DeFi

Tbh I'm shocked that the Ethereum community hasn't cited Berachain as a reason for *not* trying to tie ETH token to deeper onchain metrics, like proof of Liquidity.

Berachain has been down only due to teams effectively Curve War style vampire attacking the chain, so the value of BERA has been dropping vs. Wrapped "yield bearing" BERA.

Since ETH only serves as a call option on a future onchain action, this dynamic isn't worth it, but since Berachain has the added mechanism of driving rewards to specific stakers, cartels are naturally driven to bribe to maximize rewards to their validators at the expense of BERA.

Defi. Ethereum. Physics.

Data at @quotient.

Unfortunately on Berachain there are too many farmers using continuous deposit/borrowing loops and/or delta neutral strategies exploiting APR of spot positions and shorting Bera via derivatives. The price is affected, due to the redeem Bgt for Bera.