How does PoL v2 reshape the value capture path of $BERA?

1. Core Breakthrough of PoL v2: From Liquidity Incentives to Value Closed Loop

The "mainnet asset dilemma" of traditional public chains has long existed—tokens like ETH and SOL, while bearing Gas and consensus functions, find it difficult to directly capture the growth of ecological value. Berachain's PoL (Proof of Liquidity) mechanism attempts to solve this problem through chain-level incentive redistribution, while the key iteration in version 2 is: shifting 33% of the DApp bribery incentives from BGT stakers to BERA stakers. This adjustment may seem minor, but it is, in fact, a paradigm shift in the value model of mainnet assets.

Previously, PoL v1.0 successfully drove ecosystem TVL growth (according to DefiLlama data, Berachain's mainnet TVL exceeded $1.2B in 3 months), but the incentive rewards primarily flowed to BGT and its derivatives. The v2 version established a "dual-channel distribution" (67% BGT/33% BERA), allowing main coin holders to earn protocol layer rewards without participating in complex DeFi strategies for the first time, essentially completing the upgrade from "Gas token to yield asset."

2. The Intricacies of Mechanism Design

Non-inflationary returns: v2 did not add new token emissions, but instead restructured existing incentive flows to provide BERA with chain-level cash flow. According to Furthermore data, approximately $50K-$120K in bribery incentives is currently injected directly into the BERA staking pool each week, creating sustained buying pressure.

BGT Ecological Niche Protection: Retaining 67% of the bribery incentive for BGT stakers not only maintains the project's "1 dollar → 1.x dollars" incentive leverage effect but also avoids triggering a liquidity run by governance token holders.

Triple Positive Feedback Loop:

More BERA staking → Higher chain security

Higher staking rate → fewer circulating tokens

Lower circulation → The amplification effect of bribery incentives on the yield of each BERA unit.

3. Potential Impacts of Market Structure

1. For retail investors: Low threshold profit capture

Ordinary users can now earn two types of rewards simply by staking BERA:

• Direct income: 33% bribery incentive distribution (APY about 9-15%, according to community estimates)
• Indirect income: native DEX protocol revenue sharing

Compared to other L1s that require users to provide Liquidity or participate in governance, Berachain's "staking for rewards" model significantly lowers the barrier to entry.

2. For Builders: New Ways to Engage with Native Coin Economics

Project parties can utilize the yield attributes of BERA to design new mechanisms, such as:

• Automatically convert protocol revenue into BERA for repurchase
• Develop the BERA-based veToken model
• Create a derivative agreement collateralized by BERA

(The existing team has tested to allocate 80% of the protocol revenue to BERA stakers)

3. For Investors: Reconstruction of Valuation Models

The current market cap / TVL ratio of Berachain is 0.31, significantly lower than new public chains like Sui (4.44) and Aptos (3.17). As BERA gains chain-level revenue capabilities, its valuation logic may transition towards "discounted cash flow":

Theoretical Market Value = ( Chain Annual Income × Price-Earnings Ratio Multiple ) + ( Gas Demand × Inverse Circulation Speed )

If calculated based on the current weekly $100K bribery incentive, an annualized $5.2M return corresponds to a 20x PE, which implies a valuation of $104M, not accounting for Gas consumption and future revenue growth.

4. Risks and Challenges

Short-term game risk: some BGT stakers may shift to other ecosystems due to incentive dilution.

Complexity of mechanism: Ordinary users still need to understand the interaction relationship among PoL/BGT/BERA.

Regulatory gray area: The compliance of bribery incentives has yet to be tested.

5. Industry Insights: L1 Competition Enters the Deep Waters of Value Distribution

The exploration of Berachain reveals a trend: the competitive focus of the next generation of public chains is shifting from TPS/low Gas fees to value distribution efficiency. While Arbitrum allocates profits through DAO and Solana attempts to support prices with MEV buybacks, PoL v2 presents a more native solution—directly injecting ecological value into the main coin through protocol layer design.

If this model can continue to be validated, it may inspire imitation from other L1s. After all, as the rewards of liquidity mining diminish, "how the chain can create real demand for itself" has become a key proposition determining the life and death of projects. The answer given by Berachain is: let the main coin be the primary beneficiary of ecological prosperity.