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