Since the end of the first season of @ edgeX_exchange, our small studio has also been looking for the next target. In fact, the delay of EdgeX has indeed dampened our confidence to a certain extent, but this uncertainty event itself is also a part of grooming, so what target to choose next becomes even more crucial. First of all, let's draw the conclusion that we have decided to heavily invest in @ variational_io Before starting the main topic, let me briefly explain that this article is purely an internal investment and review of my studio, without any advertising or coding. Please feel free to consume it. OK， We have started, and as one of the hottest projects in the second half of the Perp Dex battle, Variational's OI has already surpassed $1 billion. There is a significant gap compared to other contestants except EdgeX, at least the data will not lie: @After the release of Lighter_xyz, there have been significantly fewer FUDs targeting Perps, and in fact, the market has not given us time to consider the future of Perps. There are only two issues we need to consider: Find projects that can seize market liquidity and optimize strategies to earn more points before deflation The logic behind choosing Variational is simple. Firstly, the mechanism of zero transaction fees and loss refunds is a powerful tool for seizing liquidity. In fact, in the second half of 2025, before the announcement of the points mechanism and airdrop news, many retail investors and studios are already using Variational to support hedging strategies with other Perps. There is a certain degree of guarantee for actual use and market share. Secondly, the airdrop is relatively clear, with the project party promising to supply 50% of the tokens to the community. At the same time, very detailed and reasonable points rules have been designed, which cannot be said to be encouraging, but only rewarding real transactions. The value of points is very high. Furthermore, although the difficulty of obtaining points has been increasing, it is still in its early stages. Variational has released a read-only API and currently does not enable API trading or mobile devices. Simply put, it means rolling but not yet applying the strength. Entering one week early can provide a certain first mover advantage.