POPA ReconVariational vs Big Perp DEXs - Pre-TGE Comparison
Variational vs Big Perp DEXs - Pre-TGE Comparison Four perp DEXs generating $324B in combined monthly volume - but only one of them still has no token. Hyperliquid, Aster and Lighter have all launched. Variational's TGE is expected in Q4. Variational runs $1.44B in open interest on just $162M TVL - more OI than Lighter holds on a quarter of the collateral and charges nothing to trade, while the other three collected $68M in fees over the past 30 days. That's the RFQ model: no order book, every trade routed through a single market-making desk that keeps the spread instead of the fee. Our V…
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