Variational $VAR pre-TGE dossier — 32% TGE cliff vs 12m lock

Project: Variational ($VAR) Status: product live, token not live. TGE targeted Q4 2026. No open public ICO.

Goal On-chain booking, clearing and settlement for P2P derivatives (Omni / Pro). https://docs.variational.io/variational-protocol/overview

Tokenomics (official, 24 Sep 2026) https://docs.variational.io/token/usdvar

• Genesis airdrop 32%: 100% unlocked at TGE (cliff, not linear)
• Ecosystem reserve 18%: Foundation discretion, no published calendar
• Team + investors 50%: 12-month lock after TGE, then vest ≥3 years
• Intended policy: 100% of treasury-directed revenue to buy/burn VAR

FDV / circulating No live token price, so no market FDV today. Model TGE float as up to 32% unlocked. Do not treat the 18% reserve as locked.

Unlock / dilution TGE: 32% can hit immediately. M12+: 50% team/investor starts unlocking. 18% reserve = overhang until a schedule is published.

Team / verification Verifiable: live docs, mainnet contracts, audits page. https://docs.variational.io/technical-documentation/mainnet-contracts https://docs.variational.io/technical-documentation/audits Not published yet: exact team vs investor split inside the 50%.

Risks TGE sell pressure from unlocked airdrop; discretionary reserve; oracle/liquidation engine risk; TGE timing already slipped.

Disclosure: no $VAR position.