I wrote about Variational back in October when it had $18B cumulative volume, $60M TVL and had refunded $1.33M to traders.

4 months later:
➤ Volume: $18B → $163.5B
➤ TVL: $60M → $107.6M
➤ Loss refunds: $1.33M → $4.2M
➤ OI is sitting at $705.6M (Ranked 6th across perpDEXs)

I got in early and kept farming this and the points are now at $25 each with $3.75M/week in distributions. The cheap accumulation window is gone.

The thing that made me farm it was the structure.

Zero fees, tight spreads, RFQ model with an internal liquidity provider and a loss refund system that actually works.

There's still time left until Q3 and I'm accumulating slowly.