Main highlight for me:
1. 20% of fees that would have gone to BGT LSTs is now going to be LPd into BERA. Therefore, BGT LST yield is going to go down. Therefore, BGT LST premium is going to go down.
2. These fees are now going to be LPd into BERA-HONEY LP on BEX.
3. The 20% fee redistribution change will happen over 4 weeks, so the yield will decrease gradually and not immediately.
TL;DR
More value to BERA, less value to LSTs.
A potential trade is locking in fixed yield on a Pendle PT (essentially shorting yield):
Excited to present some thoughts from myself, @capnjackbearow, and @0xcarnation around potential improvements to PoL, and value capture to $BERA.
We’ve heard the community’s commentary, and had the privilege of discussing different approaches with a number of sharp builders from inside and outside of the Bera ecosystem, along with liquid funds, power-users, and large LPs. Their input has been used to shape the following proposal, which in short, involves:
⁃ Utilizing a variable portion of incentives paid for BGT to build productive permanent liquidity in the form of BERA-HONEY/BERA-Major LP in the BEX, as well as stake BERA into validators supporting ecosystem projects
⁃ Directing BEX fees towards building liquidity for BERA majors through auto-incentives
⁃ Relaxation of guidelines for new reward vaults participating in PoL
We see this as something which will fundamentally capture value for BERA, expand the total set of protocols building around PoL (whether they use BERA or not), increase total incentives revenues, and maintain asymmetric yield profiles for BGT boosters and LSTs.
I’m looking forward to feedback from the community.
I’m similarly optimistic to watch Proof of Liquidity and Berachain evolve into the ultimate accelerator for the application layer, and to see the next category defining application built on Bera.
Berachain.
3,78 rb
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