Project Research Dossier — Variational ($VAR) | Pre-TGE Snapshot — Sep 30, 2026

Project Research Dossier — Variational ($VAR) Snapshot: Sep 30, 2026 Variational is infrastructure for peer-to-peer derivatives trading. Omni is its live perpetuals product and uses an RFQ model, with the Omni Liquidity Provider (OLP) acting as the eligible maker and counterparty. $VAR is still pre-TGE in the official materials reviewed, with TGE scheduled for Q4 2026. I found no active public ICO/token raise in the cited primary sources. This thread covers:

1. Product and project status
2. Tokenomics and dilution
3. Verification signals and key risks Where information is not publicly disclosed, I mark it unknown rather than estimate it. Full research and primary-source links continue below.

1/3 — Product & status Variational’s protocol handles on-chain clearing and settlement for peer-to-peer derivatives. Omni is the live user-facing perpetuals product. Pro is designed for customizable institutional/OTC derivatives. Omni uses an RFQ (Request for Quote) model rather than an order book. The OLP is the sole eligible maker and counterparty to user trades. Variational has previously received private funding, so I classify it as pre-TGE / pre-public-token-raise, not as a project that has never raised private capital. Sources: https://docs.variational.io/ https://docs.variational.io/variational-protocol/key-concepts/trading-via-rfq https://docs.variational.io/omni/the-omni-liquidity-provider-olp

2/3 — Tokenomics & dilution Announced initial $VAR allocation: • 32% Genesis Distribution — 100% unlocked at TGE • 18% Ecosystem Reserve — controlled by the Variational Foundation • 50% Team + Investors — 12-month post-TGE lock, then unlocking over at least 3 years The exact Team vs. Investor split is not disclosed. FDV: unknown. Initial circulating supply: unknown. I would not assume that the 32% Genesis Distribution equals total circulating supply because the launch treatment of the Ecosystem Reserve is not fully specified. The largest known immediate supply event is the 32% Genesis allocation at TGE. The 50% Team/Investor allocation becomes a longer-term dilution risk after the 12-month cliff. Official token announcement: https://t.me/s/variational_io

3/3 — Verification, risks & conclusion Verification • Mainnet contract addresses are publicly documented. • Official docs report audits by Zellic (Nov 2024) and Spearbit (Mar 2025). • Co-founders Lucas Schuermann and Edward Yu are publicly identified. Key risks • FDV and some circulation details remain unknown. • 32% Genesis Distribution is fully unlocked at TGE. • 18% Ecosystem Reserve distribution remains a variable. • OLP counterparty/bad-debt risk exists in the P2P model. • OLP can face external hedging and market-making risk. Conclusion Variational provides relatively detailed technical documentation, but valuation, reserve distribution, and the final Team/Investor split remain important unknowns before TGE. Disclosure: I have no $VAR position, no Variational points, and no other financial incentive related to Variational. This research was prepared for a rewarded Republic quest. Not financial advice. Sources: https://docs.variational.io/technical-documentation/mainnet-contracts https://docs.variational.io/technical-documentation/audits https://docs.variational.io/getting-started/core-contributors https://docs.variational.io/variational-protocol/key-concepts/p2p-trading-protocol-vs-dex