✍️ Playbook for Farming Variational Perp DEX Airdrop The base assumption is that the project will list with a fully diluted valuation (FDV) of approximately $1.2 billion, with 25% of the total supply allocated for airdrop at TGE. A total of about 9.15 million points will be distributed over 45 weeks. With these assumptions, the implied value is approximately $32.8 per point. The farming strategy focuses on the quality of trades rather than spamming volume: - Prioritize organic, profitable trades - Choose pairs with low open interest such as XRP / BNB / SOL to reduce competition - Target volume: 400,000–800,000 USD per week Trading costs: approximately $50–70 for every $1 million in matched volume, achieved by splitting entries and exits Mandatory conditions: - Positive PnL - Minimum holding time of ~24 hours (day trade or short swing) The rationale behind this strategy revolves around the point calculation mechanism: - PnL and holding time are likely the most important variables - If only volume is considered, users could farm points while intentionally losing money to get rebates Prioritizing profitable trades helps: - Prevent "both-ends" behavior (e.g., intentionally losing to get rebates) - Maintain a more sustainable loss rebate pool Some additional notes: - Delta-neutral is not the main strategy for farming Variational - In the Extended version, other metrics are optimized - If hedging is needed, consider combining with Nado, where holding time might be more important (not confirmed) Expectation: if market conditions and the distribution mechanism go smoothly, the optimistic scenario could push Variational's valuation to about $3 billion at TGE. By @TraderLouisG - DeFi Farmer with 400+ followers on X