VAR: buyback is policy text, TGE float is the hard number

Project: Variational ($VAR) Status check: protocol live, token not live, TGE aimed at Q4 2026. No public sale window open.

Product Variational is settlement infrastructure for P2P derivatives. Pricing comes from a custom oracle; margin and liquidations sit in the core engine. https://docs.variational.io/variational-protocol/overview

Primary token source https://docs.variational.io/token/usdvar (24 Sep 2026)

Numbers I will defend

• 32% genesis to points holders, 100% unlocked at TGE
• 18% ecosystem reserve, allocated at Foundation discretion
• 50% team and investors, locked 12 months after TGE, then vesting ≥3 years
• Stated intent: 100% of treasury-directed revenue used to buy and burn VAR

What I will not defend I will not convert buyback language into a demand forecast. It is a policy sentence on a docs page. It is not a live splitter, not a published weekly burn, and not a circuit that exists before TGE.

Circulating model No token price → no market FDV. TGE circulating case = up to 32% immediately liquid. Next known wave = the 50% bucket after the 12-month cliff. 18% reserve is leftover optionality, not a lock.

Technical check Contracts: https://docs.variational.io/technical-documentation/mainnet-contracts Audits: https://docs.variational.io/technical-documentation/audits If the oracle or liquidation engine fails, token design does not save the product.

Disclosure: no $VAR bag.