Without a doubt, @InfraredFinance has already established a monopoly on liquidity in the Bear Chain ecosystem. According to defilama, Infrared's TVL is first in the Bear Chain, with an income of 6.73M. Some say the Bear Chain is dying, the price is not good, what's the use? Infrared officially estimates that the net income for 2025 could reach 8.5M, and they have this confidence. I believe it stems from their monopoly position. The token model design of the Bear Chain is somewhat ponzi-like, with BGT (Liquidity Equity Token) and BERA (Gas Application Token). High TVL -> $BGT premium -> LP activity -> gas consumption increases -> enhances TVL and asset liquidity. In Infrared's economic model, iBGT is the core mechanism for capturing and distributing BGT issuance on the platform. According to its operational logic, Infrared's design at the protocol layer allows the vast majority (about 80%) of BGT issuance to be captured by iBGT holders, dominating the average issuance volume over 24 hours. In summary, Infrared not only captures the liquidity of the Bear Chain but also gains DeFi revenue due to its monopoly position, while also holding the distribution rights. Infrared is also one of the largest voting incentive spenders on Berachain. As of now, Infrared has invested over $2.5 million in voting incentives to solidify its market share.