The unlocking of Boyco in version 5.6 might be the last short-term catalyst I foresee for @berachain 🥲 I will continue to observe the token price and reward vault applications for a period after the unlock. If the performance remains unsatisfactory, I will consider exiting all $BERA-related positions. The design of PoL itself is not problematic, but a positive flywheel requires momentum. Unfortunately, Berachain has not provided such momentum: 1) The PoL reward vaults in the first two phases did not direct BGT to the correct assets. 2) The governance of PoL does not allow user participation, and the governance utility of $BGT has not been demonstrated. As a result, the demand for $BGT has been low since its launch, leading to significant sell pressure on $BERA. 3) Lack of market attention, which is the most critical issue. Unlike the ve33 x33 high APY schemes on @SonicLabs that use public chain subsidies for assets, Berachain's biggest failure is trying to have it both ways. It neither acknowledges its position as a DeFi chain by heavily subsidizing innovative DeFi protocols, nor does it focus on consumer applications and mass adoption, which is unlikely to succeed in the current crypto market. The mechanism itself may not have issues, but the "farm and dump" behavior has killed the token price, weakened the flywheel momentum, and even turned into a resistance to progress.