On December 12, 2025, I took a look at @variational_io's user data, quite interesting

⭐ Unactivated 21,000, Active users 19,000, Dormant 16,000, Total users 57,000

Due to the enormous current state of crypto farming, I boldly estimate that among active users, real people might account for 30%, about 5,700 people. This data seems reasonable given the bear market situation

⭐ Total TVL is 64.54 million USD, the top 1,000 addresses deposited 53.51 million, accounting for 82.9%

I estimate: the top 1K must be real people, plus another 4,700 small and medium investors, the user profile becomes very clear (arbitrage)

Human nature is inherently profit-driven, and the same applies to companies. For a company to grow its profits, sustainability is key, and protecting loyal users is very important

Over the past year, I have deeply felt that the founding team is not short-sighted; they are not like those in Crypto, and I quite like this refreshing approach

✅ Currently in Crypto, I find it hard to get interested in new projects. Lighter and Variational both rely on their own product features to gain a loyal user base

Such projects, in Web2, are cash cows, making it hard not to love them.