Thanks to everyone who joined! Glad to kick off a content series on how Variational Pro will bring trillions of dollars in institutional trading on-chain across rates, options, and other derivatives. As @andyyy says, "be more bullish."

A year and a half ago, we launched Omni to bring broker-style trading on-chain. Back then, we got excited about hitting $1M in daily volume. As we relentlessly iterated on our product with UI redesigns, spread improvements, new order types, and more listings, our user base grew exponentially. Eventually, we started seeing $10M, $100M, $500M, $1B+ days. Now, Omni is one of the largest on-chain trading venues by any metric: $3B+ in daily volume and nearly $2B in open interest. More than half of the platform's activity is in non-crypto markets. That rapid growth is driven primarily by swaps, our new instrument bringing TradFi liquidity on-chain. Omni was (and continues to be) shaped by the feedback of traders. Hyperliquid proved that if you do right by your community, they will do right by you. That's why 32% of $VAR is going to Variational traders at TGE, fully unlocked. No external market makers on Omni, and no points for OLP. 100% of the allocation goes to real users. We have so much left to build: trading API, 24/7 swaps liquidity, spread rebates, OLP deposits, spot markets, and Pro for options. TGE will be just the start of our journey to make Variational the best place for retail and institutions to trade any global market on-chain. I'm excited to share more about our upcoming partnerships. For now I'll just say that the wait will be worth it. See you in Q4.

For the first time, the majority of Variational's 24h trading volume is in traditional markets. Crypto perps will always be an important part of our business, but our focus remains being the go-to venue for trading TradFi markets onchain.