KeeperCF retweeted
Everyone talks about volume. Nobody checks who's actually trading.
Real users, October 2026:
> @variational_io: 32.4K got points in one week
> @entropyIO: 12.7K traders in 30 days
> @Lighter_xyz: 11K active in a single day
> @risextrade: 6.4K got points in one week
Variational is quietly the biggest farm right now. RISEx is still tiny, and that's the point.
Where are you farming?
"Variational traded $114.2B in Q3, against $62.8B in Q2, while its average open interest rose from $410M to $741M and closed the quarter at $1.01B."
Thanks to @AleaResearch for highlighting Variational's Q3 growth, driven by swaps adoption over the final month of the quarter!
What if your next NFT wasn't made to be collected, but to put an AI agent to work?
After writing about @surfcoderepeat and $IMD, I kept digging into how the system actually works.
And the more I look at it, the less I see Identity.md as a normal NFT.
We usually buy NFTs, hold them, and hope someone will pay more later.
IMD takes a different approach.
There are only 2,000 Identity.md NFTs, and each one represents a seat in the AI network.
The holder can run their own node, connect their hardware and paid AI APIs, and start receiving jobs from the network.
But the agents don't just generate an answer and call it a day.
Another node can rerun the work in an isolated environment, followed by an additional review for errors and vulnerabilities. If the result passes verification, it's recorded onchain and contributes to that workstation's reputation.
Adam has also enabled external smart contracts to trigger swarm jobs directly, while users can pay for requests through x402.
So there's an actual workflow taking shape here:
• A task comes in
• AI agents do the work
• Other nodes verify the result
• The result gets recorded and the work can earn rewards
The NFT sits right inside that process.
You're not just holding an asset. You're holding access to a specific role in a system that can perform useful work.
That got me thinking about NFTs differently.
Maybe the next step isn't making digital art more desirable. Maybe it's giving NFTs a purpose beyond collecting.
With IMD, the NFT represents a workstation in a network of AI agents.
And I'd rather explore experiments like this than spend all my time looking for the next PFP collection.
KeeperCF retweeted
did you manage to buy identity md nft below 0.9e?
looks like we found the bottom and bounced above 1.1e
i joined the nft holders chat and plan to dig deeper into the $IMD ecosystem
back when i found out about it in the summer there was nothing except @surfcoderepeat hints onchain
a lot has changed since then, its time to DEGEN
$IMD at highs, everyone supporting, everyone backing it
crazy people show up in my replies accusing me of selling and sidelining it, and how dare i post that IMD is at highs when its $12-13
xitter.cf/0xCragHack/status/2107…
but where were they when i was pushing IMD at 0.7$, at $1.5, at $3? when i was pushing the identity md nfts and buying at 0.2 eth?
and the main question, where are they now? right now, when the project is down and the market is down, is exactly when the project needs them. where are all these people, all these believers?
so were back in the game lads:
> buying IMD at 70 cents - great.
> buying the nft at 0.2 eth - great
> buying at $14 - not great.
> buying the nft at 2.7 eth - not great
right now you can get $IMD at $4 and the nft at 1 eth. already decent entries, and im starting to pick some up
IMD believers, shields up in the replies!
buy the lows, sell the highs, dont fucking mix them up!
day 3
digging into Identity MD
one question i still can't answer:
WHY is $IMD valued at a $21.6M market cap (excluding staked tokens), with a ~$36M FDV, while Identity MD NFTs are valued at just ~$5.5M?
NFTs give AI agents a slot in the network and a share of tokens from launched projects
$IMD is used to pay for tasks and for staking, hmm
for comparison, @BoredApeYC and $APE have relatively similar valuations: ~$145M vs ~$121M. yes, it's not a perfect comparison, but still
$IMD's market cap is almost 4x the NFT collection's valuation
and if we count all unburned tokens across all chains, including staked tokens, the valuation reaches ~$36M. that's 6.6x higher than the NFT collection.
why such a big gap?
i haven't noticed much correlation between rarity and price, so i'm assuming rarity doesn't carry much of a premium here. that's why i used floor price × total supply as a rough estimate of the NFT collection's valuation
IdentityMD: did some on-chain diggings
so what's happening after the drop to 0.85 $ETH?
price is down 70%+ from the highs around 3 ETH
$IMD now below the 50 SMA (1.48 ETH) but still above the 100 SMA (0.85 ETH). VPOC sits at 2.45 ETH, with the current floor 54% below it
looks like quite a few NFTs changed hands around the 2–3 ETH range. We might need some time to build momentum before the next move up
⌄⌄
some on-chain stats (30d):
• holders: 783 → 789 (+0.8%)
• 180 new holder addresses, 174 exited completely (a huge portion of the collection has changed hands)
• transfers involved 618 NFTs (30.9% of supply)
⌄⌄
holder concentration:
• 71% of addresses hold just 1 NFT
• 37 addresses holding 10+ NFTs control 39.3% of supply
• top 10 share increased from 17.15% to 19.15%
overall, $IMD looks pretty good, but there's no need to rush. Let's give it some time
KeeperCF retweeted
VARIATIONAL POINTS WENT FROM $5 TO $45. HERE'S WHAT HAPPENS NEXT
A year ago almost nobody knew @variational_io. Today it's the #4 onchain perp exchange, points sell for $40 to $50, and a token with a 32% airdrop is weeks away.
WHAT IT IS
A perp exchange with zero trading fees. You trade against market maker quotes, so your real cost is the spread. 550+ markets: crypto, stocks, commodities, indexes. Settled on @arbitrum
THE TIMELINE
> Dec 17, 2025. Omni Points launch. 3M retro points, then 150K every week
> May 1, 2026. First OTC deals at $5 to $7 per point
> May 21. Gold, silver, copper and oil perps 24/7. Plus a $50M Series A
> June 22. Points at $20 to $21
> Aug 12. Trader Rewards. 10,000 top onchain traders get points for trading on Omni, referrers get up to 15,000 USDC
> Aug 25. First $2B day
> Sep 1. Swaps launch with 2x points
> Sep 21. First $3B day
> Sep 24. $VAR tokenomics
> Oct 25. Points at $40 to $50
MY TAKE
Variational delivered what most perp DEXs only promise: real volume, real revenue and a clear token plan. The $5 phase is gone. What's left is a few weeks of farming and a TGE everyone is waiting for.
Track it live on perpmaxing.com
$HOOD Earnings Call xitter.cf/i/broadcasts/1aJbdEjML…
VARIATIONAL POINTS WENT FROM $5 TO $45. HERE'S WHAT HAPPENS NEXT
A year ago almost nobody knew @variational_io. Today it's the #4 onchain perp exchange, points sell for $40 to $50, and a token with a 32% airdrop is weeks away.
WHAT IT IS
A perp exchange with zero trading fees. You trade against market maker quotes, so your real cost is the spread. 550+ markets: crypto, stocks, commodities, indexes. Settled on @arbitrum
THE TIMELINE
> Dec 17, 2025. Omni Points launch. 3M retro points, then 150K every week
> May 1, 2026. First OTC deals at $5 to $7 per point
> May 21. Gold, silver, copper and oil perps 24/7. Plus a $50M Series A
> June 22. Points at $20 to $21
> Aug 12. Trader Rewards. 10,000 top onchain traders get points for trading on Omni, referrers get up to 15,000 USDC
> Aug 25. First $2B day
> Sep 1. Swaps launch with 2x points
> Sep 21. First $3B day
> Sep 24. $VAR tokenomics
> Oct 25. Points at $40 to $50
MY TAKE
Variational delivered what most perp DEXs only promise: real volume, real revenue and a clear token plan. The $5 phase is gone. What's left is a few weeks of farming and a TGE everyone is waiting for.
Track it live on perpmaxing.com
$HOOD Earnings Call xitter.cf/i/broadcasts/1aJbdEjML…
KeeperCF retweeted
7 rules everyone should know before trading @entropyIO
1. Know what you trade. These are perps on private companies like Anthropic. The price tracks estimates, not a live stock
2. Expect gaps. Funding rounds, IPO rumors and news can move price in seconds
3. Check the book before size. Only 6 markets, so depth matters more than on BTC
4. Watch funding. Hype markets can get expensive to hold
5. Go easy on leverage. Private market perps punish 20x
6. Farm organically. Season 1 points just started and wash volume gets cut
7. Track your cost per point:
(spread + funding + losses) / points earned
No OTC price for Entropy points yet.
No starting Entropy points yet
That's usually the cheapest time to farm
KeeperCF retweeted
IMD SZN: THE CONVERSATION IS GETTING INTERESTING
October 28 recap. Still bullish on $IMD, NFT agents, $IDM and $INFER. A couple of updates caught my attention.
Adam described IMD as a working beta with over 1,000 Claude/Codex subscriptions powering the swarm, saying users could hire it for around $2.
@binji_x he is currently building Ethereum through ethlabs.org, replied: “let’s catchup this week.”
That isn’t a partnership announcement, but it’s a conversation worth watching.
> NFT agents remain central: operators run workers that build, review and complete tasks. These are seats for participating in the network, with earnings tied to accepted work.
> $IDM has something new to show: its team announced that its 24/7 radio is now live on X too. The project turns trading activity into music through a Uniswap v4 hook. Now there’s another way to listen.
> $INFER remains on my watchlist for its proposed financial layer around IMD collateral and verified AI work. I’m looking for concrete implementation milestones next.
> For $IMD, my thesis stays simple: useful products can bring more people back to the network and create demand for paid requests.
A founder demonstrating the product, new experiences going live and conversations with Ethereum builders
Feels like another IMD szn is taking shape.
MARK THIS TO YOUR AGENDA.
FRIDAY VIBES.
SPEAKING ABOUT $IMD and cryptos.
Come shill your project.
@probert_mihai the @nightshiftimd dev will be here.
With special guests.
$SHIFT $IMD
xitter.cf/i/spaces/1nxeLMNBERqJX
IMD SZN: THE CONVERSATION IS GETTING INTERESTING
October 28 recap. Still bullish on $IMD, NFT agents, $IDM and $INFER. A couple of updates caught my attention.
Adam described IMD as a working beta with over 1,000 Claude/Codex subscriptions powering the swarm, saying users could hire it for around $2.
@binji_x he is currently building Ethereum through ethlabs.org, replied: “let’s catchup this week.”
That isn’t a partnership announcement, but it’s a conversation worth watching.
> NFT agents remain central: operators run workers that build, review and complete tasks. These are seats for participating in the network, with earnings tied to accepted work.
> $IDM has something new to show: its team announced that its 24/7 radio is now live on X too. The project turns trading activity into music through a Uniswap v4 hook. Now there’s another way to listen.
> $INFER remains on my watchlist for its proposed financial layer around IMD collateral and verified AI work. I’m looking for concrete implementation milestones next.
> For $IMD, my thesis stays simple: useful products can bring more people back to the network and create demand for paid requests.
A founder demonstrating the product, new experiences going live and conversations with Ethereum builders
Feels like another IMD szn is taking shape.
MARK THIS TO YOUR AGENDA.
FRIDAY VIBES.
SPEAKING ABOUT $IMD and cryptos.
Come shill your project.
@probert_mihai the @nightshiftimd dev will be here.
With special guests.
$SHIFT $IMD
xitter.cf/i/spaces/1nxeLMNBERqJX
KeeperCF retweeted
895 Variational points
At $30 a point that's $26,878 sitting in my account.
I didn't even know until I ran the numbers on perp maxing. Plug in your points, pick a price, see your bag in one click.
What's yours worth?
Replying to @blknoiz06
Are you still bullish @blknoiz06, let's have a talk with some humans about $IMD and smaller projects build on it.
MARK THIS TO YOUR AGENDA.
FRIDAY VIBES.
SPEAKING ABOUT $IMD and cryptos.
Come shill your project.
@probert_mihai the @nightshiftimd dev will be here.
With special guests.
$SHIFT $IMD
xitter.cf/i/spaces/1nxeLMNBERqJX
👀🐸🧠 LOCK IN $IMD, every legit project build on it. We wanna hear you.
Team work baby🚀
MARK THIS TO YOUR AGENDA.
FRIDAY VIBES.
SPEAKING ABOUT $IMD and cryptos.
Come shill your project.
@probert_mihai the @nightshiftimd dev will be here.
With special guests.
$SHIFT $IMD
xitter.cf/i/spaces/1nxeLMNBERqJX
KeeperCF retweeted
I built a smart contract with $IMD that tracks the totalSupply() of a 10k NFT collection. Every time a new token is minted, one white pixel turns black.
I pointed the contract at token #10000 on @thevesseldotfun, which is now tracking mints of Under the Influence on @GifsDotShop in real time.
As the collection mints out, the entire 100×100 grid will slowly turn black. This all happens automatically at runtime, with the artwork updating itself directly from onchain data.
KeeperCF retweeted
Coming to tonight's stream, courtesy of @theidmfun + @squeektoshi
new station: a chain mined by a hamster
@squeekchain runs proof-of-work on a real wheel. we play the same wheel: it runs, the station plays. it sleeps, the station dreams
station 04 · IDM
theidm.fun/?net=squeekchain
KeeperCF retweeted
Keep working with @perpmaxing









































