110 BTC this week (+5.5% BTC yield in one week) and the shorts that remain are paying 35.2%/yr. Where digital credit closed, updated daily: