The liquidity proof mechanism experiment of Berachain ended in failure. The Infrared protocol controls 35% of the BGT emissions and 87% of the vault operations on the entire chain, making the ecosystem's heavy reliance on a single project quite evident. Worse still, the BERA token has fallen by 92% since its launch, with the TVL plummeting from $2.19 billion to $267 million in just one month. This is the true reflection of how decentralized innovation can go astray – when you try to create an innovative incentive model, you inadvertently create new centralized traps. Single points of failure, concentrated liquidity, and excessive protocol dependency are issues that were once thought to be solvable by Web3, but now reappear in a different form on the new generation of chains.