Welcome back to the Variational biweekly update! PRODUCT ➡️ The most recent mainnet release was v0.17.4. ➡️ Enabled Phase 1 listings of equities and commodities. ➡️ Added mobile QR sign-in. METRICS ➡️ Total Volume Traded: $244.2B ➡️ Current Dual-Sided OI: $858.6M ➡️ TVL (Excludes OLP Hedging Accounts): $137.8M ➡️ Total Markets Currently Listed: 478 ➡️ Total Rewards Claimed: $7,238,105 ➡️ Total Losses Refunded (Sunset): $4,559,196 ➡️ Total Referral Rewards Claimed: $2,678,909 ➡️ Daily Active Users (avg. over past week): 10,858 ➡️ Weekly Active Users: 19,456 ➡️ 2w Spreads Paid (Gross Revenue): $4,332,160 ➡️ 2w Market Making Costs (Cost of Revenue): ($2,156,274) ➡️ 2w Net Revenue: $2,175,886 ➡️ 2w Rewards: ($209,668) ➡️ Referral Rewards: ($209,668) ➡️ 2w Net Profit: $1,966,218 ➡️ Protocol Treasury: $866,432 ➡️ OLP PnL: $1,099,786 ➡️ Lifetime OLP PnL: $14,494,830 ➡️ Current Protocol Treasury Holdings: 3,400,937 USDC Thank you for your continued trust and support!

I’ve wanted to tell this story for years. Never had the courage. Here it is. I turned a presale allocation into $80 million on $OHM. Today I have $500k left. In 2021, I got a presale allocation in OlympusDAO, then aped heavily myself on top of it. The allocation got me in the door. My own conviction made me go all in. Staked everything. Watched it compound daily. By the peak I was sitting on $80 million. Then I started spending like the money printed itself. Private jets to Dubai because commercial felt beneath me. $40k weekends in Monaco. A garage full of cars I drove twice. Watches I never wore. I tipped $5k at dinners just to feel something. Every purchase was a flex for an audience that didn’t care. The casino was worse. High limit rooms in Vegas and Macau. I’d lose $2 million in a night and laugh it off because the portfolio would make it back by morning. Until it didn’t. When $OHM unwound, I didn’t sell. I doubled down. Then I leveraged. 5x, then 10x, trying to trade my way back to the peak. Every liquidation felt like a personal insult, so I’d open a bigger position. I wasn’t trading anymore. I was gambling with a different interface. $80 million became $20 million. $20 million became $4 million. I told myself $4 million was still life changing money. Then I levered that too. $500k. That’s what’s left. Here’s what I learned the expensive way: Unrealized gains are not money. I never had $80 million. I had a number on a screen and the arrogance to believe it was permanent. Getting in early is a gift. I treated it like a skill. The allocation didn’t make me a genius. It made me lucky. I confused the two for three years. Lifestyle inflation is a leak you don’t notice until the ship is underwater. The jets and cars didn’t kill me. The identity did. I became someone who needed to spend to feel like a winner. Leverage doesn’t get you back to even. It gets you to zero faster. Revenge trading is just grief with a chart open. Nobody at the table in Monaco remembers my name. I’ve carried this story alone for years. Too embarrassed to say it out loud. But $500k is more than most people will ever hold at once, and I’m done pretending the past didn’t happen. The next decade is about building slow and keeping what I make. If you’re up big right now, screenshot this. You’ll need it.

I am fullporting $TEM like there is no tomorrow No one comes close in terms of genetic data While at the same time genetic data is exactly what’s needed for AI to make a difference in biology Zero or hero by 2030

$TEM is $PLTR with a lab coat Access my free $TEM deep dive below investment-ideas-by-antonio.…

New Science Blog: Why has AI advanced faster in coding than in biology? To agents, bio databases are like cities built before cars—maddening to drive in because they're designed for different traffic. How do we build infrastructure agents can use? anthropic.com/research/agent…