All of this stuff contributes to 90% declines, but the main reason is we keep listing empty ledgers with no products on them in the multi-billion dollar range.
Network value is based on the amount of use and users. For networks with no users, that value is zero.
The real scandal here is Berachain raised $200m, which you don’t need to write software and basically guarantees failure for an L1.
They made special undisclosed deals with trading firms, which is not good.
They also sold locked tokens to a DAT, which proved said tokens aren’t locked and the team has no integrity.
And they allocated massive token supply to R&D and ecosystem funds, which will lead to waste and open the door to corruption.
Are these decisions unique to them? No. Has almost every chain that has followed a similar approach in the past 5 years failed? Yes.
But it’s 2025 and they went that route anyway, handing the retail users who believed in them a 90% decline.
That’s the real scandal.
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