Layer-1 blockchain Berachain has reached a significant milestone, with its total value locked (TVL) surpassing $3.26 billion. This achievement places Berachain as the sixth-largest decentralized finance (DeFi) network, surpassing notable competitors Arbitrum and Base, which hold TVLs of $2.9 billion and $3.24 billion, respectively.
Berachain’s ascent marks a notable achievement in the DeFi landscape, holding 2.98% of the total value locked across the entire space. Its native token, BERA, currently trades at $6.75 with a market capitalization of $715 million and a fully diluted valuation of $3.3 billion.
The surge in TVL indicates an increase in capital locked within Berachain’s DeFi protocols, which can result in higher yields for participants. Higher TVL figures signal increased liquidity and usability within these networks, enhancing their attractiveness to users and investors.
Infrared Finance, a liquid staking protocol, leads Berachain with a TVL of $1.52 billion, followed by decentralized exchange Kodiak at $1.12 billion and yield farming protocol Concrete holding approximately $800 million.
Despite this growth, Ethereum remains the dominant force in DeFi with $58 billion in locked assets, accounting for 53.4% of the market. Solana holds the second position with $8 billion and a 7.45% market share.
Vance Spencer, co-founder of Framework Ventures, which invested $100 million in Berachain’s Series B round, highlighted the potential for Berachain’s token to compete with Ethereum. He emphasized the network’s proof-of-liquidity consensus, which directs liquidity toward ecosystem primitives, retaining all fees within the network.
Furthermore, the Bera Foundation recently executed a significant airdrop, distributing 80 million BERA tokens valued at $632 million, marking one of the largest airdrops in cryptocurrency history.
