LinenXmito

Personal thought added. Using the latest profit figures and assuming the treasury inflow is fully used for buybacks, an FDV of roughly $4–5B could be justified if we assume a 32% circulating supply and apply the same buyback yield that Hyperliquid currently has. But still, Hyperliquid is not simply a perp DEX. It also has its own L1, spot markets, HIP-3 ecosystem, and several other sources of value, so a direct comparison could overstate Variational’s valuation. Realistically, I think around $2.5B FDV may be a more reasonable benchmark. I also expect revenue to grow further once cross margin between Swaps and Perps is implemented, so I do not think a valuation around that level would necessarily be excessive. One more thought: if OLP profits are eventually distributed to VAR stakers, the combination of buybacks plus additional staking yield could create an even stronger narrative and generate significantly more hype.

Variational TGE, $VAR Tokenmoics and Future Plans. The VAR Team just published information about its TGE, Tokenomics, etc. Here is a clear TLDR of the article: https://x.com/linenmito/status/2103007783742328868?s=20

Robinhood Chain / Lighter Points Farming — Updated Model and Revised Estimates I am correcting the figures from my previous post on Lighter points farming. Over the past two weeks, we separated OI-based points from volume-based points across multiple accounts that we manage together. The conclusion is simple: OI points are much lower than we initially estimated, and trading volume appears to be the primary source of points. The original thesis remains intact, but the previous numbers were incorrect and needed to be revised. 1/ Live Points Based on our direct measurements, maintaining $1M in gross OI currently generates approximately: • 0.033 points per hour • 0.79 points per day • 5.5 points per week Across the measured accounts, the observed range was: 5.1–6.0 points per $1M gross OI-week The rate remained relatively linear from approximately $0.23M to $28M in gross OI. We also did not observe any meaningful difference based on position size or market composition, including crypto, stock, and index perps. 2/ Weekly Drop Based on the data collected so far, the Friday Weekly Drop appears to be primarily volume-driven rather than OI-driven. The observed rate is approximately: • 50–54 points per $1M traded Stock perps appear to receive a slightly higher rate than crypto perps. There is also a separate real-time volume credit that is added close to the time of execution: • Approximately 4.6 points per $1M traded Therefore, under the current model, generating $1M in trading volume earns approximately: 55–58 points in total (Even if the Weekly Drop contains an OI component, our current estimate is: No more than approximately 6 points per $1M OI-week. It may also be zero.) 3/ OI Farming APR Assume that gross OI is maintained at approximately 20x deposited capital, using only Live Points. If each point ultimately converts into 7.33 LIT, and LIT trades at $5, the estimated gross APR would be: Approximately 21% This is before accounting for: • Funding-rate differences between long and short positions • Basis and hedge PnL • Execution costs • Liquidation and operational risks Also, 7.33 LIT per point is not a confirmed conversion rate. It assumes that the program ends after approximately 1.5M total points have been distributed. Based on our estimate of current outstanding points and the weekly growth rate, this effectively assumes that the program ends sometime in November. It should therefore be viewed as an optimistic scenario. At the current observed rate, OI farming appears to be a supplementary yield earned while maintaining positions, rather than the main opportunity. 4/ Volume Farming Efficiency Based on our measurements, generating $1M in taker volume currently costs approximately: $350–440 per $1M traded In return, the same volume earns approximately: 55–58 points This implies a current acquisition cost of approximately: $6–8 per point If the program ends relatively early, volume farming could still turn out to be quite rewarding. 5/ Conclusion The priority has changed meaningfully from our original analysis. • OI farming is estimated to generate approximately 21% gross APR under the optimistic scenario • Trading volume currently appears to be the primary source of points • Final profitability will depend heavily on when the program ends and how quickly points are diluted The most important correction is that maintaining OI still generates points, but at a much lower rate than we initially estimated. For maintaining OI over longer periods, we still prefer the cross-margin web interface. For pure volume farming, the 2x multiplier through Robinhood Wallet currently provides much stronger point efficiency. (If you found this useful and plan to try it, I would appreciate it if you use the referral link below. https://robinhoodchain.lighter.xyz/?referral=LINENXMITO&source=none)

Robinhood Chain / Lighter 포인트작 — 모델 업데이트 및 수치 정정 기존에 올렸던 Lighter 포인트작 글의 수치를 정정합니다. 지난 2주 동안 저희가 함께 운용하는 여러 계정을 기준으로, OI 포인트와 볼륨 포인트를 분리해서 확인했습니다. 결론부터 말하면, OI 포인트는 기존 추정치보다 훨씬 낮았고 현재 포인트 생성의 핵심은 OI보다 볼륨에 가깝습니다. 기존 thesis 자체는 유지하지만, 이전 수치가 많이 잘못됐기 때문에 정정합니다. 1/ Live Points 현재 직접 측정한 결과, $1M gross OI를 유지할 경우 Live Points는 대략 아래와 같이 쌓입니다. • 시간당 약 0.033pt • 하루 약 0.79pt • 일주일 약 5.5pt 세 계정에서 확인된 범위는: $1M gross OI당 주 5.1–6.0pt 였습니다. 약 $0.23M부터 $28M gross OI까지 비교적 선형적으로 나타났고, 포지션 규모나 크립토·주식·지수 등 마켓 구성에 따라서도 큰 차이는 없었습니다. 기존에 추정했던 주 37pt는 순수 OI 포인트가 아니었습니다. 2/ Weekly Drop 현재까지의 측정 결과로 보면, 금요일 Weekly Drop은 OI보다 볼륨 중심으로 지급되는 것으로 보입니다. 거래량 기준으로는: • $1M당 약 50–54pt (주식 perp가 크립토 perp보다 소폭 높은 레이트를 받는 것으로 관찰됐습니다.) 이와 별도로 체결 시점에 실시간으로 들어오는 볼륨 크레딧이 있습니다. • $1M 거래당 약 4.6pt 따라서 현재 기준으로 $1M의 거래량을 만들면 총: 약 55–58pt 를 기대할 수 있습니다. (Weekly Drop 안에 OI 몫이 포함돼 있더라도 현재 추정으로는 $1M OI-week당 최대 약 6pt 이하이며, 실제로는 0일 가능성도 있습니다.) 3/ OI 파밍 APR 예치금 대비 gross OI를 약 20배 유지하고, Live Points만 반영한다고 가정하겠습니다. 최종적으로 포인트당 7.33 LIT로 전환되고, LIT 가격을 $5로 가정할 경우 예상 gross APR은: 약 21% 입니다. 이 수치는 아래 비용을 차감하기 전입니다. • 롱·숏 포지션 간 펀딩비 • 베이시스 및 헤지 PnL • 체결비용 • 청산 및 운영 리스크 그리고 7.33 LIT/pt는 확정 전환비율이 아닙니다. 총 150만 포인트가 분배된 시점에 프로그램이 종료된다고 가정한 수치입니다. 현재 추정되는 총 포인트와 주간 증가량을 고려하면, 이는 사실상 프로그램이 11월 안에 종료되는 낙관적 시나리오에 해당합니다. 결국 현재 수치상 OI 파밍은 포지션을 유지하면서 추가로 얻는 보조 수익 정도입니다. 4/ 볼륨작 효율 현재 측정 기준으로 테이커 거래량 $1M을 만드는 비용은 대략: $1M당 약 $350–440 수준입니다. 반면 포인트는: 약 55–58pt 를 받습니다. 따라서 현재 포인트당 원가는 $6–8/pt 수준입니다. 프로그램이 비교적 이른 시점에 종료된다면, 볼륨작이 달달하게 끝날 수 있을것 같네요. 5/ 정리 기존 분석과 달리 우선순위가 꽤 달라졌습니다. • OI 포인트작은 apr이 21% 정도로 추정 • 현재 포인트 생성의 핵심은 볼륨 • 최종 수익성은 프로그램 종료 시점에 의해 결정 OI를 유지해도 포인트는 쌓이지만, 기존에 추정했던 apr과는 큰 차이가 있습니다. 장기간 OI를 유지하는 전략에서는 여전히 웹 인터페이스의 cross margin을 선호합니다. 순수 볼륨 파밍이라면 현재는 Robinhood Wallet의 2배 배수가 더 높은 포인트 효율을 제공합니다. 다음 Weekly Drop 이후 추가로 확인할 만한 정보가 있다면 다시 업데이트하겠습니다.

Why I’m Even More Excited About @variational_io After TGE As Variational ’s TGE gets closer, you can feel the excitement building across the entire Varrior community. Building this level of hype before TGE is impressive, and clearly a positive sign. What I want to explain in this post is that the excitement many Varriors are feeling is not simply about the upcoming TGE. There is a much bigger reason behind it, and I explain everything in this post. Read complete post here: https://x.com/linenmito/status/2100134690028159233?s=20

Variational just flipped Aster DEX in 24hour volume, making it the #2 perp DEX by 24H volume. Since the launch of Swaps on Variational, we’ve seen a clear acceleration in volume. 1. Hyperliquid ( $HYPE) 2. Variational 3. AsterDex ( $ASTER) Variational Now Ranks #2 perp DEX by 24H volume ~ $1.97B #1 tokenless perp DEX by volume #1 tokenless perp DEX by Open Interest ~ $1.74B And the interesting part? Read Full post here: https://x.com/linenmito/status/2097674593259376871?s=20

Robinhood Chain / Lighter OI Points Farming Another farming we’re currently running is OI points farming through the @Lighter_xyz web interface on Robinhood Chain. Using cross margin, we maintain a long/short basket designed to minimize directional exposure while adjusting individual positions as needed. The strategy currently maintains gross OI at approximately 20x deposited capital. Based on what we have directly observed so far, maintaining $1M in gross OI generates approximately: • 0.22 Live Points per hour • 5.3 Live Points per day • 37 Live Points per week Lighter has allocated a total of 11M LIT to the Robinhood community. Assuming each point ultimately converts into approximately 7.33 LIT, the estimated gross APR at 20x gross OI relative to deposited capital would be: • LIT at $3 → ~85% APR • LIT at $4 → ~113% APR • LIT at $5 → ~141% APR These estimates only include Live Points accrued in real time through the Lighter web interface. They do not include the additional Weekly Drop distributed every Friday. One important detail is that trading on Lighter through Robinhood Wallet currently provides a 2x points multiplier. However, positions opened through that interface only support isolated margin. For a strategy designed to maintain OI over longer periods, I personally believe that using cross margin through the web interface provides greater practical value than receiving 2x points under isolated margin. Cross margin improves capital efficiency and provides more flexibility when managing liquidation risk across a hedged basket. There are still several risks to consider: • Funding-rate differences between the long and short positions • Basis and beta mismatch within the hedge basket • A breakdown in correlation during volatile markets • Changes to the points formula or the eventual LIT conversion ratio • Counterparty and protocol risk • Liquidation risk during sudden market moves Once we have accumulated enough data on the Friday Weekly Drops, we will update the APR estimates to include that component as well. For now, the figures above represent gross APR based solely on Live Points, before accounting for funding costs, directional PnL, and execution costs. (**One final note: liquidity is still relatively shallow on some pairs, so using TWAP orders is recommended to minimize slippage.) Referral link: If you found this useful and plan to try it, I’d appreciate it if you use my link below. I may receive referral rewards if you do. https://robinhoodchain.lighter.xyz/?referral=LINENXMITO&source=none ———————————————————————————————— Robinhood Chain / Lighter OI 포인트작 또 하나 현재 운용하고 있는 건 Robinhood Chain의 Lighter_xyz 웹 인터페이스를 활용한 OI 포인트작입니다. Cross margin을 활용해서 방향성을 최대한 줄인 롱·숏 바스켓을 구성하고, 필요할 때마다 익스포저를 조절하면서 예치금 대비 약 20배 수준의 gross OI를 유지하고 있습니다. 현재까지 직접 확인한 바로는, $1M의 gross OI를 유지할 경우 Live Points가 대략 아래와 같이 쌓입니다. • 시간당 약 0.22pt • 하루 약 5.3pt • 일주일 약 37pt Lighter는 Robinhood 커뮤니티에 총 11M LIT를 배정했습니다. 최종적으로 1포인트당 약 7.33 LIT가 배정된다고 가정하면, 예치금 대비 gross OI를 20배 유지했을 때 예상 gross APR은 대략 아래와 같습니다. • LIT $3 → 약 85% APR • LIT $4 → 약 113% APR • LIT $5 → 약 141% APR 이 수치는 Lighter 웹 인터페이스에서 실시간으로 쌓이는 Live Points만 반영한 것이고, 매주 금요일 추가로 지급되는 Weekly Drop은 포함하지 않았습니다. 한 가지 알아둘게 있는데, 현재 Robinhood Wallet을 통해 Robinhood Chain의 Lighter에서 거래하면 포인트를 2배로 받을 수 있습니다. 하지만 해당 거래에서는 isolated margin만 지원합니다. 개인적으로 OI를 오래 유지하는 전략에서는 isolated margin에서 2배 포인트를 받는 것보다, 웹 인터페이스의 cross margin을 활용해서 자본 효율성과 청산 안정성을 높이는 쪽이 실제로 더 중요하다고 보고 있습니다. 또한 OI 포인트작에는 항상 몇 가지 리스크가 있으니, 고려하시기 바랍니다. • 롱·숏 포지션 사이의 펀딩비 차이 • 헤지 바스켓의 베이시스·베타 불일치 및 상관관계 붕괴 • 포인트 산식이나 LIT 전환 비율의 변경 • 거래상대방 및 프로토콜 리스크급격한 시장 움직임에 따른 청산 리스크 금요일 Weekly Drop 데이터가 충분히 쌓이면, 해당 부분까지 반영해서 APR 추정치를 다시 업데이트해보겠습니다. 현재 수치는 펀딩비, 포지션 PnL 및 체결 비용을 차감하기 전의 Live Points 기준 gross APR입니다. (**추가로, 아직까지 페어당 유동성이 매우 깊은 편은 아니라 슬리피지를 최소화 하기 위해서 twap 거래를 추천합니다.)

Robinhood Chain / Lighter OI 포인트작 또 하나 현재 운용하고 있는 건 Robinhood Chain의 @Lighter_xyz 웹 인터페이스를 활용한 OI 포인트작입니다. Cross margin을 활용해서 방향성을 최대한 줄인 롱·숏 바스켓을 구성하고, 필요할 때마다 익스포저를 조절하면서 예치금 대비 약 20배 수준의 gross OI를 유지하고 있습니다. 현재까지 직접 확인한 바로는, $1M의 gross OI를 유지할 경우 Live Points가 대략 아래와 같이 쌓입니다. • 시간당 약 0.22pt • 하루 약 5.3pt • 일주일 약 37pt Lighter는 Robinhood 커뮤니티에 총 11M LIT를 배정했습니다. 최종적으로 1포인트당 약 7.33 LIT가 배정된다고 가정하면, 예치금 대비 gross OI를 20배 유지했을 때 예상 gross APR은 대략 아래와 같습니다. • LIT $3 → 약 85% APR • LIT $4 → 약 113% APR • LIT $5 → 약 141% APR 이 수치는 Lighter 웹 인터페이스에서 실시간으로 쌓이는 Live Points만 반영한 것이고, 매주 금요일 추가로 지급되는 Weekly Drop은 포함하지 않았습니다. 한 가지 알아둘게 있는데, 현재 Robinhood Wallet을 통해 Robinhood Chain의 Lighter에서 거래하면 포인트를 2배로 받을 수 있습니다. 하지만 해당 거래에서는 isolated margin만 지원합니다. 개인적으로 OI를 오래 유지하는 전략에서는 isolated margin에서 2배 포인트를 받는 것보다, 웹 인터페이스의 cross margin을 활용해서 자본 효율성과 청산 안정성을 높이는 쪽이 실제로 더 중요하다고 보고 있습니다. 또한, OI 포인트작에는 항상 몇 가지 리스크가 있습니다. • 롱·숏 포지션 사이의 펀딩비 차이 • 헤지 바스켓의 베이시스·베타 불일치 및 상관관계 붕괴 • 포인트 산식이나 LIT 전환 비율의 변경 • 거래상대방 및 프로토콜 리스크급격한 시장 움직임에 따른 청산 리스크 금요일 Weekly Drop 데이터가 충분히 쌓이면, 해당 부분까지 반영해서 APR 추정치를 다시 업데이트해보겠습니다. 현재 수치는 펀딩비, 포지션 PnL 및 체결 비용을 차감하기 전의 Live Points 기준 gross APR입니다. **추가로, 아직까지 페어당 유동성이 매우 깊은 편은 아니라 슬리피지를 최소화 하기 위해서 twap 거래를 추천합니다.

24 hours after Swaps went live on @variational_io, the numbers are already insane: - The initial $40M OI capacity for the first two markets ($XAU and $US100) was exhausted within the first 30 minutes. - OI capacity had to be increased to $50M per market due to overwhelming demand. - $300M+ in trading volume - $100M+ in Open Interest - And now, $US500 has been listed, bringing the total to 3 Swap markets. I was able to get in and will be back to share my full experience after properly exploring with meaningful size. Read Full post here: https://x.com/linenmito/status/2095292262913642652?s=20

For August alone on Variational: - Netted over $1.5M in trading profits as we gradually moved to directional trading - Generated approximately $1.4B+ in total volume - Improved our total PNL on Variational from around -$2M to approximately -$400K (Even though it was still protected) This is how we did it, Read full post here: https://x.com/linenmito/status/2094771771404644625?s=20

LinenMito’s updated analysis of @variational_io points. As Variational Continue to grow in volume, we realized there are some new updates about the core points model from our previous research We decided to share and update our findings to enable to you earn points efficiently. You can read the full post here 👇 https://x.com/linenmito/status/2094382071812690297?s=20

Variational swap market is now open on mainnet for XAU We are also waiting for access time to execute some funding arbi btw swap and perps

As the market began to recover, we are still focused on what we can control. We recently unwound our SK Hynix funding-yield strategy, which we had grown a little too comfortable with, and are now taking some time to look for new opportunities. All of which we shared here, including our strategy. Read full post here: https://x.com/linenmito/status/2093599093004329263?s=20

LinenMito’s updated analysis of @variational_io points. 1/ The most impressive number from our latest four-week study was not the point rate. It was Variational’s growth in trading volume. From the first to the fourth week of August, weekly volume increased from: $5.4B → $9.9B That is an 83% increase in just three weeks. According to DefiLlama, Variational currently ranks approximately: #3 among perp DEXs by OI #6 by 7-day and 30-day volume Meanwhile, BTC points per $1M of volume fell from: 8.3 points → 4.6 points The platform grew, while pure volume-farming efficiency declined. 2/ We do not view this negatively. In our previous Variational execution-cost study, we analyzed: • 624 BTC perp fills • $37.4M in total notional • $15K–$100K clip sizes The measured all-in taker execution cost, including the actual fill price, was approximately: 0.8bp per side, or 0.008% At that level, arbitrage, funding, relative-value, hedging, and directional strategies can make economic sense even without points. As more execution-driven flow enters the venue, the profitability of repeatedly paying spread purely to farm points naturally declines. 3/ Using the latest observed rate: • $1M of BTC volume => 4.6 boosted points • $20 assumed value per point => $92 in expected point value • approximately $83 in measured execution cost That leaves only: Approximately $9 per $1M of BTC volume And this is before funding, hedge execution, market movement, operational mistakes, point dilution, and uncertainty around the eventual point value. Without the 18% boost, the base rate is approximately 3.9 points. At $20 per point: 3.9 × $20 = $78 That is already below the measured execution cost. Under the latest conditions, pure BTC volume farming appears close to breakeven even with the boost and may already be negative without it. 4/ Based on our latest four-week sample, the updated point matrix is approximately: • $1M average gross OI maintained for one week: 35 points • Base OI rate without the boost: 29.5 points • $1M BTC volume: 4.6 points • Base BTC volume rate: 3.9 points • $1M RWA/TradFi volume: 30–50 points RWA markets generate more points per nominal dollar, but their spreads are also substantially wider, so they are not necessarily more efficient. At current rates: $1M of average gross OI maintained for one week ≈ $7M–$8M of BTC trading volume OI points remained relatively stable across the four weeks, while volume-point efficiency declined rapidly as platform volume increased. 5/ Our previous analysis on May estimated approximately 50–54 boosted points per $1M OI-week. After collecting four additional weeks of data, the current rate appears closer to 35 points. As a result, assuming $20 per point and gross OI equal to 15x deposited capital, our estimated annualized point value changes from: Previous estimate: ~84% Updated estimate: ~55% At the latest observed rate: • $10 per point → ~27% • $20 per point → ~55% • $30 per point → ~82% These are theoretical gross annualized figures assuming the current rate continues for 52 weeks. They do not include funding, spread, liquidation risk, counterparty risk, operational risk, or uncertainty around the eventual value of the points. The original thesis remains intact. But the APR estimate needed to be revised. 6/ The most bullish takeaway is not the theoretical point APR. It is that Variational’s weekly volume nearly doubled during August, and pure farming returns declined as a result. A successful incentive program should eventually make itself less necessary. The healthiest outcome is for traders to use Variational because the execution itself is competitive, while points simply improve the expected value of trades that already make economic sense. Our preferred approach remains simple: Execution edge first. Points second. Trade because the trade itself makes sense. Let the points be the bonus. (All observed rates above include the 18% boost applied to the measured accounts.)

If I were starting Variational today, I’d do these 3 things differently. We’ve traded $1.35B+ in volume accumulated 83K+ points, currently sit at #2 on the leaderboard, and have won multiple Variational trading competitions. After spending this much time on the platform, here’s what I would do differently if I were just starting out today: Read full post here: https://x.com/linenmito/status/2090793420449067324?s=20

Few months back, I shared my experience with KAST Card and how it had become my go-to neobank. At the time, we ranked in the Top 20, around #16 on the points leaderboard, after staking a significant amount of $SOL, actively using the card, and earning over 4M points. Now, I think it’s time to look for another neobank that aligns better with my current system and reward strategy. For now, my eyes are on: Read full post here: https://x.com/linenmito/status/2089662287380406774?s=20

As we have shared earlier, Our code "OMNIDAE" has been placed in the top affiliate tier — one of a small number of codes offering an 18% points boost. On top of that, "OMNIDAE" became the first code to onboard a whale-rank trader in the On-Chain Trader Rewards campaign. He will be getting an 18% boost You can try here: omni.variational.io/?ref=OMNIDAE Read the full post here: https://x.com/linenmito/status/2088507173529890944?s=46

The gap between SK Hynix’s Korean-listed shares and its ADR is now approaching 43%. We’re treating the SK Hynix / ADR spread as a mean-reversion trade, but there is currently no hard mechanism forcing the gap to converge in the short term. In a worst-case scenario, the premium could widen beyond 80%, as TSMC’s did during a bubble period. For that reason, we never size this trade aggressively. We only use it as a hedged relative-value position, depending on our existing portfolio exposure and the size of the gap. If you already have significant memory-sector exposure, or your US equity exposure is high relative to Korean equities, this may be a level worth taking a small position in. One additional point: If you match both sides based on the number of underlying shares, the overall position can still lose money even if the percentage premium narrows, depending on the movement of SK Hynix itself. Matching by share count is effectively a bet on the absolute price spread. If the goal is to capture compression in the percentage premium, it is generally more appropriate to match both sides by USD notional value at entry. ———————————————————————————————————————————— 하이닉스 본주- adr 갭이 43 프로에 육박하네요. 하이닉스 본주와 adr 간의 갭 먹기는 평균 회귀 베팅으로 하고 있고, 단기적인 갭수렴 하드 앵커링 요소는 없습니다. 최악의 경우는 tsmc처럼 버블구간 갭 80프로 이상을 보여줄수도 있다는 생각이라 절대 크게 하지는 않고, 포트폴리오 노출과 갭에 따라 헷징적인 관점으로만 베팅하고 있습니다. 메모리 노출이 높거나, 한국 주식 대비 미국 주식 비율이 높다면 이 퍼센트에는 베팅해봄직도.? (추가로, 양쪽 포지션을 주식 수를 맞추면, 프리미엄 퍼센트가 줄어들더라도 하이닉스 자체 가격의 움직임에 따라 전체 포지션은 손실일 수 있습니다. 주식 수를 맞추는 것은 절대가격 갭에 베팅하는 구조이고, 퍼센트 프리미엄 축소를 먹으려면 진입 시점 기준으로 양쪽 USD notional을 동일하게 맞추는 편이 더 적절합니다.)

Here is an interesting update on Variational 👇 Our referral code OMNIDAE just received the maximum point and tier boost for everyone who has signed up and everyone signing up with the code going forward. 18% Points Boost ~ Maximum boost, Tier Boost included If you’re a $BTC, $ETH, $HYPE or even RWA trader, trade on Variational, this is one of the best times to get started. Simply sign up using OMNIDAE. omni.variational.io/?ref=OMNIDAE gVAR

SWAP ON VARIATIONAL ~ WHAT THIS REALLY MEAN @variational_io just made one of the biggest announcement weeks back and I don't think the market fully understands it. At first glance, it sounds like another derivative product but It isn't. And Here’s why 👇 Read Full post here: https://x.com/linenmito/status/2087514610832232456?s=20