Variational (#id164015)

Welcome back to another Variational biweekly update!

Product
* The most recent mainnet release was v0.34.0.
* Added in-app announcement page.
* Improved margin usage display.
* Improved notification display.
* Other miscellaneous UI improvements.

Community
* In just over two weeks from launch, swaps have crossed $10B in trading volume.
* Castle Labs released a research report demonstrating how swaps are the cheapest place to trade traditional markets in size.
* Variational reached a new all time high in 24h trading volume.
* The majority of trading volume on Variational is now on traditional markets, not crypto.
* Variational co-founder was interviewed on When Shift Happens, one of crypto’s largest podcasts.
* DeFi Llama Research published a report on swaps.
* Variational co-founder went on the Flirting with Models podcast to explain swaps and share what’s next up for Variational (24/7 swaps, Variational Pro, and more).
* More than 1.6k traders have signed up for the first Variational swaps trading competition. There’s still time left to sign up and compete if you haven’t already!

Metrics
* *Key Metrics*
* Total Volume Traded: $339.75B
* Current Dual-Sided OI: $1.83B
* TVL (Excludes OLP Hedging Accounts): $236.12M
* Total Markets Currently Listed: 552
* *Rewards Metrics*
* Total Rewards Claimed: $8,275,215
* Total Losses Refunded (Sunset): $4,559,196
* Total Referral Rewards Claimed: $3,716,019
* *Revenue Metrics*
* 2w Spreads Paid (Gross Revenue): $4,570,970
* 2w Net Revenue: $2,479,527
* 2w Rewards: ($211,814)
* Referral Rewards: ($211,814)
* 2w Net Profit: $2,267,713
* Protocol Treasury: $914,194
* OLP PnL: $1,353,519
* Lifetime OLP PnL: $19,787,369
* Current Protocol Treasury Holdings: 8,274,637 USDC

We appreciate your continued trust and support @everyone!

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