Berachain is an innovative Layer-1 blockchain that utilizes a unique Proof-of-Liquidity (PoL) consensus mechanism to enhance network security and liquidity. By allowing users to stake various tokens and stablecoins, Berachain aligns the incentives of key stakeholders—validators, protocols, and users—contributing to the overall long-term health of the chain.
On June 9, 2024, Berachain's public testnet, Bartio B2, went live. This report analyzes Berachain starting from that date👇
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This report presents an on-chain analysis of Berachain’s performance and ecosystem throughout 2024, highlighting key metrics and the impact of its flagship dApps on the DeFi landscape.
Overview
Berachain's blockchain is designed for high scalability and decentralization, featuring fast transaction speeds, low block times, and robust security, making it an ideal platform for decentralized applications and blockchain-based innovations.
From the launch of Bartio B2 to the end of 2024, Berachain achieved:
31.8M unique addresses 🌐
~513M transactions 🔄
Total blocks: 8.76M
1.45M $BERA fees paid 💸
92.97% average success rate
201.2M contracts deployed by 2.5M unique addresses 📜👥
Average TPS: 35.6
Average block time: 2.13 seconds ⏱
Records Achieved in 2024:
Most daily unique active addresses: September 26 ; 1.94M addresses 🌐
Most daily new addresses: September 26 ; 1.67M addresses 🆕
Highest daily blocks: August 25 ; 51,892 blocks
Highest daily average block utilization: November 26 ; 51.79%
Highest daily transactions per block: June 9 ; 234.63 🔄
Highest daily transaction count: June 9 ; 7M 🔄
Highest daily average TPS: June 9 ; 81.26
Highest daily success rate: June 9 ; 99.87%
Highest average transactions per address: June 11 ; 19.59 👥🔄
Highest daily deployed contracts: October 24 ; 4.93M 📜
Highest daily unique contract deployers: December 4 ; 63.3K 👥📜
In the weekly reports, we can see that the week of December 23-29 had the highest fee paid, with a %1540 increase compared to the previous week.
You can find each weekly report by following my report threads on X (the link to the second tweet of each report will show the last week's report)
Users Analysis
Address Activity Distribution in 2024:
✨76.27% of addresses: 2-5 transactions
✨8.63% of addresses (2.7M): only 1 transaction
✨0.1% of addresses: > 1000 transactions
✨3% of addresses (~925K): > 100 transactions
Top 10 addresses account for 3.71% of all blockchain transactions, totaling over 19M transactions 🔝🔄
Governance
Berachain utilizes Proof-of-Liquidity (PoL) consensus mechanism to enhance network security and liquidity.
Validators Analysis
Top Validators Based on Total $BGT Delegation (Current Ranking):
Infrared – 14%
Kodiak Finance – 9.56%
The-Honey-Jar – 8.54%
4️⃣ BeraLand – 7.71%
5️⃣ TTT vn – 6.45%
Top Validators Based on Delegators (Current Ranking):
KudasaiJP – 8.79%
The-Honey-Jar – 5.4%
Infrared – 5.35%
4️⃣ Kodiak Finance – 4.33%
5️⃣ BeraLand – 4.17%
Users Analysis
65.2M $BGT has been delegated, with only 4% of users participating in delegation.
Delegator Distribution in 2024:
11.78% of delegators: Delegated 1-10 $BGT
8.95% of delegators: Delegated 10-100 $BGT
1,612 addresses: Delegated more than 1,000 $BGT
About 69% of delegators: Delegated less than 0.1% $BGT
Delegator Distribution by Validators:
53.96% of delegators: Delegated to only 1 validator
28.34% of delegators: Delegated to 2-5 validators
99.8K users: Delegated to more than 10 validators
Top Delegators Top 10 delegators have delegated 26M $BGT, which accounts for 40% of all 65M $BGT delegated.
The HONEY-WBERA Vault by BEX has the most deposit transactions among top vaults, with 8.87M deposits from 2.45M unique addresses💰.
BEND
(Berachain native lending market)
Over 2.2M unique addresses have conducted more than 10.64M transactions within the BEND ecosystem.
The majority of transactions (78.8%) in the ecosystem are related to $HONEY activities, including borrow, supply, repay, and withdraw. 🍯🔄
The highest daily transactions occurred on December 26, with 370K transactions 🔄📅
$HONEY supply, the most popular task on BEND, has over 4M transactions conducted by 1.4M unique addresses 🍯
Highest daily supply: 205M $HONEY on July 10 🍯📊
Highest daily supply transactions: 112K transactions on December 26 🔄📅
$HONEY
(Berachain native Stablecoin)
$HONEY Minting Overview:
Over 2.5M unique addresses have minted 588.16M $HONEY across 9M transactions 🔄
96.89% of mint transactions used USDC as collateral, (82.08% of all $HONEY minted 💵)
DAI and USDT rank as the 2nd and 3rd most used collateral types respectively 🏦
Most unique minters: 115K addresses on July 21 🏦
Most $HONEY minted: 100.4M $HONEY on October 19 🍯
Most mint transactions: 122K transactions on October 8 🔄
$HONEY Redemption Overview:
Over 475K unique addresses have redeemed 594.4M $HONEY across 2.33M transactions 🔄
93.29% of redemption transactions were for USDC, (99.14% of all $HONEY redeemed 💵)
USDT and DAI rank as the 2nd and 3rd most popular collateral destinations respectively 🏦
Most unique redeemers: 28.8K addresses on October 9 🏦
Most $HONEY redeemed: 97.34M $HONEY on September 10 🍯
Most redemption transactions: 34.4K transactions on October 9 🔄
$HONEY Minting Insights:
91.26% of all $HONEY is minted by the top 10 addresses
40.49% of minters minted 0.1-0.5 $HONEY, and 73.6% minted less than 1 $HONEY
69.36% of minters executed only 1 mint transaction 🔄, with just 5.64% minting in more than 10 transactions 🔁
$HONEY Redemption Insights:
76.35% of all $HONEY is redeemed by the top 10 addresses 🏦🍯.
26.35% of users redeemed 0.1-0.5 $HONEY, while 59.58% redeemed less than 1 $HONEY
36.94% of redeemers executed only 1 redeem transaction 🔄, with just 8.95% redeeming in more than 10 transactions 🔁
$iBGT
iBGT is a liquid staking token developed by Infrared, a prominent intent-centric strategy provider and validator within the Berachain ecosystem.
Approximately 58k unique addresses have claimed 2.41M $iBGT tokens in 1.5M transactions
The HONEY-USDC LP vault is the most popular for depositing $iBGT, accounting for 43.51% of all claimed tokens 💰
22 Aug saw the highest daily $iBGT claimed, with 286.5k $iBGT distributed
HONEY-USDC Vault Analysis:
✨45k unique depositors have deposited a total of 301.65 LPs across 364k transactions 📊
✨14 Oct holds the record for the most daily deposits, with 55.32 LPs added, while 25 Aug saw the most daily deposit transactions, totaling 7.96k 🔄
✨The top 10 addresses account for approximately 3% of all LPs deposited 🏆
Berakin
(Formerly Beranames)
Berachain Top NameService
211k+ unique users have minted a total of 438k names across V2 and V3, paying over 842k $BERA
16 Dec holds the record for the most daily names minted, with 21.4k names on V2 and 1.47k names on V3 🔥
Most users minted only 1 name (89.68% on V2 and 82.19% on V3)
183 addresses on V2 and 164 addresses on V3 minted more than 50 names 🏆
The majority of minted names (56% on V2 and 48.73% on V3) are 6-10 letters long, predominantly consisting of "all letters" 📝
The longest minted name spans 1056 characters on V2 and 648 characters on V3 🔡📏!
The address 0x7f447... has minted 1829 names on V2 and 726 names on V3, with nearly all names consisting of repeating "drop555" !
ZNS
The second top NameService on Berachain
More than 227k unique addresses have minted over 580k names
The highest daily names minted was on 20 Dec, with 23.8k names
Most users (56.23%) have minted 2-5 names, while 38% have minted only 1 name
The top 10 addresses have collectively minted 1,924 names 🏆
More than 850k $BERA has been generated on Bartio through Berakin mints, with an average of 1.93 $BERA per name. In comparison, the total $BERA generated through ZNS names is 34.95 $BERA (averaging 0.000061 $BERA per name)—about 24.3 times less than Berankin
Thank You for Reading!
Thank you all for following my work this year. Your support means a lot, and I’m excited to continue sharing insights with you❤️
A special wish for Berachain🐻⛓ as they approach their mainnet launch in Q5😜—good luck on this exciting journey!
Stay connected with me for more updates and analysis:
Looking forward to another great year ahead and Thanks again!
