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Review of TON (The Open Network): From controversy to blockchain revolution
Origins and conception (2018-2020) TON was born as "Telegram Open Network," an ambitious blockchain project created by brothers Nikolai and Pavel Durov, founders of Telegram. Their vision was to integrate an ultra-fast and scalable blockchain network directly into the messaging app, with its own cryptocurrency: Gram. They raised approximately 1,700 million dollars in a private ICO in 2018, one of the largest in history. Legal blow and rebirth (2020) In 2020, the SEC (U.S. Securities and Exchange Commission) sued Telegram, alleging that Gram was an unregistered security. After a lengthy battle, Telegram canceled the project and returned a large portion of the funds to investors. However, the developer community had received the open source code. A group, led by Anatoliy Makarov, continued development independently, renaming it "The Open Network" (TON) to legally distance itself from Telegram. The TON Foundation was established to guide the ecosystem.
The previous bear chain was too complicated. To be honest, the POL mechanism is actually inspired by OHM and can be considered one of the most important branches in the field of liquidity (proof of liquidity). Essentially, it transforms users' liquidity into the protocol's liquidity.
From the perspective of liquidity, Berachain: the entire chain is a PoL super liquidity pool, where everyone is focused on accumulating or reducing returns based on this liquidity, and @InfraredFinance is the hand that 'smooths' this pool.
It has done a few things: Using PoL Vaults to help you access PoL with one click, without having to figure out the rules yourself.
Using iBGT / iBERA to activate BGT and BERA: gaining both returns & governance while still being able to continue engaging with DeFi.
Using iVaults to package strategies like PoL + LP/Pendle/compound interest, similar to the YFI of the past.
The same chips are repeatedly cycled through multiple positions: PoL returns, DeFi returns, governance rights, you can enjoy them all, and the benefit here is the compounding around liquidity.
Of course, this is not without risks. The risk is whether you think BERA will continue to decline. It is known that the BERA team's large unlock is next year. I estimate that after a potential drop, it may really hit the bottom. For POL to take off, it definitely needs price momentum; otherwise, this pool cannot operate like a flywheel.
Okay, back to Infrared. It is currently the default entry point for Berachain: PoL vault coverage exceeds 80%, controlling over 35% of BGT emissions, approximately 1/3 of BERA staked, with a peak TVL exceeding 2 billion USD; it has secured Framework as an investor, integrated BitGo with iBERA, and is also in talks with institutions like PayPal for cooperation.
You can abstract Infrared as the infrastructure of this pool, comparable to the front-end operations of basedapp and hyperliquid. If BERA is to rise, keep a close eye on Infrared's data.
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Data support: 83% of liquidation comes from counter-trend increase and stop-loss failure; Long-termism: a stable monthly return of 5% can reach an annualized 80%, but most people go bankrupt in pursuit of doubling their money in a single day; Survivor characteristics: those who strictly adhere to discipline have a 3-year survival rate 5 times that of casual traders. The most brutal truth in the cryptocurrency world: short-term wealth is an illusion, long-term survival depends on rules.