Berachain (BERA)
Novel Proof-of-Liquidity L1 with highest post-launch TVL in history, but BERA token down 97.5% and PoL is untested long-term
Ranked 51st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
BERA scores 127 of 250 across the 25-variable framework, which places it 51st of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
The score rests on TVL Trend 7/10, 11th of 251, Network Growth 7/10, 12th of 251, BTC Alpha Potential 5/10, 13th of 251 and Real Staking Yield 6/10, 17th of 251.
Against the same universe, BERA sits in the bottom third on Vesting Schedule 3/10, 204th of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Supply Inflation 3/10, 199th of 251. These are the variables that would have to move for the verdict to change.
Only 56.9% of BERA's total supply is in circulation, so 1.76x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 43.1% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
BERA trades 98.9% below its all-time high of $14.83. Recovering that level is a 90.9x move, not a 98.9% one, which is the arithmetic most drawdown charts hide.
The framework score gained 9 points against the previous pass (118 to 127). Revisions of this size follow a change in the underlying variables, not a change in price.
$850.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 6 | 23rd of 251 | |
| Real Staking Yield | 6 | 17th of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 4 | 203rd of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 6 | 26th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 7 | 11th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 6 | 23rd of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Berachain network DeFi growth with PoL driving genuine liquidity depth; BGT/HONEY stablecoin flywheel
Principal risk
97.5% down from ATH; PoL model unproven at scale; BERA token has weak direct value accrual vs BGT governance token
Market and supply
| Price | $0.1604 |
| Market cap | $50.7Mrank 417 |
| All-time high | $14.836 Feb 2025 |
| Circulating supply | 315,598,061 |
| Eventual supply (total supply) | 554,671,466 |
| Dilution to full supply | 1.76x |
| Total value locked | $850.0M |
| Listed on | Bybit, Gate.io, Binance |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to BERA measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DefiLlama] Berachain launched in Feb 2025 with record $3B+ TVL at launch via Proof-of-Liquidity incentives
- [CoinGecko] BERA crashed from $15+ launch price to under $0.40 as PoL rewards diluted and early holders exited
- [Berachain Docs] Berachain's tri-token model (BERA/BGT/HONEY) is novel but creates governance complexity and unclear value accrual for BERA holderslink dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Berachain (BERA)?
- BERA scores 127 out of 250 on the 25-variable framework, ranking 51st of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are BERA's strongest fundamentals?
- BERA ranks highest on TVL Trend 7/10, 11th of 251, Network Growth 7/10, 12th of 251, BTC Alpha Potential 5/10, 13th of 251 and Real Staking Yield 6/10, 17th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the BERA thesis?
- BERA scores in the bottom third of the universe on Vesting Schedule 3/10, 204th of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Supply Inflation 3/10, 199th of 251. The single risk carried on the scorecard is: 97.5% down from ATH; PoL model unproven at scale; BERA token has weak direct value accrual vs BGT governance token
- How much BERA supply is still to enter circulation?
- 56.9% of eventual BERA supply is circulating today, leaving 1.76x the current float still to arrive. At a flat price per token that is 43.1% of fully diluted value ahead of current holders.
- How far is BERA from its all-time high?
- BERA trades 98.9% below its all-time high of $14.83. Returning to that high requires a 90.9x move from the level used in this scoring pass.
- Which tokens have a similar profile to BERA?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to BERA are SUI (146), APT (116), SEI (100) and EIGEN (107). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for BERA?
- Berachain network DeFi growth with PoL driving genuine liquidity depth; BGT/HONEY stablecoin flywheel
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.