[Project Research Dossier] Variational ($VAR) – Pre-TGE Due Diligence

Full dossier below (primary sources only):

Goal: Zero-fee cross-margined perps DEX (Omni) on Arbitrum with RWA support.

Tokenomics (official docs):

• 32% Genesis Airdrop → 100% unlocked at TGE
• 18% Ecosystem Reserve
• 50% Team + Investors → 12-month lock + ≥3yr linear vest
• 100% treasury revenue → $VAR buyback & burn

Unlock Risk: High short-term float from airdrop; medium long-term from team allocation.

Team Signals: Dragonfly-led $50M+ Series A, Zellic + Spearbit audits public.

Key Risks: Contract complexity, execution on public mainnet, airdrop sell pressure.

Full sources:

• https://docs.variational.io/token/usdvar
• https://docs.variational.io/technical-documentation/audits

Happy to defend any point. Looking for critiques on the dilution model or audit coverage.