Can Xiong Chain win the "turnaround battle"? The ecological leader Infrared Finance is an important barometer. The ecological position of Infrared TVL: $720 million, ranked first in the Berachain ecosystem, and in a leading position with a significant gap. Investors: Includes top institutions such as Framework Ventures, YZi Labs, Hack VC, etc. BGT issuance: Infrared plays a dominant role in the BGT issuance, handling and distributing nearly four-fifths of the BGT rewards. Infrared Finance's unique competitive advantage lies in the fact that it is the only protocol in the Berachain ecosystem that can fully utilize the value flow characteristics of the PoL consensus mechanism. Infrared provides liquidity staking solutions for BERA and BGT and has launched high-yield PoL vaults, effectively becoming the entry point for users into Berachain. Its positive flywheel can be simplified as: higher TVL leads to more protocol revenue → more revenue enhances the protocol's control over BGT emissions → higher control attracts more integrations and user participation → more users drive TVL to further grow. Risks and reflections The biggest risk for Infrared lies in the external risk of an overall avalanche in the Berachain ecosystem, which is also a point where I believe Infrared has not done well currently, as it chose to patiently refine its product without seizing the opportunity at the peak of attention in Berachain. Perhaps this is the difference between speculators (like me) and builders.