News linked to both this project and an event.
an0n2498.hl, the whale ranked second by total trading volume on Variational, posted on X: "I have barely sold any HYPE, and I don't plan to sell any more. I will absolutely never sell any VAR. Instead, I will buy heavily into spot at TGE, and I will also open a long-term long position on VAR. My bullishness on VAR is simply beyond words."It is worth noting that an0n2498.hl previously received $15 million worth of HYPE in the Hyperliquid airdrop.
Odaily reports: Variational leaderboard data shows that an unknown address (0xc…413e) generated a staggering $2.14 billion in trading volume over the past week, accounting for over 10% of the platform's weekly trading volume (approximately $20 billion).Tracing the address's historical trading data reveals that it only began trading on Variational within the past month. Overseas data analysts me_cool_off (@me_cool_off) and ProMint (@ProMint_X) both claim the address belongs to a "Chinese whale," but no public information has yet confirmed this.
Odaily News: Blockworks analyst Shaunda Devens posted on X that Polymarket's current FDV valuation of approximately $1.5 billion for Variational is somewhat overly optimistic. This pricing directly applies Hyperliquid and Lighter-level valuation-to-revenue multiples to a platform that still relies on points subsidies. By comparison, the median first-day "FDV / annualized revenue" ratio for recently launched Perp DEX tokens is only 6.3x (Variational is currently around 57x), and within the first month after TGE, trading volume typically drops sharply by a median of 54%.Shaunda added that if conservative assumptions based on historical precedents are adopted (using the median first-day "FDV/annualized revenue" ratio of 6.3x), Variational's fair valuation would be only $167 million, corresponding to a points price of $4.8–$5.4. Even using the highest recent ratio precedent (Lighter's approximately 21.1x), its valuation would still only be about $558 million, corresponding to a points price of $16–$18.However, Shaunda also explained: "To be clear, given that current market risk appetite is clearly in a Risk-on state, we do not believe Variational's valuation at TGE will fall to the extremely conservative range mentioned above. These historical multiples are listed to illustrate that current pre-market OTC pricing may be overly optimistic."