Introduction
Berachain has kicked off its public testnet, bArtio (Testnet v2), and it’s been up and running for two months now. This version is the closest to what we can expect from the mainnet, with just a few Proof of Liquidity (PoL) functions still missing. Captain Jack, the head of DeFi at Berachain, has been pushing projects to roll out on bArtio, and there's a lot of action happening.
But when it comes to the mainnet launch, nobody really knows the exact timeline. The crypto market has been pretty rough lately, which doesn't help the situation. From my point of view, we might see the mainnet around late October or early November, but that's just a guess, so take it with a grain of salt.
Even though things are uncertain, that hasn't stopped the ecosystem from moving forward. Some great dApps have launched, and the market is still giving much love to them. The progress on bArtio shows that Berachain is more than just an unreal chain, it's a ecosystem that's moving ahead, even when the road to the mainnet is still a bit foggy.
In this article, I’ll share my thoughts on a few dApps - Grand Conquest, Infrared, and Gummi - that are live on bArtio and almost fully functional. I'll cover what each dApp does, how they currently perform, and my opinion on them. This will give us a sense of what to expect from Berachain without having to wait for the mainnet.
Notable dApps
Grand Conquest
Grand Conquest brings the classic board game Risk into Berachain, but with a new layer of incentives and strategy.
The game's objective is to support one or more nations in their quest for world domination and earn GOLD tokens as your reward. You start by recruiting soldiers to a nation, which gives you shares of ownership. Then, you command these soldiers to engage in battles against other nations. As a shareholder, you can earn GOLD tokens from your empire and stand to win a significant jackpot if your nation emerges victorious. Additionally, you can earn Conquest Points, which help increase your level, making the game a deep dive into game theory and strategy.
Grand Conquest had an impressive launch on the testnet, with over 60 projects and many well-known figures participating. Participants poured massive amounts of testnet Bera into the game to battle each other. Even Captain Jack, the Head of DeFi at Berachain, joined in the fun, using his team's unlimited supply of testnet $BERA to wreak havoc on other projects.
The competition was so fierce that several core projects formed a "Grand Alliance" to take on Captain Jack. They even added him to their group chat and hosted a Twitter Space to strategize and rally support.
In my opinion, Grand Conquest’s testnet launch was a massive success, likely exceeding the team’s expectations. The level of engagement and excitement it generated was impressive. However, it's important to note that the dynamics might change significantly once the game transitions to the mainnet with real money involved. People's strategies and risk tolerance can shift drastically when real stakes are on the line. I'm eager to see how Grand Conquest will perform when it's live on the mainnet and how players will adapt their tactics in the new environment.
Infrared
Infrared Finance is a liquid staking solution built specifically around Berachain’s Proof of Liquidity mechanism. It offers a user-friendly way for people to participate in Berachain's ecosystem and maximize their rewards.
The protocol provides easy-to-use vaults that allow users to access Proof of Liquidity and its rewards with just one click. By simplifying the staking process, Infrared helps users maximize their BGT and BERA rewards through these straightforward vaults.
Users are also rewarded with iBGT, a liquid version of BGT, which enhances the flexibility and utility of their rewards. In simple terms, Infrared is like the Lido and Convex of Berachain, supported by heavy hitters like the Berachain Foundation and Binance Labs.
With backing from some of the biggest names in crypto, Infrared has set high expectations and has not disappointed. The dApp runs so smoothly that even some mainnet projects on other blockchains can’t compare. Currently, Infrared has integrated pools from Bex and Berps, two native dApps of Berachain. This is just the beginning, as more notable integrations are likely on the way.
In my pov, Infrared has positioned itself as a major player within the Berachain ecosystem. Its intuitive design and smooth operation is one thing, and its strategic backers ensures it has the resources to grow. Infrared’s approach to simplifying liquid staking will likely make it one of the leading dApps on Berachain, attracting both experienced investors and newcomers looking for an easy entry point into the network.
Gummi
Gummi is a money market on Berachain that supports lending and borrowing for any asset with up to 99% Loan-to-Value (LTV) ratios. It achieves this through isolated lending markets, which can be customized by collateral and LTV. This setup allows lenders to select their own risk parameters for any asset combination, providing flexibility and control.
Gummi’s testnet launch has been well-received, particularly for its unique UI. The app's design is inspired by Windows XP, complete with 4chan memes, creating a fun and engaging user experience. One of the standout thingy is the unexpected appearance of gigachad memes when navigating the platform, adding a humorous twist.
However, it’s still challenging to getthe full concept of Gummi due to the incomplete setups and tabs. I'm really looking forward to seeing what they release next and how they execute their money market, whether it is meme-focused, or it is hedging-focused..
To me, Gummi's idea of creating a money market for any asset on Berachain with up to 99% LTV is a bold move for the 2024 cycle. There's a large portion of investors and degens who want to use their high-risk assets as collateral to borrow more funds, and there are lenders out there willing to take on more risk for potentially huge APRs. If Gummi can deliver this product in a seamless way, it could be a major hit not only in the Berachain ecosystem but across the entire space.
Smilee Finance
Smilee Finance is a platform designed to create decentralized volatility products by leveraging the concept of Impermanent Loss. Impermanent Loss occurs when liquidity providers (LPs) in DEXs experience a reduction in potential gains due to market volatility, underperforming compared to simply holding their assets. Smilee turns this typically negative experience into a portfolio of options that can be traded, effectively transforming IL into a useful tool rather than a drawback.
Smilee introduces Decentralized Volatility Products that allow users to take positions on market volatility. These products can be either long volatility (profiting from market movements) or short volatility (profiting from stable markets). This approach allows users to capitalize on market conditions that would typically lead to impermanent loss.
Smilee also has Smokey, the co-founder of Berachain and also a well-known figure in the ecosystem, as an advisor. The platform has its dApp live on both Arbitrum One and bArtio. This shows that they have probably made a reliable dApp for the mainnet users.
The app runs smoothly, is well-organized, and is virtually bug-free. However, just imo, it doesn't yet fully vibe with the style of Berachain. Under Smokey’s guidance, I'm sure they will work on aligning it more closely with Berachain's degen style.
The concept of trading options based on impermanent loss is relatively new, and no one has yet hit a home run with this idea. This brings both an opportunity and a challenge for Smilee. They are taking a significant risk, but if the market truly needs their product, they have craziest potential to thrive.
Conclusion
Throughout this article, I focused on some of the more specialized and specific dApps that have launched on Berachain's bArtio testnet, like Grand Conquest, Infrared, Gummi, and Smilee Finance. These dApps shows the creativity and potential within Berachain, with unique solutions and exciting new experiences for users.
However, I intentionally did not take a review on some of the fundamental components like DEXs such as Kodiak and Bex. These DEXs serve as the backbone of any blockchain protocol, bringing essential liquidity and trading functionalities, and they are already performing remarkably well.
The success of these niche dApps, along with the strong foundation provided by the core dApps, signals that many projects on Berachain are fully prepared for mainnet deployment.
The key challenge now lies in the timing of the Berachain mainnet launch. Smokey and the team are tasked with strategically choosing the right moment to go live, as this decision will profoundly impact the entire ecosystem. Market conditions and the timing of the launch are the key in determining the success of Berachain's dApps.
We’ll be watching closely to see how it all unfolds.