Berachain is becoming the cleanest example of a ghost chain in 2025.
After raising $100M and peaking at $3.2B in TVL, the hype around Berachain was unmatched. Its testnet farming meta, cute bear branding, and POL (protocol-owned liquidity) model had whales and CT in a frenzy.
I still remember seeing thousands of polls comparing Abstract, Monad and Bera for the most successful chain in 2025.
But just 90 days post-launch, it’s a different story:
> TVL has dropped over 70%
> Daily revenue? Just $338
> Stablecoin market cap is shrinking fast
> And most of the ecosystem is silent
The attention was real but retention was nonexistent. Farming capital rotated out, and no sticky apps, community loop, or builder traction remained.
Berachain didn’t fail because it lacked hype.
It failed because incentives alone can’t build trust or utility.
A harsh reminder: without real usage, even the most viral chain can vanish just as fast.
