The LRT market has been a bit cold recently, but I just glanced at the data, and on Infrared, the WBERA-LAIR once reached a ridiculous yield of over 700%. Kodiak's LAIR-BERA even skyrocketed to 69420%. That said, since the second half of last year, everyone has been chasing various point airdrops. Doesn't anyone find it strange? When a sector goes from being hot to cold, it's often not the sector itself that's the problem, but rather the way it's being played. I've been researching the new moves from Lair Finance lately. They are conducting a pretty interesting experiment on Berachain - collaborating with Infrared to launch LrBGT. On the surface, it looks like just another LRT, but there are many hidden details. First, why choose Berachain? Because its PoL mechanism is an innovation in itself. Using liquidity to protect the network is a very forward-thinking idea. Infrared has already captured 95% of the LST market share, which is quite impressive. Lair has added a layer of LRT framework on top of this, packaging iBGT as LrBGT. But the key is not in the packaging; it's in the complete yield closed loop they designed: basic staking rewards + PoL ecological rewards + potential future protocol airdrops. More importantly: these yields are real, not just empty promises. Just look at their performance on Kaia - they account for 66% of the staking volume and have connected with 3.6 million real-name users from the LINE ecosystem. This shows that their model can actually work. The current issue is not that LRT is ineffective, but that most projects are stuck at the "staking for points" level. Lair has taken a different path - instead of making empty promises, they focus on generating real yields first, then discussing ecological expansion. From Kaia to Berachain, from connecting Web2 users to integrating with the DeFi ecosystem, Lair is actually trying to turn LRT into a true cross-chain infrastructure. This might be the correct way to unlock LRT. To put it this way, if the first wave of LRT was about harvesting profits, what is starting now might be the real infrastructure era...