From $300 million to $184 million: Berachain's marketing trap and product interrogation

【Blockchain Rhythm】Recent observers of the Solana ecosystem have pointed out a painful phenomenon: Berachain was the star at the Singapore Token2049 conference last year, hosting the largest party at the Marquee in Marina Bay Sands, which was extremely popular at the time. However, things have changed—now the project’s TVL has dropped from $3 billion to $184 million. Even more brutally, even during bullish times, daily revenue was only a few thousand dollars.

This observation has sparked reflection within the industry. Some pointed out that no matter how grand the party, it cannot change a fundamental issue: marketing is just a facade; there must be real products supporting it. The key is the things people are actually using and that truly generate value. In other words, if the product itself lacks appeal, no amount of promotion is more than a flash in the pan. Therefore, instead of chasing trends and hype, it’s better to focus on genuine builders and see what they are doing at the foundational level and what real problems they are solving.