Is Variational the Next Hyperliquid? | CEO Lucas Schuermann and Justin Bram
Summary
Lucas Schman and Justin Brown explain Variational’s unique broker-like model, which aggregates global TradFi and DeFi liquidity to offer zero-fee trading and superior execution compared to traditional order-book exchanges. The episode details their new "swap" instrument, a linear derivative with flat funding rates that brings institutional-grade TradFi liquidity on-chain for retail users. The hosts discuss the team’s quant and TradFi background, their strategy to onboard non-crypto users via improved UX, and how their OLP system captures revenue while maintaining segregated, on-chain user c…
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