Project Research Dossier: Variational ($VAR)

Project Research Dossier: Variational ($VAR) Research date: 28 September 2026 Stage: Pre-TGE / public product

Eligibility note: Variational is pre-TGE, with $VAR planned for Q4 2026. However, it has disclosed private fundraising, including earlier $10M funding and a $50M Series A. Therefore, it is pre-public-TGE but does not meet a strict “pre-raise = no fundraising” definition.

1. Project Overview

Variational is building on-chain derivatives infrastructure for crypto, equities, commodities and forex. Its system aggregates liquidity from CEXs, DEXs and traditional-finance dealers. Its products include Omni, a perpetuals trading venue, and Pro, an institutional settlement layer. The core problem is fragmented derivatives liquidity and execution. Variational aims to provide unified infrastructure for on-chain derivatives trading. 2. Tokenomics Current official $VAR allocations:

Genesis Distribution: 32% — 100% unlocked at TGE and distributed according to points. Ecosystem Reserve: 18% — Foundation-controlled; detailed release schedule undisclosed. Team + Investors: 50% — locked for 12 months after TGE, then unlocking over a minimum of 3 years.

Total supply, launch price, exact team/investor split and detailed emissions remain undisclosed. Therefore, a precise FDV cannot currently be calculated. FDV = Total Supply × Token Price 3. Unlock & Dilution Risk

The largest known TGE event is the 32% Genesis Distribution unlock.

The 50% Team + Investors allocation creates the largest known future dilution source, beginning after a 12-month lock and continuing for at least three years. The documentation does not state that this is strictly linear, so assuming monthly linear vesting would create unsupported precision.

The 18% Ecosystem Reserve is another uncertainty because its release schedule has not been published.