var

The on-chain derivatives protocol Variational announced that the Token Generation Event (TGE) for the token $VAR is scheduled for the fourth quarter of 2026. The initial token distribution includes 32% genesis allocation, 18% ecological reserve, and 50% for team and investor shares. The genesis tokens will be airdropped according to the proportion of Variational points held and will be 100% unlocked at TGE; the ecological reserve will be retained by the Variational Foundation for ecological growth and distributed at its discretion.The team and investor tokens will be locked for 12 months after TGE, followed by a minimum unlocking period of three years. Team members are also subject to individual vesting arrangements, and the specific shares for both parties will be announced before TGE. Variational stated that it plans to use all revenue directed to the treasury for the repurchase and destruction of $VAR. Weekly point distribution will continue until TGE, with 150,000 points distributed each week; accounts must hold at least 1 point to qualify for signing terms and receiving the genesis allocation, and any unclaimed portion will be destroyed.Variational originally planned to end the points program in the third quarter of 2026 and subsequently launch $VAR, but this timeline has been delayed due to significant strategic partnerships. In the final weeks before TGE, the project will conclude private testing, launch Omni on the public mainnet, expand exchange functions, and release trading APIs, while also announcing details on repurchase and token usage, and disclosing the impact of new partnerships on Omni, Pro, and traditional financial markets on-chain when conditions permit.

In the seventh live broadcast of the Huobi Expert Lecture, HTX Research asset analyst WZ pointed out that in the past, people were accustomed to explaining Crypto with Crypto, but today, the variables that determine the next phase of Crypto are increasingly occurring outside of Crypto. This marks a new pricing cycle that Crypto is entering.On the policy level, WZ believes that although the Clarity Act, which has systematic characteristics, is hindered in the Senate due to the need to secure bipartisan votes and issues involving the Trump family's interests and stablecoin profit distribution, U.S. crypto regulation has not stalled. For instance, the SEC recently released an "innovation exemption" plan that allows compliant institutions meeting certain conditions to tokenize specific stocks, accelerating the integration of traditional finance and crypto.On the macro level, WZ stated that the situation in the Middle East and the blockage risk in the Strait of Hormuz have raised the "risk premium" of crude oil. Rising oil prices can trigger inflation expectations, which in turn affect U.S. Treasury yields and global liquidity. When energy prices remain high and interest rates stay elevated, the upward potential for risk assets like Bitcoin may be constrained.WZ also pointed out that in this cycle, the direct inflow and outflow of ETF funds have changed the traditional logic of capital overflow, making a "general rise" pattern for altcoins difficult to achieve. However, in the new cycle, assets with a "new narrative" and strong consensus will still experience independent upward trends.

Coinbase Chief Cryptographer Yehuda Lindell stated on the MARA Foundation TV program that the exchange is designing a custody system capable of adapting to any post-quantum signature scheme that Bitcoin may adopt in the future. It is currently unclear which post-quantum signature scheme Bitcoin will use in practical applications. Lindell believes it is unlikely that a single signature scheme will be universally adopted, so preparations must be made for different outcomes across various blockchains.Coinbase is custodian for approximately $250 billion in assets for institutions such as BlackRock. Traditional Multi-Party Computation (MPC) relies on key sharding, but many post-quantum signature schemes may be "not friendly to MPC"; for example, hash-based signatures lack the arithmetic structure required for traditional cryptographic key splitting. Although cryptographers like Dan Boneh are researching relevant solutions, this research is still in a highly experimental phase, and it remains uncertain whether a viable MPC-like solution for hash signatures can be developed.To this end, Coinbase is exploring a backup architecture centered around programmable Hardware Security Modules (HSM), where private keys will be encrypted with post-quantum cryptography and assembled only within physically secure HSMs. Lindell stated that while the completion timeline is uncertain, once finished, "I will be able to say, I can support any scheme," without worrying about a blockchain adopting a signature scheme that it cannot support.

Gravity Chain Official Announcement: It has been observed that the G token has significant price discrepancies between various trading platforms, with the price difference between certain platforms remaining above 30% for several hours and once exceeding 40%. This is mainly related to the fragmentation of liquidity and bridging limitations between the Gravity Alpha mainnet and Ethereum.The official team is actively developing solutions to enable users to quickly and safely bridge assets from the Gravity Alpha mainnet to Ethereum, and further updates will be shared later. According to market information, the G token is currently priced at $0.013 on the Binance platform, $0.008 on the OKX platform, approximately $0.0037 on the Gravity Alpha mainnet, and approximately $0.012 on the Ethereum mainnet.

Castle Labs released a research report on September 10, comparing the execution costs of the swaps products launched by Variational with traditional perpetual contracts. The report shows that for most trading volumes, Variational is currently the lowest-cost venue among listed assets, with the cost of a $1 million trade in the US100 market being only $47.The report points out that the trading volume of RWA perpetual contracts has grown from less than $1 billion in October 2025 to over $12 billion in August 2026, currently accounting for about 12% to 13% of on-chain perpetual contract trading volume, with a peak in July reaching 20%. As of the report's release, the total open interest of RWA perpetual contracts was $4.9 billion, with TradeXYZ and Variational accounting for nearly 90%.Variational's swaps utilize RFQ execution and the proprietary liquidity provider Omni, with liquidity coming directly from traditional financial partners, and the fees being a holding cost charged once at the daily close, rather than relying on market supply and demand funding rates. Since the launch of the US100, US500, XAU, XAG, and USOIL markets at the beginning of the month, a total trading volume of $3.8 billion has been accumulated, with a peak open interest of $245 million. Currently, swaps have contributed over 50% of Variational's daily trading volume and more than $220 million in open interest.

According to Catcher Predict monitoring, the probability of the "Jessica Pegula" option in the sub-market "US Open WTA: Jessica Pegula vs Emma Navarro" event on the Polymarket market has experienced significant fluctuations, soaring from 55.5% an hour ago to the current 72.5% (a fluctuation of 17%). Please note the impact of relevant breaking news.

According to market news, predict.fun posted on platform X stating that the predicted probability of Variational reaching a fully diluted valuation of 1 billion dollars one day after its launch has increased from 41% to 59%.

According to Cointelegraph, the Dubai Virtual Assets Regulatory Authority (VARA) has signed a Memorandum of Understanding (MoU) with the BlackRock-backed tokenization platform Securitize to advance the tokenization and digital asset infrastructure development in the UAE and Dubai. Both parties stated that the agreement will establish a collaborative framework to support regulated tokenization initiatives, promote institutional participation, and strengthen Dubai's digital asset ecosystem.A VARA spokesperson stated that the memorandum aims to combine VARA's regulatory perspective with Securitize's experience in institutional tokenization to determine how the collaboration can help Dubai develop a trustworthy and regulated tokenization market, with no specific projects to be announced at this stage. Carlos Domingo, co-founder and CEO of Securitize, stated that Dubai is one of the most forward-looking jurisdictions for global digital asset innovation, and collaborating with regulators is crucial for tokenization to move from concept to mainstream financial infrastructure.At the time of this announcement, investor demand for tokenized assets continues to rise. According to RWA.xyz data, the total number of tokenized asset holders has increased by 103% over the past 30 days to 3.2 million, and the total value of tokenized assets has grown by 2% to $38.5 billion. Securitize is currently the largest tokenization platform globally, with a tokenized asset management scale of $4.9 billion, while Ondo Finance ranks second with $3.5 billion.

The derivatives protocol Variational on the Arbitrum ecosystem has announced the launch of its swaps market, initially including gold (XAU) and the Nasdaq 100 index (US100) markets. Swaps are similar to perpetual contracts in that they provide exposure to the underlying asset, but differ in terms of liquidity sources and holding costs: the holding cost for swaps is based on the USD borrowing interest rate, with long positions currently paying an annualized rate of 4% to 6%, and short positions receiving an annualized rate of 2% to 3%, replacing the more volatile funding rates.The swaps market charges no trading fees, with an initial open contract limit of approximately $10 million per market. The team plans to increase the limit to over $50 million in the coming days, and the initial protocol can support an open contract size of over $1 billion. The team stated that in the coming months, they will continue to raise limits, launch more swaps and perpetual contract markets, introduce trading APIs, and promote around-the-clock liquidity.

Recently, Sun Yuchen launched a batch of real-name complaints against the self-media that criticized him. Sun Yuchen filed multiple complaints against several self-media accounts, including Luke Wen Studio and "Luo Serious," on the grounds of "defamation/commercial reputation/invasion of privacy/portrait rights."The complaint materials requested the platform to deal with articles that used qualitative expressions such as "cutting leeks" and reinforced negative personas, and stated that he has entrusted a lawyer to secure evidence.

According to Catcher Predict monitoring, in the prediction market Polymarket for the event "US Open WTA: Emma Navarro vs. Loïs Boisson," the sub-market "US Open WTA: Emma Navarro vs. Loïs Boisson Spread +/-1.5" saw the winning probability of the "Navarro" option experience significant fluctuations, dropping from 74.5% an hour ago to the current 52.5% (a fluctuation of 22%). Please note the impact of related breaking news.

According to Catcher Predict monitoring, in the predicted market Polymarket for the event "US Open WTA: Emma Navarro vs. Loïs Boisson," the sub-market "Total Sets: Over/Under 2.5" option "Over 2.5" has experienced a sharp fluctuation in winning probability, soaring from 13% an hour ago to the current 50% (a fluctuation of 37%). Please note the impact of relevant breaking news.

According to Chao Xiang Research, a Morgan Stanley report points out that the total off-balance-sheet commitments disclosed by hyperscale vendors, Nvidia, and Broadcom have exceeded $3.1 trillion. Among them, lease commitments amount to $1.1 trillion, procurement commitments to $1.7 trillion, and the total on-balance-sheet debt and lease liabilities of hyperscale vendors is $770 billion.Amazon and Google's free cash flow turned negative in the second quarter of 2026, and Meta is expected to follow suit next quarter. Financing tools are restructuring the capital structure of AI computing power from six aspects: off-balance-sheet lease and procurement commitments constitute the first layer of financing, the proportion of debt issuance rises from 2% in 2025 to 19% in 2026, Google frees up $110 billion by cutting buybacks and issuing equity, Oracle's customer prepayments in the second quarter amount to $4.6 billion, and Broadcom and Nvidia launched a chip leasing SPV to support unrated AI labs.Morgan Stanley believes that as the financing structure itself becomes a core variable of the AI supply chain, the importance of tracking off-balance-sheet commitments and changes in accounting judgments is approaching that of tracking chip shipments themselves.

According to GMGN market data, last night and this morning, mainstream meme coins across various public chains experienced a general decline. Among them: the leading Solana ecosystem meme coin ANSEM dropped over 30% from yesterday's high, currently reported at $227 million; the previously leading meme coin MarsCoin in the BSC ecosystem fell below the platform consolidation level it had maintained for several days, currently reported at $32.83 million, with a 24-hour decline of 12%; the meme coin CASHCAT on the Robinhood chain once again fell below the $100 million mark, currently reported at $89.37 million, with a 24-hour decline of 14.61%.

Cross-border payment company Airwallex co-founder and CEO Jack Zhang stated that stablecoins are becoming an important channel for global capital flow, but sovereign financial systems still determine how to incorporate them, rather than the other way around. As the adoption of stablecoins grows, this trend will intensify. The Central Bank of Brazil has included virtual asset services in its foreign exchange and international capital regulatory framework, Vietnam is working on building a regulated crypto market while banning crypto assets as a means of payment, and the Philippines has indefinitely extended the suspension of virtual asset service provider licenses, all indicating that the adoption of stablecoins will occur within the regulatory frameworks of various countries.He noted that technology is making business more globalized, while financial sovereignty is becoming more localized, and governments will continue to set their own rules for currency, data, identity, and payments. The most enduring stablecoin infrastructure needs to connect sovereign financial systems, provide deep liquidity, and offer reliable conversion between stablecoins and fiat currencies for businesses. Airwallex, with a focus on corporate accounts, has obtained a central bank payment institution license in Brazil and acquired MexPago, the holder of the IFPE license in Mexico, to access the local financial systems of major economies in Latin America. It bets that AI and stablecoins will drive more global business, making regulated local connections more valuable.

Brian Armstrong posted on the X platform that Deribit has obtained a VARA brokerage license, allowing access to the market and liquidity of Coinbase Exchange. The UAE is embracing modern finance and digital assets.

Ethereum co-founder Vitalik Buterin posted on the X platform, stating that the Bitcoin community deserves recognition for promoting the development of related technological concepts, including Utreexo and other UTXO (Unspent Transaction Output) state optimization solutions. The scaling route currently being explored by Ethereum is integrating the advantages of different blockchain state models in practice.Vitalik Buterin pointed out that Ethereum hopes to simultaneously leverage the advantages of UTXO model states, dynamic states, and solutions between the two, enabling the vast majority of network activities to achieve "hyperscale" while not sacrificing decentralization, ease of node operation, and censorship resistance.Vitalik Buterin stated that future Ethereum scaling is not simply about copying a certain architecture, but rather aims to enhance throughput while maintaining the openness and security of the network by combining different design philosophies. Among them, Utreexo is a state compression solution proposed by the Bitcoin ecosystem, which reduces the storage burden on nodes by introducing accumulator technology, making full node operation more lightweight, and is considered beneficial for enhancing Bitcoin's long-term scalability.

Harvard University's latest 13F filing shows that as of June 30, it still holds 3,044,600 shares of BlackRock's spot Bitcoin ETF IBIT, valued at approximately $101.4 million, with the number of shares unchanged from the end of the first quarter, ending a previous trend of two consecutive quarters of reduction. Harvard reduced its IBIT holdings by 21% in the fourth quarter of 2025 and by another 43% in the first quarter of 2026.Currently, IBIT accounts for about 2.4% of Harvard's disclosed $4.26 billion U.S. stock portfolio. Its gold-related product holdings are even more valuable; as of the end of the second quarter, the combined value of iShares Gold Trust (IAU) and SPDR Gold Trust (GLD) is approximately $171.2 million. Harvard has previously liquidated its position in BlackRock's spot Ethereum ETF, valued at $86.8 million, and did not add any new Ethereum-related positions in the second quarter.Harvard University's largest holding is SpaceX, totaling 12,935,100 shares, valued at $2.21 billion, making it the largest single stock holding disclosed in the filing. The total value of U.S. stock assets disclosed by Harvard this time is approximately $4.3 billion, meaning that the SpaceX holding accounts for 52%.Among other institutions, the Abu Dhabi sovereign wealth fund Mubadala and the Abu Dhabi Investment Authority each maintained their holdings of 14,721,900 shares and 8,218,700 shares of IBIT, respectively, with a combined value of approximately $764 million. JPMorgan increased its IBIT holdings from about 8.3 million shares to 10.4 million shares; Morgan Stanley reduced its holdings from 17.3 million shares to about 16.5 million shares, a decrease of 4.5%.