VAR dossier: live perps infra, unpublished 50/50 team-investor split

The protocol books, clears and settles P2P derivatives. Users trade through Omni / Pro, not through a live $VAR market. https://docs.variational.io/variational-protocol/overview

On-chain checks Mainnet contracts are published (treasury, OLP vault, settlement factory, oracle). https://docs.variational.io/technical-documentation/mainnet-contracts Audits page: https://docs.variational.io/technical-documentation/audits

Token page used https://docs.variational.io/token/usdvar Posted 24 Sep 2026. TGE targeted Q4 2026.

Allocation as written 32% genesis airdrop to points holders, fully unlocked at TGE. 18% ecosystem reserve, Foundation discretion. 50% team + investors, 12-month lock after TGE, then vest at least 3 years. The token page does not split that 50% into team % vs investor %.

How I model supply No spot price, so I do not invent FDV. Day-1 sellable supply can include the entire 32% genesis bucket. The 50% tranche is delayed by the 12-month lock. The 18% reserve is not modeled as locked, because no unlock table exists.

Main risk I would challenge Not “is there a token.” The weak point is disclosure: a 50% bucket with no internal split, plus a discretionary 18% reserve. That is governance/overhang risk, separate from product quality.

Disclosure: no $VAR position.