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Berachain Ecosystem Overview: Core Project Analysis and Mainnet Prospects
Discussion of Berachain Ecological Characteristics and Overview of Core Projects on the Eve of Issue Coin
Introduction
Berachain is a Layer 1 network characterized by the PoL (Proof of Liquidity) consensus mechanism, aimed at coordinating the interests of validators, liquidity providers, and the protocol. The second testnet "bArtio Testnet" is currently underway to address the issues discovered in the first testnet.
As of January 2, a total of 234 agreements have been deployed on the bArtio Testnet, and the cumulative number of wallets participating in testing the PoL mechanism has exceeded 2.38 million. Although still in the testnet phase, these figures indicate a considerable market interest in Berachain and its ecosystem.
The founder of Berachain, Smokey The Bera, recently hinted that "Q5 will happen before April," indicating that the mainnet is about to be launched. This has attracted both new and old users to join the ecosystem.
However, participating in the Berachain ecosystem requires an understanding of its PoL mechanism. Before the mainnet launch, complex financial products introduced by protocols to gain an advantage in the PoL mechanism created a high entry barrier for new users.
This article aims to explore various sectors of the Berachain ecosystem to lower the barriers to user participation. We will discuss projects that stand out in each sector and elaborate on how each protocol utilizes the PoL mechanism.
DEX
Berachain has a native DEX called BEX, which will be launched as BeraSwap on the mainnet. BeraSwap will support seamless liquidity trading within the ecosystem and ensure the effective operation of the PoL mechanism. Given the existence of BEX, other DEXs preparing to launch on Berachain are developing various convenient and efficient services and strategies to attract users and liquidity.
Kodiak
Kodiak is a DEX that stands out from Berachain's incubation project "Build a Bera". In addition to supporting Uniswap v2-style functions for BEX, Kodiak also provides CLAMM (Concentrated Liquidity Automated Market Maker) features similar to Uniswap v3, allowing liquidity providers to set and concentrate liquidity within a specific range.
Users can provide liquidity in a narrow range through the CLAMM pool, allowing for more effective acquisition of $BGT. Additionally, Kodiak offers the Island feature, which helps users automatically reset and balance the CLAMM range, reducing the hassle of managing liquidity supply positions. This feature utilizes BEX to rebalance liquidity, establishing a complementary rather than competitive relationship.
Kodiak standardizes users' CLAMM liquidity positions through the Island feature, enabling LP tokens to be used in other protocols, promoting more flexible and diverse ecological gameplay.
Before the mainnet launch, Kodiak has collaborated with many projects in the Berachain ecosystem to establish its position in the core infrastructure. They also operate their own Berachain nodes as validator nodes, and as of January 3, they have received the second highest BGT authorization in the bArtio Testnet.
Honeypot Finance
Honeypot Finance is a protocol that supports all aspects of the token lifecycle, including the following sub-protocols:
Honeypot Finance plans to operate as a validator after the mainnet launch, offering its governance coin $HPOT as a delegation reward. The protocol also plans to enhance the token's value by using node operation income to buy and burn $HPOT.
In addition to Kodiak and Honeypot Finance, other protocols advocating for high efficiency and convenient trading features are also preparing for the Berachain mainnet, including BurrBear, OogaBooga, and Shogun.
Liquidity Staking
The structure of Berachain allows liquidity providers to deposit liquidity tokens obtained from ecological protocols to receive network rewards and liquidity provision interest calculated in $BGT. Therefore, Berachain has essentially built liquidity staking into the network protocol.
In Berachain, existing protocols can only provide rewards and gain voting rights by collaborating with validators, or by operating their own nodes like Kodiak and Honeypot Finance. The liquid staking protocol will provide a redemption feature for $BGT, making it easier for ecological protocols to adopt a structure that closely integrates the PoL mechanism.
Infrared
Infrared is a liquidity staking protocol co-incubated with Kodiak through Berachain's "Build a Bera" program. It operates repositories that accept LP tokens from liquidity pools, generating $BGT interest rates while running network nodes. When users deposit LP tokens into these repositories, they can receive $iBGT (liquidated $BGT) in proportion to the LP tokens they deposited.
Users can utilize $iBGT in the following ways:
Infrared focuses on converting $BGT into a liquid token, concentrating and distributing rewards generated by the PoL mechanism to $iBGT stakers, while also assisting other protocols in incorporating $iBGT into their systems. Infrared also plans to launch new features that allow for the receipt and liquidation of $BERA required for node operation while running nodes and distributing profits.
Kodiak's Island Pool is the best example of effectively utilizing the Infrared feature. After the mainnet launch, users can use Kodiak's CLAMM for more efficient $iBGT farming, and the received $iBGT can be restaked in Infrared or redeposited into Kodiak's $iBGT/$BERA Island Pool.
BeraPaw
BeraPaw is a liquid staking protocol that operates a treasury between different nodes and registered liquidity pools, issuing $LBGT as the $BGT settlement token. The governance token of BeraPaw is $PAW, and users can use the $BGT held by BeraPaw to vote on which liquidity pools should receive $BGT.
The structure adopted by BeraPaw divides the use of the $BGT token into two types of tokens: $LBGT and $PAW, which are used for receiving rewards and voting for the $BGT emission pool, respectively. This structure allows users and protocols using the $PAW token for $BGT Emission voting to exercise more voting power with relatively less capital.
Lending
Berachain has a native lending protocol called BEND, which offers the following features:
The characteristics of BEND are that $HONEY cannot be used as collateral, and deposits of $WBTC and $WETH do not earn interest, but borrowing $HONEY will generate $BGT rewards.
BeraBorrow
BeraBorrow is an over-collateralized stablecoin issuance protocol that allows users to mint $NECT stablecoins. It permits ordinary assets such as $BERA and $HONEY, as well as BEX and Berps LP tokens and Infrared's $iBGT as collateral assets.
In addition to $NECT, BeraBorrow also has a governance token $POLLEN, which is used for the following purposes:
Gummi
Gummi is a lending protocol that operates without an oracle, allowing anyone to create lending pools without restrictions. Gummi plans to use any assets from Berachain to provide users with the ability to establish 100x leveraged positions.
Derivative Protocol
Berachain will launch the native Perp DEX Berps, where users can establish 100x leveraged positions on various assets using $HONEY, or deposit $HONEY to provide the necessary liquidity for traders' positions and earn transaction fees, funding fees, and $BGT as rewards.
SMILEE
SMILEE is an options protocol that provides position creation for hedging positions in DEX liquidity. The options created in SMILEE generate more profit during significant price fluctuations, in contrast to the effect of uncompensated loss (IL).
Exponents
Exponents is a derivative protocol that implements leverage positions on all assets without liquidation through its self-developed reverse asset issuance protocol IBC (reverse Bonding Curve).
Other Projects
In addition to the above DeFi projects, the Berachain ecosystem also includes the following featured projects:
Goldilocks
Goldilocks is a DAO and platform that develops the dedicated DeFi infrastructure for Berachain, including sub-protocols such as Goldiswap, Goldilend, and Goldivaults.
Beradrome
Beradrome is a protocol that gathers users' liquidity tokens and distributes the profits generated, as well as the rewards negotiated with other protocols, to the users.
Yeet
Yeet is an on-chain betting game protocol using $BERA, where anyone can participate in betting during the set game time.
PuffPaw
PuffPaw is a Vape 2 Earn project where users can earn tokens through vaping.
The Honey JAR
The Honey Jar is a community-driven flywheel project aimed at establishing sticky liquidity.
Conclusion
The infrastructure protocol of the Berachain ecosystem combines various functions to create complex financial services, while attracting user interest and liquidity through the PoL mechanism and a unique community culture.
Berachain recently announced that it will support the issuance of $BERA tokens and initial ecological liquidity through the Boyco, RFA (Request for Application), and RFC (Request for Community) programs, suggesting that the mainnet is about to launch.
As of January 31, the total accumulated deposits of the Pre-Boyco and Boyco vaults have reached $2.35 billion. Considering that Berachain's PoL structure encourages liquidity inflow, it is expected that the network's TVL will increase significantly from the current figures after the mainnet launch.
The ecosystem and community case successfully built by Berachain before the official launch of the mainnet is quite rare in the blockchain industry and will serve as an important reference case for future projects.