This is a segment from the 0xResearch newsletter. To read full editions, subscribe . As the hyped Berachain L1 gears up for a mainnet launch, an astounding $1.6 billion of liquidity has been deposited into “ Boyco ,” Berachain’s pre-launch liquidity platform on Ethereum. This flood of liquidity from airdrop farmers would technically make Berachain the 10th largest blockchain by TVL today. In the past week, four Berachain Pendle pools (by Ethena and Etherfi) have already amassed a collective $515 million in TVL. This dwarves the entire TVL of its main competitor Spectra, which has shot up to $225 million since December. Source: DefiLlama The largest Berachain Pendle market “liquidBeraBTC” (TVL of $271 million) is accumulating points across eight (yes, you read that correctly) different protocols, and four of them aren’t even live yet. Withdrawals are also locked for 90 days on mainnet launch, but that isn’t stopping airdrop farmers. This rabid pre-launch speculation makes Pendle akin to an ICO platform used by projects to bootstrap their tokens. Source: Pendle The YT for liquidBeraBTC is projected to return a 1,575% APY over three months, based on @PendleIntern ’s estimates, but beware the host of assumptions around projected FDV, TVL and airdrop allocations. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
