Last week, Greenlane’s CEO wrote an investor letter about PoL Next. I was curious why a U.S. Nasdaq-listed company would go to the trouble of explaining this.
After reading it, I roughly understood: as of July 7, they held about 81.6 million BERA. While cutting costs and laying off staff, they continued to accumulate more—and also needed to explain the logic to shareholders. The fact that a Nasdaq-listed company is willing to publicly write a letter to explain the chain behind its holdings is worth a serious look.
Over the past six months, the Bear Chain has done three things:
1️⃣ In November, Bera Builds Businesses. The foundation gave up on “TVL equals success” and shifted to supporting applications with annual revenues in the tens of millions USD range (3–5 years). It changed the target: instead of just chasing TVL, it incubates, uses revenue sharing, and token support backed by equity structures.
2️⃣ On June 24, Fusaka was upgraded. Fulu and Osaka were introduced to execute the consensus changes, ending Bera-Geth compatibility. This is pure technical work. No price changes, but it lays the groundwork for what follows—so it changed the underlying layer.
3️⃣ From July 7–8, PoL Next. BGT was deprecated, the boost curve was removed, and it converged into a single yield asset, sWBERA. On July 7, the contract switch issued WBERA; on July 8, a hard fork stopped emissions. The migration is not automatic: if you have BGT or BGT LST, you need to manually swap via the hub (those who don’t can watch my video tutorial). Any remaining vault state will settle the next claim as WBERA. According to the official guidance, APR can be up to 3x. This changes the incentive layer.
First change the target, then change the underlying layer, and finally change the incentive layer. There’s a sequence to it. Next, we’ll see how ERA performs.
The selected team earmarks specific emission flows: within 3–12 months, for each BERA, it returns at least a fixed yield, and permanently shares a portion of income back to the network. The chain treats emissions as principal to be invested and requires a return. If this structure really works, it would be something very few in the industry have done—let’s wait and see.
#berachain