流动股权：Berachain如何重写DeFi的规则

Snapshot:

• Berachain's Proof-of-Liquidity (PoL) model aims to make capital both productive and protective, turning network security into a by-product of market activity.
• The fast-rising blockchain's $3 billion debut has investors intrigued and skeptics warning of financial alchemy.

A Solution to Staking’s Biggest Flaw

Is liquidity the new security? Berachain thinks so. In February's sluggish market, it launched on mainnet and swiftly attracted $3.16 billion in total value locked (TVL). That made it the world's sixth-largest chain – an astonishing ascent for a bearish season.

At its core lies Proof-of-Liquidity (PoL), a consensus model that promises network security without locking capital into staking contracts. Instead, users keep their assets circulating through trading, yield farming, and leverage strategies while simultaneously keeping the network secure. In theory, capital no longer has to choose between productivity and protection. In practice, that neat symmetry demands a closer look.

Narrative Meets Mechanism

DeFi has seen loads of new models that dazzled until they didn't. Yet Berachain's pitch is clear and compelling: keep your liquidity, earn yield, and still influence governance. Compared with conventional Proof-of-Stake systems, where capital sits idle in order to defend the chain, PoL feels like a libertarian upgrade.

The network runs on a tri-token design:

• BERA for gas and validator staking,
• BGT, a non-transferable governance token earned through liquidity provision, and
• HONEY, a native stablecoin.

Liquidity providers gain voting power; validators direct reward emissions; protocols can "bribe" for attention. It's part marketplace, part political economy.

How It Works

Rather than staking directly into validator contracts, users deposit assets into "reward vaults." These deposits earn BGT, which confers influence over the allocation of future emissions. Validators stake BERA to produce blocks but also vote on how BGT emissions are distributed across pools. Protocols can then compete via incentives to attract liquidity. The result is like a flywheel: more liquidity leads to more influence, which leads to more liquidity.

In essence, Berachain decouples security from token lock-up and ties it to capital usage. Fans argue this boosts efficiency and gives builders a direct path to attract users without relying on more injections of capital from VCs.

A Chain Rich in Promise, and Tokens

Investors have taken notice. Backing from Polychain Capital, Framework Ventures, and Brevan Howard Digital has lent credibility, while an expanding ecosystem of DeFi protocols, NFT marketplaces, and on-chain games makes the chain feel, as one supporter put it, "alive."

Yet caution lingers. Price forecasts for BERA remain tepid, total value locked has started to dip, and the airdrop's perceived insider tilt angered many users. Some see déjà vu: a liquidity rush chasing emissions rather than lasting utility.

Can PoL Fix DeFi's Old Problems?

• Idle capital: Assets stay productive instead of being trapped in staking.
• Misaligned incentives: When too many rewards go to liquidity providers, not users.
• Cold starts: When new protocols bribe validators to obtain liquidity faster.
• Concentration of power: When influence over governance edges toward the most active participants.

If it works, Berachain could become a chain engineered for financial experimentation, but ambition invites risk. Complexity is the enemy of trust, and PoL introduces plenty. If capital clusters in low-risk pools, validators could be under-collateralised. Emission voting adds a political layer where large protocols might collude or crowd out smaller ones.

Volatility is another potential hazard. Rewards need to be generous in order to keep liquidity anchored. If incentives fade, funds may flee and leave the network exposed.

Momentum, for Now

Despite the doubts, there are signs of momentum. Binance recently removed its "seed tag" for BERA, reserved for unproven projects, sending the token up nearly 10% in a day. Earlier this month Kodiak launched an on-chain perpetuals platform that uses Berachain’s PoL. With a promise of 100x leverage, it suggests the start of a push into high-yield territory. The chain also proved resilient during this month’s flash crash. Supporters, meanwhile, express a mix faith and bravado. "I will ride or die with my bags," one declared.

The Take Away

Berachain has identified a real tension in Proof-of-Stake economies: the opportunity cost of security. Its answer, turning security into a by-product of market activity, has a brainy appeal. The question is whether the concept can survive contact with reality.

Crypto isn’t kind to systems that promise yield without compromise. Yet every cycle produces one contender that reshapes assumptions. Berachain has made its bid. Whether it becomes DeFi's next engine of liquidity or just its latest experiment will depend on whether users stay put when the music stops.

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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.