Variational is doing $1.43b in open interest with 13k daily active accounts. That's $108k per user. In comparison: - Hyperliquid: $13.29b in OI /~101k daily users!! = $132k - Lighter: $1.12b / ~21k = ~$53k per user So Lighter traders carry half the size whether that's smaller accounts or less leverage. Also, Variational has 31% of OI in tradfi markets: equities, gold and indexes. While HIP-3 OI (which is mostly tradfi) is $3.74b against Hyperliquid's $13.29b total, so 28%. Again, very comparable! LIT is trading $3.5b with less open interest. VAR TGE is in q4, perfect timing as the market is rebounding. I bet it will surprise the traders with a juicy airdrop.(Ignas)