Omni Progress Update w/ @variational_lvs

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Variational
@variational_ioAug 14, 2025

The Spaces covers a deep dive into Omni’s new UI v2 on testnet, the multi-pronged rewards system, OLP strategy, current market dynamics, metrics, conferences, and the near-term roadmap. Max (Head of Growth) hosts and Lucas (founder) explains how UI v2 was designed: community-driven via Discord, power-user interviews, and an iterative Figma-to-staging loop, inspired by trader-first UIs like Hyperliquid and large CEXs, aiming for performance, clarity, and future feature density. The new Rewards page consolidates six value streams (fee saved, loss refunds, platform credits, referral rewards, spread discounts, OLP capacity), with tier progression scaling benefits. Lucas emphasizes loss refunds as the most impactful for both retail and whales, with probability mechanics and potential full-loss refunds. OLP capacity will be capped and allocated by tiers/activity to avoid whale dilution and to keep yields high for the community. Metrics show steadily rising OI, volumes near ATH, and DAU/WAU/MAU trending up; volatility drives volume. Omni remains focused on the ETH/Arbitrum stack for user concentration and tooling. Asset expansion under evaluation includes traditional underlyings, volatility/interest-rate perps, and prediction markets; “builder codes” are not planned short-term (more relevant to Pro/API). UI v2 and initial rewards (referrals, loss refunds) move to mainnet in days, with more rewards rolling out in the following weeks.

Variational Twitter Space: Omni UI v2, Rewards, OLP, Market Update, and Roadmap

Participants and Roles

  • Max (Head of Growth): host/moderator, surfaced community questions and steered the discussion.
  • Lucas (Founder): provided detailed product, design, and strategy updates.

Omni UI v2: Design Goals, Process, and Iteration Loop

  • Context and goals
    • UI v1 (current mainnet) was an early, fast iteration—functional but not designed to scale or fully reflect the quality of the underlying tech (RFQs, zero fees, deep liquidity, hundreds of assets, instant execution).
    • Objectives for UI v2:
      • Achieve feature parity with leading platforms and improve aesthetic/UX polish.
      • Support higher informational density for pro users while staying approachable for retail.
      • Establish a future-proof design system for upcoming features.
      • Draw inspiration from trader-centric platforms (e.g., Hyperliquid) and feature sets observed on large CEXs (e.g., Binance, Bybit).
  • The 3-pillar feedback cycle
    1. Community feedback via Discord:
    • Hundreds of requests/bug reports across channels and DMs since private beta and mainnet launch.
    • Examples: show liquidation price on order entry; tradeoffs between dense tables below charts vs. more spacious layouts for retail.
    1. Power-user partnerships:
    • Direct feedback loops with heavy users/VIPs/ambassadors via Telegram groups and calls; built a master tracking sheet to prioritize.
    1. Design–iterate–build cycle:
    • Collaborated with experienced front-end engineers and New York-based design partners.
    • Used Figma to explore alternatives; frequent internal reviews on feasibility and implementation.
    • Prototyped on internal staging, then released to testnet for broad community feedback (colors, density, reward tiers, etc.).
  • Deployment cadence and expectations
    • UI v2 is live on testnet now; mainnet release is in days (not weeks/months).
    • Post-v2, iteration will be continuous on a weekly cadence rather than large “V3/V4” drops.
    • Call to action: test and provide feedback now while adjustments are easiest to incorporate.

Rewards System: Structure, Tiers, and What Matters Most

  • High-level goals for the Rewards page
    • Make every reward type visible in one place; quantify “how Variational is rewarding you to trade,” mostly in direct USDC value.
    • Provide at-a-glance metrics: current rates, cumulative savings, and timelines (e.g., 30-day and all-time views).
    • Establish clear tier progression so users see how activity unlocks higher reward rates.
  • Reward categories (six core types)
    1. Fees Saved
    • Informational comparator: “What would I have paid on a top-tier CEX vs. on Variational (Omni)?”
    • Not a direct reward but effectively quantifies efficiency gains.
    1. Loss Refunds (headline feature)
    • Detailed docs and tier tables published; tracks total and per-trade refunds upon closing positions.
    • Most impactful mechanic for both small and large traders.
    1. Platform Credit
    • USDC credit granted upon hitting value milestones; usable directly for trading.
    1. Referrals
    • Rewards based on referred volume, not just fee revenue.
    • Novel addition: referrers also receive a portion of their referees’ loss refunds.
    1. Spread Discounts
    • For high-volume/VIP traders to further reduce all-in trading costs; complements zero fees and tight spreads.
    1. OLP Capacity
    • Allocation of deposit capacity into the OLP (Omni’s market-making vault) as a reward. Will roll out cautiously with guardrails; designed to return market-making profits to users.
  • Tiers and progression
    • Tiers scale core reward rates (loss refunds, spread discounts, etc.) with activity (e.g., volume and referred volume).
    • The UI shows current tier, progress to next tier, and the incremental benefits unlocked—designed to increase engagement and platform loyalty.
  • Aggregate views and shareability
    • “Variational saved you” graph and top-line number (30D and all-time) planned, with shareable cards to amplify social growth.
  • What will matter most to users
    • Loss Refunds: expected average outcome in the mid-single digits (e.g., ~4–6%) with mechanics that increase the likelihood of a future refund if you didn’t receive one previously; can refund up to the full loss.
    • Referrals: substantial due to volume-based rewards plus a share of referees’ loss refunds.
    • OLP Capacity: strong yield potential; will be enabled later with careful scaling.
  • Rollout plan
    • Testnet UI is live; reward functionality shows “coming soon” while being finalized.
    • Mainnet: start with Referrals and Loss Refunds, followed by Platform Credits and Spread Discounts in the coming weeks.

User Segments: Small, Medium, and Whales—Designing for All

  • Small accounts
    • Benefit immediately from zero fees and tight spreads; rewards are not gatekept to large accounts (loss refunds, parts of referrals, platform credit, and access to future OLP deposits will be broadly available).
  • Medium accounts
    • Tier system is tuned so active traders can reasonably attain mid-tier statuses (e.g., Silver/Gold), where reward rates grow significantly versus entry tiers.
    • Strong amplification for loss refunds as position sizes and trading frequency increase.
  • Whales/professionals
    • Although Omni’s ethos is retail-first, pro traders benefit heavily from spread discounts and the outsized value of potential loss refunds.
    • UI v2 incorporates higher information density, larger chart options, better order lines, and pro-grade account analytics—without sacrificing accessibility for retail.
    • Value proposition for large traders is particularly compelling given the rewards structure and execution model.

OLP (Vault) Capacity: Philosophy, Access, and Yield Protection

  • Why cap OLP deposits and tie capacity to activity/tier
    • Treat OLP capacity as a scarce resource to be shared across the community, avoiding concentration by a few whales that would dilute returns for everyone.
    • Align vault benefits with active participation (e.g., tiers, volume, and broader platform engagement) so capacity flows to aligned users.
    • Explore additional long-term alignment signals (e.g., “owning things related to Variational”) as potential factors—details TBD.
  • Yield dynamics and funding
    • Returns are revenue over deposits; uncapped vaults risk large deposits compressing yields for all.
    • OLP is currently funded off the company balance sheet; small additional capital may be added near-term to match growth before opening to the community.
    • Guardrails-first rollout; performance has been solid in biweekly updates and is expected to remain attractive.
  • Market positioning
    • Capped-and-aligned capacity is a deliberate evolution from earlier models seen elsewhere; aims to maximize community ROI while safely scaling OI support.

Market Context, ETH Choice, and Activity Trends

  • ETH ecosystem choice
    • Decision was based on user activity and ecosystem depth (Ethereum and rollups like Arbitrum), not short-term price action.
    • Recent ETH rally (and volatility) validates user-centric selection; rising prices bring attention, tooling, investment, and new users—beneficial for builders.
  • Volatility and volume
    • Broadly, higher volatility correlates with higher volumes across asset classes. Crypto is no exception—liquidation cascades and speculation drive “crazy volume days.”
  • Omni metrics (mainnet)
    • Open interest has been setting new highs daily in recent days—an important indicator of real platform engagement.
    • Volume is near all-time highs; still invite-only, so near-term variability is expected.
    • DAU/WAU/MAU are high and trending up; organic growth is notable despite limited current marketing.
    • Expect a more aggressive growth push after UI v2 and rewards go live on mainnet.

Asset Roadmap: Beyond Crypto Perps

  • No promised timelines, but active exploration in three buckets:
    • Traditional underlyings: commodities, FX, and selected equities.
    • Non-linear/volatility-linked products: e.g., crypto VIX-style indices, funding-rate/interest-rate perps (e.g., collaborating with partners like Kaladin that MM such products).
    • Prediction markets: reintroducing futures-structured markets similar to popular election markets from the past; aim to deliver a perp-like experience for a wide range of events.
  • Long-term vision: perps on “anything popular,” with near-term focus on shipping UI v2 and Rewards to mainnet first.

Builders, APIs, and Pro

  • Builder codes (like Hyperliquid) are not planned in the near term for Omni.
  • Strategy:
    • Focus now: a great retail front-end on Omni.
    • Pro will serve as a liquidity network for institutions and companies building on top, with flexible APIs and product access beyond simple perps—in time.

Conferences and Community Engagement

  • Upcoming
    • Korea Blockchain Week (Seoul): planning one or two major events plus dinners/meetups; emphasis on meeting Korean community and users.
    • Token2049 (Singapore): premier conference; major panel in the works; meet investors, partners, and SEA community.
  • Vibe differentiation (expected)
    • Token2049 Singapore: slightly more institutional/financial-services oriented; plan to bring more community-facing activities.
    • KBW: more retail-facing; aligns with meeting on-the-ground users in Korea.

What’s Shipping Soon and How to Get Involved

  • Near-term (days):
    • Mainnet launch of UI v2.
    • Initial Rewards activation on mainnet: Referrals and Loss Refunds first.
  • Following weeks:
    • Platform Credits, Spread Discounts, and continued rewards enhancements.
    • Additional unannounced features on a steady weekly cadence.
  • Community asks
    • Test UI v2 on testnet and share feedback (colors, density, reward tier comprehension, etc.).
    • Watch for the “Variational saved you” shareable stat once live and help amplify.
    • Engage in Discord; power-user and VIP feedback continues to drive prioritization.

Key Takeaways

  • UI v2 is a substantial upgrade built through rigorous, community-informed design and will be on mainnet within days.
  • Rewards are central to Omni’s differentiation, with Loss Refunds as the most impactful lever across user sizes; Referrals and OLP Capacity add strong compounding value.
  • OLP capacity will be capped and allocated by alignment (tiers/activity) to protect yield and broaden community participation.
  • Metrics are trending strongly (OI, volume, active users), even pre-full marketing; volatility is accelerating activity.
  • Roadmap remains ambitious: rewards rollout, iterative UI improvements, and exploration of new instrument classes, with Pro/API pathways coming later for builders and institutions.