Parsec Weekly #106
Berachain: A Story Told Through Charts
Berachain: A Story Told Through Charts
Henlo and furthermore, we are proud to announce that Berachain is the latest addition to parsec.fi - let’s take a look at what the beras have been up to with some beautiful parsec charts...
With over $3.1B (at Boyco closure) of pre-mainnet TVL, it’s no surprise that DeFi and yield farming activity have been rampant on Berachain since launch. We are seeing particularly significant flows into the 5 native Berachain DEX pools which are whitelisted to earn BGT rewards:
Approximately 56 million BGT is being distributed to these LP vaults per year (or 150k per day) at current rates, with the WBERA/HONEY LP being the largest beneficiary of these emissions:
We are seeing BGT consistently growing in supply as a natural consequence of these emissions:
With BGT being burnable for BERA at 1:1, it is worth noting that a growing BGT supply represents growth in longer-term minded farmers who are likely accumulating BGT to delegate to validators in order to participate in Berachain governance and earn further rewards.
Infrared, a Berachain native protocol, has stepped in to provide liquid staking solutions for different pieces of the proof of liquidity stack which sits at the core of Berachain. We are seeing iBERA and iBGT (liquid staked versions of the underlying tokens) token supply expanding day by day:
Interestingly, we are seeing iBERA trade at a slight discount to BERA, while iBGT trades at quite a significant premium to BERA, most likely given the additional beneficial features BGT holds over BERA as described above:
On a final note, it seems as though we can confirm our thesis that beras do indeed like honey, with $HONEY (Berachain's native stablecoin which can be minted with USDC and BYUSD) supply growing at a healthy clip too:
The majority of this $HONEY is sitting sticky inside LP pools on both the native Berawswap DEX and Kodiak DEX with a smaller portion being supplied as collateral on Berachain lending market Dolomite:
We’re looking forward to monitoring how Berachain evolves with their unique approach to embedding liquidity at the core of the chain.
Here are some dashboards we put together to monitor core Berachain DeFi activity: