> For the complete documentation index, see [llms.txt](https://docs.variational.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.variational.io/omni/trader-rewards.md).

# On-Chain Trader Rewards Campaign

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This campaign is not available in [restricted jurisdictions or to restricted persons](/legal/restricted-persons.md). Terms and conditions (below) apply.  
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**Variational on-chain trader rewards are designed to reward active traders who have not yet onboarded to Variational.** 

A set of 10,000 active on-chain trader addresses have been categorized into tiers. When an address on the list onboards to Variational and reaches certain milestones, they will receive points. The Variational user who referred the address will receive a USDC payout.

| Tier      | Address Rank | Referrer Reward          | Trader Reward |
| --------- | ------------ | ------------------------ | ------------- |
| Leviathan | 1-10         | 15,000 USDC & 300 Points | 3,000 Points  |
| Whale     | 11-50        | 4,000 USDC & 150 Points  | 1,500 Points  |
| Orca      | 51-250       | 1,000 USDC & 50 Points   | 500 Points    |
| Shark     | 251-1,250    | 200 USDC & 20 Points     | 200 Points    |
| Dolphin   | 1,251-10,000 | 50 USDC & 2 Points       | 20 Points     |

Rewards for both the trader and referrer will be unlocked when the newly onboarded trader reaches certain milestones on Omni. Rewards for Dolphin and Shark tier addresses will unlock in one tranche when the milestone is fully completed. Rewards for Orca, Whale, and Leviathan tier addresses will unlock in two tranches: one when 25% of the milestone is completed, and the second when the milestone is fully completed.

| Tier      | Milestone   | Referrer Reward at 25% Completion | Trader Reward at 25% Completion | Referrer Reward at 100% Completion | Trader Reward at 100% Completion |
| --------- | ----------- | --------------------------------- | ------------------------------- | ---------------------------------- | -------------------------------- |
| Leviathan | $50M Volume | 1,500 USDC & 75 Points            | 750 Points                      | 13,500 USDC & 225 Points           | 2,250 Points                     |
| Whale     | $25M Volume | 400 USDC & 37.5 Points            | 375 Points                      | 3,600 USDC & 112.5 Points          | 1,125 Points                     |
| Orca      | $10M Volume | 100 USDC & 12.5 Points            | 125 Points                      | 900 USDC & 37.5 Points             | 375 Points                       |
| Shark     | $5M Volume  | N/A                               | N/A                             | 200 USDC & 20 Points               | 200 Points                       |
| Dolphin   | $1M Volume  | N/A                               | N/A                             | 50 USDC & 2 Points                 | 20 Points                        |

### Rules and Guidelines

* The campaign runs from August 12, 2026 until the earlier of: (a) the conclusion of the Variational points program; or (b) the completion of the first weekly distribution at which a total of 150,000 points have been distributed to participants under the campaign. Milestones (and, where applicable, tranche thresholds) must be completed by the weekly cutoff immediately preceding the final distribution to be eligible for reward distribution.
* USDC and point distributions for the campaign are performed manually on a weekly cycle, targeted on or around 0:00 UTC each Thursday. Each distribution will send USDC and point rewards for milestones and thresholds completed through 0:00 UTC on the preceding Wednesday. Distribution times are targets only and individual distributions may occur somewhat earlier or later.
* To begin, only accounts on Variational that already had an active referral code before the launch of the campaign will be eligible to refer traders for rewards.
* To begin, only accounts on Variational that are currently Bronze tier or higher will be eligible to refer traders for rewards.
* Traders must use the referral code of an eligible Variational referrer for the referrer to receive rewards. If a trader onboards through the referral code of an ineligible user (e.g. refcode not created before the campaign and/or not in Bronze tier), then only the trader will receive rewards.
* The following behavior will be monitored, and can result in disqualification from the campaign and/or rewards being withheld at the discretion of the Variational team:
  * Self-referring.
  * DM spamming.
  * Matched trading.
  * Multi-account operation.
* Referral reward distributions (either through a single referral reward or the sum of multiple referral rewards) of $4,000 or more are subject to KYC before being paid out. Users with referral rewards of $4,000 or more earned through this campaign should open a support ticket in the Variational app to go through the KYC process.

### Terms and Conditions

**1. The Campaign**

These terms and conditions (these “Campaign Terms”) govern the Variational On-Chain Trader Rewards campaign (the “Campaign”), administered by Applied Variational Research SEZC (the “Sponsor”) in connection with the Variational platform accessible at variational.io (the “Platform”), operated by MCMC Research Corporation, S.A. The Campaign rewards eligible existing Platform users (“Referrers”) for referring eligible traders (“Eligible Traders”) who onboard to the Platform and complete the trading volume milestones described on the Campaign page (the “Milestones”).

The Campaign runs from August 12, 2026 until the earlier of: (a) the conclusion of the Variational points program, as announced by Variational; and (b) the completion of the first weekly distribution (as described in Section 4) at which the aggregate points distributed under the Campaign equal or exceed 150,000, in each case unless earlier modified, suspended, or terminated in accordance with Section 9 (the “Campaign Period”). Milestones must be fully completed, and in the case of tranche-based rewards each applicable completion threshold must be reached, by the weekly cutoff immediately preceding the final distribution to be eligible for any distribution; Milestones and thresholds not reached by that cutoff lapse without compensation. Where the final distribution would cause the aggregate points distributed under the Campaign to exceed 150,000, the Sponsor will make that distribution in full.

By participating in the Campaign in any capacity, you accept these Campaign Terms and agree that your participation is subject to the Platform Terms of Use (including the Dispute Resolution section containing a binding individual arbitration agreement and class action waiver), the Privacy Policy, the Restricted Persons Policy at docs.variational.io/legal/restricted-persons, and the terms of the Variational points program, each as amended from time to time and each incorporated into these Campaign Terms by reference. In the event of a conflict, these Campaign Terms prevail with respect to the Campaign only. Capitalized terms not defined here have the meanings given in the Platform Terms of Use.

**2. Referrer Eligibility**

To be eligible to receive Referrer rewards, you must, at the time of the relevant referral and at the time of each distribution: (a) hold a Platform account in good standing; (b) have created an active referral code before the launch of the Campaign; (c) hold Bronze tier status or higher on the Platform; (d) not be an employee, officer, or director of the Sponsor, the Platform operator, or any of their affiliates, or an immediate family or household member of any of the foregoing, and not be a contractor or service provider of any of the foregoing unless the Sponsor has expressly approved your participation in writing; (e) not be party to any separate commercial referral, partnership, liquidity, or market-making arrangement with the Sponsor or its affiliates, unless the Sponsor has expressly approved your participation in writing; and (f) satisfy the eligibility requirements of the Platform Terms of Use, including that you are not a Restricted Person and are not located, ordinarily resident, or incorporated in a Restricted Jurisdiction.

The Sponsor may, by express written approval, permit a designated marketing or business development partner to participate as a Referrer notwithstanding clauses (b) through (e). Any such participation remains subject to the remainder of these Campaign Terms, including Section 7, and to any conditions of the Sponsor’s approval, including that the partner discloses its compensated relationship with the Sponsor in any outreach relating to the Campaign.

If a trader onboards using the referral code of a person who does not meet these requirements, no Referrer reward is payable in respect of that trader, but the trader may remain eligible for Trader rewards.

**3. Trader Eligibility**

To be an Eligible Trader, a person must: (a) own and control an address identified as eligible for the Campaign; (b) not have previously onboarded to the Platform, whether with that address or any other address; (c) onboard to the Platform during the Campaign Period through the Platform’s standard onboarding flow, including acceptance of the Platform Terms of Use and completion of all applicable geographic and sanctions screening; and (d) satisfy the eligibility requirements of the Platform Terms of Use at all relevant times. Each person may qualify for Trader rewards only once, regardless of the number of addresses that person owns or controls. The Sponsor may treat addresses that it reasonably determines are owned or controlled by the same person or acting in concert as a single participant.

The Sponsor may, in its discretion, extend Campaign eligibility to additional addresses or adjust tier assignments, in each case as announced on the Campaign page. Any extended eligibility is subject to these Campaign Terms in full, including the onboarding, screening, and verification requirements described in this Section 3 and Section 6.

**4. Rewards; Milestones; Distributions**

Reward amounts, tiers, and Milestones are as set out on the Campaign page, which forms part of these Campaign Terms. Trading volume and Milestone completion are determined solely by reference to the Platform’s records, which are conclusive absent manifest error. Where a tier provides for tranche-based unlocking, each tranche is calculated and distributed separately upon the applicable completion threshold being reached within the Campaign Period.

Subject to Section 6, distributions are made manually on a weekly cycle, targeted on or around 00:00 UTC each Thursday, and cover Milestone thresholds reached through 00:00 UTC on the immediately preceding Wednesday (each, a “weekly cutoff”). Distribution times are targets only; the Sponsor may effect any distribution earlier or later than the target time without liability, and thresholds reached after a weekly cutoff are included in the following cycle. Referrer rewards are denominated and paid in USDC on Arbitrum One to the wallet associated with the Referrer’s Platform account. Trader rewards are credited as Variational points under, and subject to, the points program terms. No interest accrues on pending or withheld amounts. Network transaction fees may apply to any on-chain distribution or claim and are borne by the recipient. The Sponsor makes no representation as to the market value, stability, or convertibility of USDC or any other digital asset.

**5. Points**

Points awarded under the Campaign are Variational points governed by the points program terms. Points are not transferable, have no cash value, and confer no right, title, interest, or expectation in or to any token or other asset. Neither the Sponsor nor any of its affiliates makes any representation or commitment as to whether, when, or on what terms points may convert into tokens or any other benefit, or that any token generation event will occur. Participation in the Campaign confers no token entitlement different from, or additional to, points earned on the Platform generally.

**6. Verification, Screening, and Withholding**

Every distribution under the Campaign is conditional on: (a) confirmation of the recipient’s continued eligibility under these Campaign Terms and the Platform Terms of Use; (b) satisfactory completion of sanctions and Restricted Persons screening of the recipient and the receiving address; and (c) any attestation of eligibility that the Sponsor may require, including an attestation of the recipient’s country of residence, Restricted Person status, and sole ownership and control of the participating account. The Sponsor may require identity verification and supporting documentation as a condition of any distribution, including where screening or eligibility review raises questions, where indicators of multi-account or coordinated activity are present, in view of the size or aggregate value of distributions to a participant, or where the Sponsor otherwise considers it appropriate. The Sponsor may delay, withhold, or cancel any distribution pending review, where screening or verification is not completed to its satisfaction, or where a distribution would in the Sponsor’s judgment violate applicable law. Rewards that cannot lawfully be distributed are forfeited.

**7. Prohibited Conduct**

The following conduct is prohibited and may result, at the Sponsor’s sole discretion, in disqualification from the Campaign, forfeiture of unpaid rewards, clawback of rewards already distributed, and action under the Platform Terms of Use up to and including account termination: (a) self-referral, including referring any address owned or controlled by the Referrer or by persons acting in concert with the Referrer; (b) wash trading, matched or circular trading, or any trading activity undertaken primarily to satisfy a Milestone without genuine economic substance; (c) operating multiple accounts or engaging in sybil activity; (d) unsolicited bulk, automated, or repeated outreach to prospective traders, spam, harassment, or any outreach that misrepresents the sender’s affiliation with Variational or the terms of the Campaign; (e) manipulating, scraping, or misusing eligibility information; and (f) any fraud, misrepresentation, or circumvention of screening or geographic controls. The Sponsor’s determinations regarding prohibited conduct, eligibility, Milestone completion, and reward amounts are final. Participants agree to repay on demand any amounts distributed in connection with conduct that violated these Campaign Terms.

**8. Eligibility Information**

Eligibility of trader addresses is determined by the Sponsor from publicly available on-chain data. The eligible address list is displayed in anonymized form on the Platform and may be searched to confirm the eligibility of a specific address. Eligibility information is provided solely to enable participation in the Campaign, is not an endorsement of any address or person, and may be corrected, updated, or withdrawn by the Sponsor at any time. Eligibility statuses are updated periodically and may not reflect the current state at any given moment; the Platform’s records control. The Sponsor may disclose eligibility information, including non-anonymized address data, to its affiliates and to service providers supporting the Campaign, in each case under confidentiality obligations and solely for Campaign purposes. The Sponsor is not obligated to disclose its selection methodology or criteria, or to respond substantively to any enquiry regarding the inclusion, exclusion, ranking, or tier assignment of any address. Enquiries may be directed to <hello@variational.io>.

**9. Changes; Suspension; Termination**

The Sponsor may amend these Campaign Terms and may modify, suspend, or terminate the Campaign, in whole or in part, at any time. Amendments take effect prospectively upon posting to the Campaign page. Distributions properly accrued for Milestone thresholds reached before the effective time of a termination remain payable, subject to Section 6; Milestones or thresholds not yet reached at that time lapse without compensation.

**10. No Offer; No Advice; Risk**

The Campaign and the Campaign page are provided for informational purposes in connection with a promotional program. Nothing in the Campaign constitutes investment, legal, tax, or other advice, or an offer, solicitation, or recommendation to buy, sell, or trade any security, derivative, digital asset, or other financial product or service in any jurisdiction. The Campaign is not directed at, and is void for, persons in Restricted Jurisdictions or anywhere participation would be unlawful. Trading in derivatives involves substantial risk, including the possible loss of the entire amount committed, and nothing in the Campaign should be understood as encouraging trading activity beyond a participant’s own judgment and means.

**11. Taxes**

Participants are solely responsible for determining and discharging all taxes, duties, and reporting obligations arising from rewards received under the Campaign. The Sponsor may require tax documentation as a condition of distribution and may deduct or withhold amounts where required by applicable law.

**12. Liability; Disputes**

To the maximum extent permitted by applicable law, the aggregate liability of the Sponsor and its affiliates arising out of or in connection with the Campaign is limited to the amount of rewards properly payable to the relevant participant under these Campaign Terms, and none of them is liable for indirect, incidental, special, consequential, or punitive damages. Any dispute arising out of or relating to the Campaign is subject to the Dispute Resolution provisions of the Platform Terms of Use, including binding individual arbitration and the class action waiver, and the governing law specified therein.

**13. General**

Participants may not assign rights under these Campaign Terms. If any provision is held unenforceable, the remainder continues in effect. These Campaign Terms, together with the documents incorporated by reference, constitute the entire terms of the Campaign. Failure to enforce a provision is not a waiver.