New announcement from 0xmgb in Discord:

Normally we don't mention testnet releases, but...

➡️ UI v2 is now live in testnet: <https://omni.testnet.variational.io>
➡️ Rewards page is now live in testnet: <https://omni.testnet.variational.io/rewards>
➡️ Rewards docs are now live (numbers subject to change): <https://docs.variational.io/omni/rewards-testnet>

Any and all feedback is welcome. Feel free to share here in Discord or comment on our [Twitter Post](<https://x.com/variational_io/status/1954986081419661759>).

If you're being prompted for a code, use OMNITESTNET

@everyone

New announcement from 0xmgb in Discord:

**Omni has officially crossed $100M in 24h taker volume for the first time!**

Thanks to everyone who's helped achieve this milestone; we've got a lot of big releases right around the corner for you, including the new UI, loss refunds, spread discounts, and more.

Help us spread the word on Twitter: https://x.com/variational_io/status/1957455408374988987

*(PS: New UI is expected to go into mainnet this week!)*

@everyone

New announcement from 0xmgb in Discord:

**UI v2 is now live in the Omni mainnet! ✨**

This is one of our largest releases yet, and was designed to address much of the user feedback we’ve received.

**UI v2 & New Features**
We’ve heard three recurring points of feedback on the UI from the beginning: denser, darker, sharper. So, we did a complete overhaul of our UI to add:
* Denser tables and smaller text
* Darker backgrounds & more contrast
* Sharper lines & less rounded corners

Alongside the app UI rework, this release also addresses a bunch of common feature requests, including:
* Draggable chart sizing
* Est. liquidation price on the order entry form
* Brand-new PnL card designs
* & more… see the [v0.1.66 release notes](LINK) for the full list.

**Rewards Page**
The initial implementation of the Omni rewards page is officially live. You can now progress between tiers (which are based on 30d rolling volume) and see how much you’ve saved in fees by trading on Omni.

Note that the majority of rewards functionality (loss refunds, spread discounts, referral rewards claiming) is not yet live. We expect to roll these out one-by-one going forward.

**Referral Freeze**
We also chose to implement a freeze on new referral codes with this release. The simple reasoning is that we want to continue to limit the number of users on the Private Beta as we are still yet-to-implement a number of key features (including loss refunds, spread discounts, OLP deposits, etc).

All already-earned referral code uses are still valid. We expect to re-enable the ability to earn more referral code uses within a few weeks.

**What’s Next?**
Obviously, there’s still plenty of work to be done! Some of our near-term roadmap items include:

* Adding rewards functionality (loss refunds, spread discounts, platform credit, etc).
* Enabling referral rewards claims.
* Improved portfolio page analytics
* OLP statistics page
* & more… check out the [full roadmap in the docs](<https://docs.variational.io/roadmap>).

As always, we’d like to say *thank you* to the entire Variational community for continuing to support us and provide us with invaluable feedback along this journey.

Happy trading @everyone! <:Variational_Blue:1220059878668636200>

New announcement from 0xmgb in Discord:

**gVar!** We’re hosting another PnL Card Competition to celebrate the *brand-new Omni UI*!

Keep reading to see the prizes and how to enter👇

**Timeline**
The competition will run for 5 days, beginning now (Friday, August 22nd) and ending at 5pm UTC on Wednesday, August 27th.

Winners will be announced shortly after the competition concludes.

**Prizes**

* The user who posts the PnL card with the largest gain (in %) will receive an item of their choice from [@MadeByWoven](<https://x.com/MadeByWoven>) (<https://madebywoven.com/>) or USDC equivalent if shipping is infeasible.
* The user who posts the PnL card with the largest loss (in $) will receive 250 USDC.
* 3 random users who post their PnL cards and receive >5 likes will receive 100 USDC.

**How To Enter**

To submit your PnL card to the competition, post it on on X/Twitter (tagging @variational_io), then post the link to that X post in <#1395458173686648944>.

* All winning PnL cards will be checked to ensure they are sourced from actual trades that took place on Omni. * Photoshopped or modified PnL cards will be disqualified from winning a prize.
* PnL cards must be from a trade that was open at some point during the competition window.

**Terms & Legal**

Same as the first competition, can be read [here](https://mirror.xyz/variational-io.eth/AKdQeLSmz6skJsM6esf6mjLM3jU-klSCHEVsjaOwV6g).

Good luck @everyone!

New announcement from 0xmgb in Discord:

We've got a big biweekly update for you today:

**Product**
* The most recent mainnet release was [v0.1.66](<https://discord.com/channels/1196857788220067943/1338537927365492818/1408261907361824799>)
* UI v2!
* Visual overhaul of every page of the app
* Completely reworked asset selector
* More density and data in tables
* Better responsiveness & even faster updates to mark prices and portfolio values
* Rewards page
* Estimated liquidation prices on order entry form
* Brand-new PnL cards
* Draggable chart sizing

**Community**
* Looking for some weekend fun? We just released a [PnL card competition](<https://x.com/variational_io/status/1958912009053118776>) with merch from [@MadeByWoven](<https://x.com/MadeByWoven>) and USDC as prizes!
* Omni hit [100m in 24h taker volume](<https://x.com/variational_io/status/1957455408374988987>) for the first time this week!
* We released a [long-form post on Twitter explaining how the loss refund mechanism will work](<https://x.com/variational_io/status/1956779240197624262>) in mainnet.
* We hosted a Twitter Space with Variational co-founder <@958831822773567548> to discuss the new UI, rewards mechanisms, and more. Check out the [recording](<https://x.com/variational_io/status/1956051982445371709>) or the [AI summary](<https://x.com/variational_io/status/1956051970604851446>) on Twitter today.
* [Xangle](<https://xangle.io/>) released a research piece on Variational in both [English](<https://x.com/Xangle_official/status/1955487953205199190>) and [Korean](<https://xangle.io/research/detail/2283>)!
* We’re looking for exceptional candidates for the following roles: [growth](<https://x.com/0xMGB/status/1958904804312297733>), [chief of staff](<https://x.com/variational_lvs/status/1954811215609512332>), [engineering](<https://x.com/variational_lvs/status/1954811215609512332>).

**Metrics**
* *# of new tokens listed in past 2 weeks:* 8
* *Total tokens currently listed:* 512
* *Total volume traded:* $1,970,922,466
* *Total trades placed:* 401,082
* *Total OLP PnL:* $703,279
* *OLP Yield (annualized from last 90d performance):* ~483%
* *Daily Active Users (avg. over past week):* 304
* *Weekly Active Users:* 915

@everyone

New announcement from 0xmgb in Discord:

We're going live on Twitter **now** with Variational co-founder <@958831822773567548>.

Drop your questions in the <#1197568193313640509> or in the [Twitter comments](<https://x.com/variational_io/status/1961119107723468928>).

@here

New announcement from variational_aks_09812 in Discord:

We are going to put FB in close only mode, and will move to delist thereafter. The market no longer meets the listing criteria and quoting may be degraded

New announcement from 0xmgb in Discord:

**Loss refunds are now live on the Omni mainnet!**

Starting right now, every time you close a losing trade on Omni, you have between a 1 and 5% chance to get that loss completely refunded. The full mechanism is explained in the [docs](<https://docs.variational.io/omni/rewards/loss-refunds>).

Loss refunds are funded by a portion of the spread revenue that the Omni Liquidity Provider (OLP) earns as the sole counterparty to trades. This design ensures that loss refunds are sustainable long-term, even with zero fees.

Currently, 1/6th of spread revenue is redirected to the Loss Refund Pool (which you can track on-chain [here](<https://arbiscan.io/address/0xc47756133753280c37b227c24782984e021c4544>)).

Loss refunds are available on all markets, for all users, starting right now.

Happy trading @here!

New announcement from 0xmgb in Discord:

Biweekly update (loss refunds edition):

**Product**
* The most recent mainnet release was [v0.1.71](<https://discord.com/channels/1196857788220067943/1338537927365492818/1413539618862792925>)
* Loss refunds are live in mainnet! See [docs](<https://docs.variational.io/omni/rewards/loss-refunds>) for info on how it works.
* Loss refund referral rewards live in mainnet (UI to track loss refund referral rewards is still under construction)

**Community**
* We announced on [Twitter that loss refunds are live](<https://x.com/variational_io/status/1963980621363171785>).
* We’ve announced some plans for Korea Blockchain Week!
* We’re hosting a [Variational x Arbitrum Mixer](<https://x.com/variational_io/status/1962928003194978596>)
* We’re sponsoring [UmbrellaX’s Perp Dex Day](<https://x.com/magonia_B/status/1962135564372910355>)
* We’re sponsoring [HackVC’s Hacksummit](<https://x.com/hack_vc/status/1960902861996614012>)
* We joined a [livestream with Arbitrum](<https://x.com/arbitrum/status/1963618190556369030>) to show off the new loss refunds feature.
* Arbitrum posted a [blog post using Variational as a case study](<https://x.com/arbitrum/status/1961111814445420660>) of DeFi innovation on Arbitrum.

**Metrics**
* *# of new tokens listed in past 2 weeks:* 11
* *Total tokens currently listed:* 516
* *Total volume traded:* $2,213,309,674
* *Total trades placed:* 445,040
* *Total OLP PnL:* $870,282
* *OLP Yield (annualized from last 90d performance):* ~522%
* *Total Losses Refunded:* $14.36
* *Percent of Total Platform Losses Refunded (since implementation of loss refunds):* 0.06%
* *Daily Active Users (avg. over past week):* 199
* *Weekly Active Users:* 547

@everyone

New announcement from 0xmgb in Discord:

**Referrals have been re-enabled on Omni.**

The threshold for initial referral code creation has been increased from $500k in total volume to $1M in total volume. An additional referral code use is granted for each $1M in volume traded following the initial unlock of referrals.

All users that traded during the past few weeks’ referral code freeze have been retroactively awarded 1 referral code user per $1M in volume traded (up to a maximum of 5 codes retroactively awarded).

@here

New announcement from 0xmgb in Discord:

gVar! Here’s another biweekly update (slightly delayed due to conference travel):

**Product**
* The most recent mainnet release was [v0.1.83](<https://discord.com/channels/1196857788220067943/1338537927365492818/1418886066416521267>)
* All users’ loss refund odds are now boosted by 3x for 30 days.
* Candles are now constructed using Omni’s mark prices instead of index prices.
* General UI improvements for rewards page
* Performance improvements for clearing orders

**Community**
* Omni crossed a [new all-time high in open interest](<https://x.com/variational_io/status/1968697283102523729>) this week!
* We hit a new record for the [biggest loss refund](<https://x.com/variational_io/status/1967656618822385895>): $2.8k!
* We’re at Korea Blockchain Week this week, and Token2049 Singapore the next. If you’re around, let us know!

**Metrics**
* Key Metrics
* Total Volume Traded: $2,598,809,568
* Current Dual-Sided OI: $39.8M
* Total Trades Placed: 500,612
* Total Tokens Currently Listed: 520
* Rewards Metrics
* Total Losses Refunded: $18,771
* Percent of Total Platform Losses Refunded (since implementation of loss refunds): 1.52%
* User Metrics
* Daily Active Users (avg. over past week): 346
* Weekly Active Users: 890
* Revenue Metrics
* 2w Revenue: $143,070
* Revenue Directed to OLP: $101,127
* Revenue Directed to Loss Refund Pool: $41,943
* Total OLP PnL: $971,409
* OLP Yield (Annualized From Last 90d Performance): ~369%

@everyone

New announcement from 0xmgb in Discord:

Loss refund pool has also been seeded with an additional 20k of capital to enable larger loss refunds. Happy trading!

New announcement from 0xmgb in Discord:

It’s been about two weeks since loss refunds went live. Since then, we’ve refunded approximately 1.6% of total losses on Omni.

Right now, this amounts to approximately 17% of Omni’s revenue being directly returned to traders. Our long-term goal is to raise this number to ~67% (via spread discounts, platform credit, OLP yield, and more).

To give everyone a taste of what sharing more of Omni’s revenue feels like in your pocket, (and to get some extra feedback on loss refunds) **we’ve decided to boost everyone’s loss refund odds by 3x for the next 30 days.** This brings base loss refund odds from 1%-5% to 3%-15%.

We have also be seeding the loss refund pool with additional team capital to assist in the near term with matching these increased loss refund odds. You can track how much in loss refunds have been paid out in our new Dune dashboard [here](<https://dune.com/cas333333/variational-stats>) or directly on-chain [here](<https://arbiscan.io/address/0xc47756133753280c37b227c24782984e021c4544>).

Happy trading! Help us spread the word on [Twitter](<https://x.com/variational_io/status/1969607481640042733>).

@everyone

New announcement from mr_plumpkin in Discord:

Unfortunately we had to unexpectedly delist $OMNI due to problems with a market data provider. Open positions have been settled at the last known market value.

New announcement from mr_plumpkin in Discord:

$ALPHA was delisted for the same reason

New announcement from variational_aks_09812 in Discord:

We are going to delist USDE. The market has been in close-only mode for some time now and no longer meets the listing criteria, so quoting may be degraded

New announcement from 0xmgb in Discord:

gVar! <@958831822773567548> and I just spent a week in Korea for Korea Blockchain Week and a week in Singapore for Token2049 to spread the word about Variational. In the meantime, the devs kept shipping, and the Variational community brought Omni to new all-time highs in volume and OI!

**Product**
* The most recent mainnet release was [v0.1.96](<https://discord.com/channels/1196857788220067943/1338537927365492818/1423510789431754835>)
* User bad debt (negative balances) have been cleared for small amounts, and will be automatically wiped if incurred going forward.
* Quote latency reduced by over 50%.
* The banner at the top of the app can now be dismissed (x in top right).
* Other minor stability, UI, and performance improvements.

**Community**
* Omni again crossed a [new all-time high in both volume and open interest](<https://x.com/variational_io/status/1973227871541010790>) this week!
* Over [$180k in losses](<https://dune.com/cas333333/variational-stats>) have been refunded to over 3,000 unique users via loss refunds!
* We’ve been busy making some noise about Variational in Korea and Singapore:
* We participated in a live perps trading competition with Lighter, EdgeX, and GVRT that went [viral on Twitter](<https://x.com/hansolar21/status/1970070210750128572>). Thanks to our mod <@762499331202351134> for representing Omni on stage!
* We presented Omni on stage at [HackSummit](<https://x.com/hack_vc/status/1960901351535522114>) to a packed crowd.
* We hosted a [Variational x Arbitrum mixer](<https://x.com/variational_io/status/1962928003194978596>) in Korea!
* We hosted a traders’ dinner in Korea.
* <@958831822773567548> spoke on a [panel with Deribit, FalconX, and CoinFund](<https://x.com/caladanxyz/status/1972590751289627084>) in Singapore at Caladan’s Institutional Day.
* We hosted a traders’ dinner in Singapore.
* In between all of these, we met with countless partners and individual traders!

**Metrics**
* *Key Metrics*
* Total Volume Traded: $3,770,529,241
* Current Dual-Sided OI: $68.82M
* Total Trades Placed: 674,962
* Total Tokens Currently Listed: 516
* *Rewards Metrics*
* Total Losses Refunded: $187,969
* Percent of Total Platform Losses Refunded (since implementation of loss refunds): 3.14%
* *User Metrics*
* Daily Active Users (avg. over past week): 632
* Weekly Active Users: 1,580
* *Revenue Metrics*
* 2w Revenue: $416,315
* Revenue Directed to OLP: $277,545
* Revenue Directed to Loss Refund Pool: $138,770 (plus $95,000 in manual deposits for boost campaign)
* Total OLP PnL: $1,248,954

@everyone

New announcement from 0xmgb in Discord:

$PRIME has been delisted due to no longer meeting listing criteria. Open positions have been settled at the last known market value.

New announcement from variational_lvs in Discord:

@everyone team is aware of a platform wide risk limit hit. trading will be enabled soon

New announcement from variational_lvs in Discord:

@everyone the temporary disabling of trading was handled in a few minutes by the dev team and we are keeping an active eye on platform metrics. If you were adversely affected, please open a <#1332419182473642107> ticket and we will address a fair resolution on a case-by-case basis.

We take even a few minutes of trading interruption very seriously and will share a postmortem shortly about the risk limit that was hit and how it will be changed to avoid issues in the future.

New announcement from variational_lvs in Discord:

POSTMORTEM OF DOWNTIME

On October 7th at 09:34am UTC, a risk limit was triggered on Omni that caused a brief interruption to trading. This issue was flagged by the team in announcements by 09:36am UTC (within ~2 min), and resolved completely by 09:45 UTC (11 minutes of interruption).

This limit that was triggered was meant to control platform risk, but was not properly updated to reflect Omni's recent growth.

We take any trading interruptions seriously, and have taken the following steps:
1) Reviewed all existing risk limits to ensure this doesn't happen again (accounting for future large growth).
2) Solicited all affected users to open support tickets so we can come to a fair resolution.

Thank you for trading on Omni!

@here