Commodities & Premarkets Listed, Equities & Indices Next: Variational RWA Update

On May 20, Gold, Silver, Copper, and WTI Crude went live as the first RWA markets on Variational. Since then, another 7 commodity and pre-IPO markets have been listed (SpaceX, Anthropic, OpenAI, Platinum, Palladium, Natural Gas, and Brent Oil), bringing the current number of TradFi listings to 11.

All currently listed markets are part of Phase 1 of the Variational RWA rollout, meaning they aggregate liquidity from existing crypto-native sources. Later this month, we will begin Phase 2. This is where we'll begin plugging directly into TradFi liquidity during market hours to provide best in market execution for our listings.

Metrics

• Since launch, approximately 10% of trading volume on Variational has been on TradFi markets.
• Approximately 14% of current OI on Variational is on TradFi markets (~$140M).
• The largest single TradFi order thus far was a $1,505,036 $CL buy on May 22.
• Over 20% of active accounts on Variational have placed at least one trade on a TradFi market.

Gold, in particular, has also demonstrated how Variational's leading execution costs via aggregated liquidity and zero fees translate directly into increased trading activity.

Next Steps

Currently, we are in the midst of Phase 1. Commodities and pre-markets can be readily listed on Variational with aggregated crypto liquidity. Over the next several days, we will continue the Phase 1 rollout to equities and indices with the same crypto-native liquidity model.

From this point, any RWA market with crypto-native liquidity will be eligible for listing on Variational.

Later this month, we will also kick off Phase 2. Phase 2 will begin by bringing TradFi liquidity into Variational's existing 24/7 RWA perp markets during open hours, before later bringing entirely new markets on-chain as CFDs. Phase 2 will mark the beginning of our journey to bring TradFi liquidity to over 100 markets this summer.