There is no doubt that @InfraredFinance has a monopoly on liquidity in the Bear Chain ecosystem.

According to DefiLlama, Infrared's TVL is first in 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 still have that confidence.

I believe this confidence stems from their monopoly position.

The token model design of Bear Chain is somewhat ponzi-like, with BGT (Liquidity Rights Token) and BERA (Gas Application Token).

High TVL -> $BGT premium -> LP activity -> gas consumption increases -> improves 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 level allows the vast majority (about 80%) of BGT issuance to be captured by iBGT holders, taking a large share of the average 24-hour issuance.

In summary, Infrared captures the liquidity of Bear Chain while also gaining DeFi yields due to its monopoly position, and it also holds 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 consolidate market share.