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"We're not interested in building tech for tech's sake. We're interested in solving what on-chain users actually want to trade." Lucas Schuermann explains the dual-product vision at Variational: "On the retail side: hundreds of perps and CFDs across not just crypto, but global equities, commodities, stocks in Korea and... show more

The Rollup

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NEW: Secretary of State Marco Rubio pushes back on propaganda and lies being put out by the Iranian government on negotiations with the United States. Rubio says the U.S. will judge Iran by its actions on the water rather than its "maximalist rhetoric" coming from state TV. "What we're interested in is not their press conferences. What we're interested in is whether or not ships are moving.” “If ships are moving as they should be moving, then that's what we're going to judge, and that's what we're going to react to."

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Kevin asked the question directly: “Why would a crypto entrepreneur care more about building options than perps?” Nick's answer wasn't simply that options are another way to trade. The bigger argument is that options can unlock an entirely different layer of financial products. “I think the TAM of options is actually going to be as big if not bigger than perps in the next 5 to 10 years.” The reason is that options let you create much more precise and programmable positions. You can express a specific view on where Bitcoin or Ethereum might be weeks from now, hedge an existing position, generate yield, create structured products, or build completely different financial strategies around an underlying asset. And that's where the conversation gets interesting. The craziest part is that options may actually have stronger network effects than perpetuals. Liquidity is harder to build because options can have positions open for months, sometimes much longer. Once a platform becomes the place where that liquidity lives, traders have a much stronger reason to stay. Traditional finance already has trillions of dollars flowing through structured products, yield-generating strategies and hedging instruments that are often expensive and difficult for ordinary people to access. The thesis is that putting these products on-chain could make them more accessible, programmable and available to a much wider market. So the bet isn't simply: Options vs. Perpetuals. It's: What happens when options become the building blocks for an entirely new financial system? If that happens, it might be “As big, if not bigger than perps in the next 5 to 10 years.”

Kevin asked the question directly: “Why would a crypto entrepreneur care more about building options than perps?” Nick's answer wasn't simply that options are another way to trade. The bigger argument is that options can unlock an entirely different layer of financial products. “I think the TAM of options is actually going to be as big if not bigger than perps in the next 5 to 10 years.” The reason is that options let you create much more precise and programmable positions. You can express a specific view on where Bitcoin or Ethereum might be weeks from now, hedge an existing position, generate yield, create structured products, or build completely different financial strategies around an underlying asset. And that's where the conversation gets interesting. The craziest part is that options may actually have stronger network effects than perpetuals. Liquidity is harder to build because options can have positions open for months, sometimes much longer. Once a platform becomes the place where that liquidity lives, traders have a much stronger reason to stay. Traditional finance already has trillions of dollars flowing through structured products, yield-generating strategies and hedging instruments that are often expensive and difficult for ordinary people to access. The thesis is that putting these products on-chain could make them more accessible, programmable and available to a much wider market. So the bet isn't simply: Options vs. Perpetuals. It's: What happens when options become the building blocks for an entirely new financial system? If that happens, it might be “As big, if not bigger than perps in the next 5 to 10 years.”

The Jedi M@n 🧑‍🦯

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Kristin Smith on the biggest market in tokenization "Solana is infrastructure for issuing any kind of asset, and we want to bring more assets onchain. The biggest market we're most interested in is tokenized securities." "Over 90% of tokenized equities are on Solana. It's very easy to issue these right now. It's much harder to do the secondary side in a way that Solana could enable." Kristin Smith Solana Policy Institute Crypto In America

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Solana

141,675 Aufrufe • vor 6 Tagen

BOOM! 🚨🚨🚨 $XRP just printed one of the strongest real-world growth signals in crypto. $111 million in January. $1.14 billion today. That's the XRP Ledger's tokenized commodities value in 2026. A 920% increase in under three months. Not hype. On-chain data from RWA analytics. XRPL now sits #2 globally for tokenized commodities. Behind only Ethereum. Ahead of Polygon. Ahead of Solana. Ahead of Arbitrum. Ahead of BNB Chain. 15% of every tokenized commodity on-chain lives on the XRP Ledger. Here's why this matters for price. Tokenization brings real capital onto the network. Real capital needs liquidity. Liquidity attracts institutions. Institutions need a native settlement asset that's fast, cheap, and regulatory-clear. That's $XRP. The rails are built. The capital is flowing. Price catches up. Always does.

BOOM! 🚨🚨🚨 $XRP just printed one of the strongest real-world growth signals in crypto. $111 million in January. $1.14 billion today. That's the XRP Ledger's tokenized commodities value in 2026. A 920% increase in under three months. Not hype. On-chain data from RWA analytics. XRPL now sits #2 globally for tokenized commodities. Behind only Ethereum. Ahead of Polygon. Ahead of Solana. Ahead of Arbitrum. Ahead of BNB Chain. 15% of every tokenized commodity on-chain lives on the XRP Ledger. Here's why this matters for price. Tokenization brings real capital onto the network. Real capital needs liquidity. Liquidity attracts institutions. Institutions need a native settlement asset that's fast, cheap, and regulatory-clear. That's $XRP. The rails are built. The capital is flowing. Price catches up. Always does.

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FTX Without the Fraud Without a doubt, this is the single best article on what we are trying to achieve at QFEX, and one of the best articles I've read on crypto twitter, period. I thoroughly encourage you all to check it out for its exceptional discourse on: >crypto technologies coming to tradfi >the blurring of the lines between a cex and a dex >the real TAM of perps (it's not just crypto) >institutional adoption and regulatory clarity When I read the preview, it was so good that I knew we had to make a video alongside. Thanks to Dr. Peepee for the hard work! Today, we have listed Korean equities and instantly reached #1 in liquidity and spreads across all perps venues. I can't think of a better way to celebrate our legendary partnership with Four Pillars .

FTX Without the Fraud Without a doubt, this is the single best article on what we are trying to achieve at QFEX, and one of the best articles I've read on crypto twitter, period. I thoroughly encourage you all to check it out for its exceptional discourse on: >crypto technologies coming to tradfi >the blurring of the lines between a cex and a dex >the real TAM of perps (it's not just crypto) >institutional adoption and regulatory clarity When I read the preview, it was so good that I knew we had to make a video alongside. Thanks to Dr. Peepee for the hard work! Today, we have listed Korean equities and instantly reached #1 in liquidity and spreads across all perps venues. I can't think of a better way to celebrate our legendary partnership with Four Pillars .

ak0

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Tokenization as Infrastructure, Not a Shortcut In this clip, André Casterman explains why tokenization is best understood as an upgrade to the internet’s financial infrastructure, not a guarantee of liquidity or success. Tokenization does not create demand on its own. Liquidity still matters. What it does change is the efficiency of how value moves. Cheaper settlement. Faster transfer. Native verifiability. Stablecoins are a clear example. Instead of routing payments through correspondent banking and local clearing entities, value can move directly by transferring tokens. The asset does not need to be physically moved or reconciled across jurisdictions. The result is lower cost and less friction. Verifiability is the real unlock. Unlike physical assets, which require costly and invasive processes to prove authenticity, tokenized assets can be verified on-chain, publicly, and without altering the asset itself. This is the shift from moving information to moving value. Tokenization is not a product. It is infrastructure. And infrastructure is what enables real-world use at scale. — André Casterman

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Institutions already see the upside of DeFi. Transparency. Global liquidity. Fewer intermediaries. What’s missing is infrastructure they can actually use and pathways to onboard them in a way that grows the pie, not just competes for the same users. At Arc Studio, Morpho 🦋 Co-Founder Merlin Egalite 🕛 shared what it will take to bring institutions onchain.

Institutions already see the upside of DeFi. Transparency. Global liquidity. Fewer intermediaries. What’s missing is infrastructure they can actually use and pathways to onboard them in a way that grows the pie, not just competes for the same users. At Arc Studio, Morpho 🦋 Co-Founder Merlin Egalite 🕛 shared what it will take to bring institutions onchain.

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25,882 Aufrufe • vor 4 Monaten

If you hold $XRP, you need to watch this 👇 Asheesh Birla. A decade building in the XRP ecosystem. Now CEO of Evernorth. And he's telling you exactly what's coming. Evernorth is building an institutional XRP treasury. Not paper exposure. Actual XRP. Deployed into yield strategies on XRPL DeFi. Providing institutional liquidity. Running validators. Bringing new partners onto the ledger. Strip that down to what it means for supply dynamics. Institutions buying and holding XRP for yield. Not flipping. Holding. That's sustained spot demand pulling tokens off the market. Deeper liquidity on XRPL means tighter spreads. Better execution at size. The rails become usable for real money flows. A planned Nasdaq listing opens the pipe for allocators who can't touch tokens directly. Regulatory clarity is the catalyst. Institutional capital is the fuel. XRPL DeFi is the engine. Every condition needed for XRP to reach levels most people won't say out loud is being built right now. Treasury accumulation. On-chain TradFi activity. XRP as working capital and collateral. Yield markets that make institutions want to hold, not trade. The path to $XRP above $100 used to sound impossible. That's changing. Institutional treasuries accumulating. On-chain TradFi. Deep yield markets. Tokenization. XRP as a settlement layer for real money. Every single one of those conditions is now actively being built. The road to $100 gets shorter every day. Don't say nobody told you.

If you hold $XRP, you need to watch this 👇 Asheesh Birla. A decade building in the XRP ecosystem. Now CEO of Evernorth. And he's telling you exactly what's coming. Evernorth is building an institutional XRP treasury. Not paper exposure. Actual XRP. Deployed into yield strategies on XRPL DeFi. Providing institutional liquidity. Running validators. Bringing new partners onto the ledger. Strip that down to what it means for supply dynamics. Institutions buying and holding XRP for yield. Not flipping. Holding. That's sustained spot demand pulling tokens off the market. Deeper liquidity on XRPL means tighter spreads. Better execution at size. The rails become usable for real money flows. A planned Nasdaq listing opens the pipe for allocators who can't touch tokens directly. Regulatory clarity is the catalyst. Institutional capital is the fuel. XRPL DeFi is the engine. Every condition needed for XRP to reach levels most people won't say out loud is being built right now. Treasury accumulation. On-chain TradFi activity. XRP as working capital and collateral. Yield markets that make institutions want to hold, not trade. The path to $XRP above $100 used to sound impossible. That's changing. Institutional treasuries accumulating. On-chain TradFi. Deep yield markets. Tokenization. XRP as a settlement layer for real money. Every single one of those conditions is now actively being built. The road to $100 gets shorter every day. Don't say nobody told you.

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People are forgetting the basics of crypto. We're in an institutionally led market now, and crypto is still perceived as the risk-on bet. But the problem is now that there are assets that are riskier but carry higher perceived upside. That makes BTC, ETH, and SOL far less attractive on a relative basis. Crypto is stuck in the middle. Not as stable as gold or growth equities, not as exciting as the IPO craze we're about to witness or the DRAM fund. What you're seeing is a massive rotation of capital. Here is Philippe Laffont from COATUE

People are forgetting the basics of crypto. We're in an institutionally led market now, and crypto is still perceived as the risk-on bet. But the problem is now that there are assets that are riskier but carry higher perceived upside. That makes BTC, ETH, and SOL far less attractive on a relative basis. Crypto is stuck in the middle. Not as stable as gold or growth equities, not as exciting as the IPO craze we're about to witness or the DRAM fund. What you're seeing is a massive rotation of capital. Here is Philippe Laffont from COATUE

Lorenzo Valente

197,263 Aufrufe • vor 2 Monaten

Ansem explains why Robinhood Chain is a net positive for crypto "I think it's net positive for somebody as big as Vlad, and a product as big as Robinhood, to be bullish on crypto and active onchain" "They've done some things poorly in the past but i'm generally bullish on Robinhood Chain" "They have huge distribution with their CEX. Hopefully they're more successful than Coinbase has been at getting all those people onchain" "It's CT-native capital that drives the early flows in crypto. It's not the 100 million retail customers that drives the first move, it's CT. We're the ones who determine which trends happen, because we're the ones with the most capital onchain"

Ansem explains why Robinhood Chain is a net positive for crypto "I think it's net positive for somebody as big as Vlad, and a product as big as Robinhood, to be bullish on crypto and active onchain" "They've done some things poorly in the past but i'm generally bullish on Robinhood Chain" "They have huge distribution with their CEX. Hopefully they're more successful than Coinbase has been at getting all those people onchain" "It's CT-native capital that drives the early flows in crypto. It's not the 100 million retail customers that drives the first move, it's CT. We're the ones who determine which trends happen, because we're the ones with the most capital onchain"

Market Bubble

29,757 Aufrufe • vor 2 Monaten

Variational's Lucas Schuermann says the reason to keep asking what the endgame is comes down to the effort it takes to be a founder: "I ask myself this question a lot. And the reason to ask it a lot is, I think, to really put in the effort that it takes to be a founder. And not just for me, but for the rest of our team of 25." "We have to have a vision and an endgame and a reason why we wake up every day and grind on this." "One is on the product side. It's democratizing access. I think that traders globally should be able to trade global markets, without red tape, without restrictions and taxes and fees and onboarding that are so ridiculously fragmenting." "But more broadly, I like building things that people use." "The idea of introducing new technology and seeing it become used, and at this point even seeing it be copied. It's really fulfilling." "For a lot of entrepreneurs, it's really that idea of building something and seeing it be used, and that you feel pride about." lucas.var Variational MR SHIFT 🦁

Variational's Lucas Schuermann says the reason to keep asking what the endgame is comes down to the effort it takes to be a founder: "I ask myself this question a lot. And the reason to ask it a lot is, I think, to really put in the effort that it takes to be a founder. And not just for me, but for the rest of our team of 25." "We have to have a vision and an endgame and a reason why we wake up every day and grind on this." "One is on the product side. It's democratizing access. I think that traders globally should be able to trade global markets, without red tape, without restrictions and taxes and fees and onboarding that are so ridiculously fragmenting." "But more broadly, I like building things that people use." "The idea of introducing new technology and seeing it become used, and at this point even seeing it be copied. It's really fulfilling." "For a lot of entrepreneurs, it's really that idea of building something and seeing it be used, and that you feel pride about." lucas.var Variational MR SHIFT 🦁

Dragonfly ＞|＜

33,462 Aufrufe • vor 7 Tagen

The next perp winner probably won't be decided by incentives. It'll be decided by what assets users can trade. And the narrative doesn't lack users; it lacks new markets to bring on-chain. BTC or ETH are not enough; users need something familiar. Ondo Perps is filling exactly that gap: RWA perps (commodities + tokenized equities). It's not a coincidence that recent platforms choose RWAs for perp trading: + 24/7 access to assets that are normally locked behind market hours (equities, commodities, etc) + Tokenized equities are no longer just spot assets, they become viable collateral and underlyings for perpetual markets. In fact, you can find RWAs perp in multiple places: + Hyperliquid (via HIP-3) + Aster + Grvt + Lighter + Ostium Ondo Perps has one real edge: it's built on top of Ondo Global Markets, which just reportedly crossed $1b TVL, $2b in cumulative trading volume, and around 70% share of the tokenized equity issuer market. Instead of building an RWA ecosystem from scratch, Ondo Perps can leverage the existing asset base and distribution of Ondo Global Markets as that ecosystem grows. Distribution brought users. Asset coverage may decide who keeps them. For early participants, there's also a $150k reward pool during week one.

The next perp winner probably won't be decided by incentives. It'll be decided by what assets users can trade. And the narrative doesn't lack users; it lacks new markets to bring on-chain. BTC or ETH are not enough; users need something familiar. Ondo Perps is filling exactly that gap: RWA perps (commodities + tokenized equities). It's not a coincidence that recent platforms choose RWAs for perp trading: + 24/7 access to assets that are normally locked behind market hours (equities, commodities, etc) + Tokenized equities are no longer just spot assets, they become viable collateral and underlyings for perpetual markets. In fact, you can find RWAs perp in multiple places: + Hyperliquid (via HIP-3) + Aster + Grvt + Lighter + Ostium Ondo Perps has one real edge: it's built on top of Ondo Global Markets, which just reportedly crossed $1b TVL, $2b in cumulative trading volume, and around 70% share of the tokenized equity issuer market. Instead of building an RWA ecosystem from scratch, Ondo Perps can leverage the existing asset base and distribution of Ondo Global Markets as that ecosystem grows. Distribution brought users. Asset coverage may decide who keeps them. For early participants, there's also a $150k reward pool during week one.

andrew.moh

14,195 Aufrufe • vor 2 Monaten

. lucas.var admits the real reason big traders haven't left Hyperliquid for Variational has nothing to do with the product "I think the biggest reason in the near term is actually trust and scale. This model that we're trying is new. We need to prove that this works." "We've achieved that scale - 450 different crypto listings, over $1 billion of open interest, over $1 billion of daily volume. But I think it's prudent to wait and see how the model works and how people adapt to it." "Some of this stuff sounds too good to be true - how does zero fees even monetize for the protocol? But as people become familiar with the model and see it get proven out, I think we'll be able to provide a compelling product to most users on competing platforms." Podcast out this week! Variational

. lucas.var admits the real reason big traders haven't left Hyperliquid for Variational has nothing to do with the product "I think the biggest reason in the near term is actually trust and scale. This model that we're trying is new. We need to prove that this works." "We've achieved that scale - 450 different crypto listings, over $1 billion of open interest, over $1 billion of daily volume. But I think it's prudent to wait and see how the model works and how people adapt to it." "Some of this stuff sounds too good to be true - how does zero fees even monetize for the protocol? But as people become familiar with the model and see it get proven out, I think we'll be able to provide a compelling product to most users on competing platforms." Podcast out this week! Variational

MR SHIFT 🦁

19,536 Aufrufe • vor 10 Tagen

. lucas.var explains why swaps beat perps on funding, and it's not just about the rate "We expect the funding rate, the carry cost on swaps, to be in the 4 to 5% per annum range. This is some of the cheapest leverage you can get anywhere in the financial system." "The reality is purpose is a class of products, and there's funding bands and multipliers and contract specs and definitions. There's so many exceptions to exceptions to exceptions, I don't even know what we'd really call average, to be entirely honest." "On swaps it's the opposite. Not just lower - some of the cheapest leverage you can get between crypto and trad-fi. But the key is that it's predictable. You know what to expect when you have that position open. That's the big innovation." Podcast out tomorrow! Variational

. lucas.var explains why swaps beat perps on funding, and it's not just about the rate "We expect the funding rate, the carry cost on swaps, to be in the 4 to 5% per annum range. This is some of the cheapest leverage you can get anywhere in the financial system." "The reality is purpose is a class of products, and there's funding bands and multipliers and contract specs and definitions. There's so many exceptions to exceptions to exceptions, I don't even know what we'd really call average, to be entirely honest." "On swaps it's the opposite. Not just lower - some of the cheapest leverage you can get between crypto and trad-fi. But the key is that it's predictable. You know what to expect when you have that position open. That's the big innovation." Podcast out tomorrow! Variational

MR SHIFT 🦁

11,693 Aufrufe • vor 9 Tagen