Saturday

Lowest

Thursday

Low-mid

Sunday

Mid

Monday-Wed

Mid-high

Friday

Highest

PROJECT DESCRIPTION

SCORE = 5/5

• IVX is the derivatives hub of Berachain, offering two core products:

  • Diem: A liquid market for 0DTE (zero day to expiry) options on $BERA, $ETH, and $BTC.

  • Levo: An intent-based perpetual futures market for $BERA and $BERA-paired assets.

• The protocol employs dynamic Delta-hedging Automated Market Makers (AMM) for liquidity providers and introduces portfolio margin accounting for traders.

• From a broader perspective IVX has as:

  • Goal: To bring and improve short-dated options trading by enabling high-leverage, liquidation-free trading with enhanced capital efficiency.

  • Mission: To offer a secure, transparent, and efficient DeFi-native options trading platform, leveraging on-chain automation and advanced risk management strategies.

  • Vision: To bridge traditional financial derivatives with decentralized finance (DeFi), creating a fully permissionless and composable options trading ecosystem.

• During its testing phase, IVX achieved relatively significant participation, with over 130,000 portfolio accounts created and approximately 300,000 options contracts traded, reflecting a notional volume of $8 billion.

• On February 10th, the announcement of its launch on the Berachain mainnet was made.

• And from there, the IVX team has launched a series of explanatory materials about the use of its platform, Discord meetings, and task campaigns like the one carried out with Layer3 in which 6,400 people participated.

Source:

• IVX Documents: "Welcome to IVX" - LINK

• X account: "Live on mainnet announcement" - LINK

DEVELOPMENT STAGE

SCORE = 4/5

• IVX products are now fully deployed on Mainnet. Both DIEM and LEVO are now available for users to use.

• Prior to that, IVX has conducted an intensive testing campaign of the platform, both on Artio and Bartio.

• On 02/10/25, IVX launched its first product on the Berachain mainnet. It is LEVO, through which $BERA Berps can be traded, with more than 20x leverage. Later, on March 28th, they launched DIEM, their 0DTE platform.

• At the time of writing, DIEM offers trading in ETH, BTC, and BERA, while LEVO offers traders around 44 pairs, with BTC, ETH, BERA, and KAITO being the most notable. Currently, there are no other ecosystem tokens on the perpetual platform.

• To conclude, we can say that the project shows a structured development progress, with some details to be polished such as some problems and glitches with the UI, the communication of the 0.1% commission charge that is not explicit and a certain lack of information that the community has made known to the project team and they have expressed their willingness to modify, clarify or expand.

Source:

• Medium: "IVX Genesis: Artio testnet guidelines" - LINK

• X post: "LEVO mainnet launch announcement" - LINK

• X post: "DIEM live on mainnet announcement" - LINK

BERACHAIN INTEGRATION

SCORE = 5/5

IVX has a strong connection with Berachain and its major projects, leveraging the ecosystem’s Proof of Liquidity (PoL) model to enhance liquidity efficiency and trading mechanisms.

• Technological synergy: IVX benefits from Berachain’s PoL model by integrating native liquidity mechanisms and leveraging Berachain-based staking and incentive models.

• Ecosystem Connections: IVX collaborates with Infrared, D2 and Kodiak (Berachain’s native liquidity hub) to enhance onchain liquidity provisioning for its options market.

• High-level connection with Berachain’s technology and ecosystem.

Source:

• X post: "IVLP whitelisted to receive BGT" - LINK

COMPETITIVE ADVANTAGES

SCORE = 5/5

IVX stands out within the Berachain ecosystem due to its innovative options trading model and capital-efficient AMM design.

• Unique Features:

  • 0DTE options trading with liquidation-free exposure.

  • Advanced portfolio margining for cross-margin trading.

  • Delta-neutral AMM hedging to protect liquidity providers.

  • Multi-asset support BTC, ETH, SOL, DOGE

• Comparison to Competitors: Unlike traditional DEXs, IVX integrates sophisticated risk management, allowing high-leverage strategies without forced liquidations.

• Long-Term Competitive Edge: IVX's dynamic fee model, real-time volatility oracles, and PoL integration ensure a sustainable edge in the market.

• Strong differentiation and innovation within the Berachain DeFi landscape.

IDO TERMS AND CONDITIONS

SCORE = 5/5

• Ramen Launch format: Fixed Price Mode

• Reserved for Token Sale: 600 $IVX

• Fundraise hard cap: $60k

• Token Price: $0.1

• Requirement for entry: 150 GACHAS

• Allocation Cap per Winning Entry: $100

• FDV: 10M

• In an official announcement, the project has reduced its FDV from 22.5M to 10M, with the goal of prioritizing its community.

Source:

• X post: "FDV 10m" - LINK

TOKEN UTILITY

SCORE = 5/5

• The $IVX token is key in the flywheel and value capture of the IVX protocol.

• Initially, 70% of Levo fees, 25% of Diem fees and a considerable percentage of all IVX coming products fees are allocated to $IVX holders through Smart Buybacks. These are done when the price is below the 30d moving average.

• Smart buybacks enables a number of benefits including an ongoing purchase on the $IVX token at depressed prices, but also a trend-based bid that can enable buying momentum on $IVX itself.

• In addition to the continuous buybacks that come from IVX products fees, IVX holders will benefit from the utilities as follows:

  • Referral codes for trading products

  • Governance power over new features, sub products, and on chain proposals

  • IVX sub-product priorities

  • Rewards through key IVX partners for LPs for IVX/$BERA

  • Boost on twIVLP emissions

• Key functions of $IVX:

  • A vehicle for value capture through buy backs which come from protocol fees / BGT capture through reward vaults.

  • A role in Berachain's POL as both an asset for incentives with an option token model and an asset within reward vaults itself.

  • Governance for token listings, reward vault proposals and more.

  • Additional sub product access and features, these include giving token holders benefits on sub-products, earlier access and smaller product perks for the future.

Source:

• X article: "$IVX Vol-Wheel" - LINK

TOKEN DISTRIBUTION

SCORE = 5/5

• According to the tokenomics documents the token distribution will be as follows:

PROOF OF LIQUIDITY IMPACT

SCORE = 5/5

• The project initially plans to launch three reward vaults, with the possibility of adding more in the future.

• Incentivizing IVLP with BGT emissions:

  • Users with IVLP can stake it in a reward vault and earn BGT.

  • IVX will bribe validators to earn incentives with real-world trading revenue.

• In turn, they plan to incentivize traders through a leaderboard-like system.

• Traders who specifically trade BERA options and PERPS will also be incentivized.

• These reward vaults will add value to traders, who can earn additional incentives through the leverage they will use for POL.

• Full details of the proposals for integrating the PoL into the project can be found in the proposals submitted to the Berachain Foundation:

  • Reward Vault Request for rIVX on IVX

  • Up Only BERA IVX RFRV

SOCIAL MEDIA PRESENCE

SCORE = 5/5

• X Account:

  • IVX is most active on its X account, with over 46.6 followers.

  • Information updates on X are frequent and include detailed information about what the team is working on.

  • They recently introduced an "article" format, through which they explain how their token works and the project's outlook once it's listed.

  • Through its X account, IVX also maintains active conversations with other projects to increase visibility and updates: X spaces, participation in The Honey Cast, explanatory videos, and reposts of community-created content.

  • IVX also has a live series on X called "The Weekly Vol", hosted by 0xMughal, where a weekly guest from the ecosystem discusses the latest industry news, product developments, and the state of the market.

• Discord:

  • Announcements are done on a frequent basis to keep the community informed about the product developments, in addition to announcing the live broadcasts that the team performs on X.

  • The team's educational and training vocation has been highlighted since the first moment the server was launched.

  • Continuous tutorials, videos, and learning sessions are shared with the community.

COMMUNITY GROWTH

SCORE = 3/5

• While IVX has an excellent number of followers on social media, this is sometimes not reflected in how its community interacts with them.

• The Discord community is also quite large, with over 17,200 members. However, in a preliminary assessment we conducted on February 1, 2025, it had approximately 18,100 users, which represents a loss of 877 users on the server, representing a 4.84% decrease.

• However, it is worth highlighting the presence and continued support of the IVX team for users in said Discord channel.

• Analyzing the project X account with LunarCrush, regarding the number of followers, since the account's inception, it has seen a steady increase, with some plateaus in some months:

• However, if we analyze the account's behavior since the beginning of the Berachain mainnet, we can see that it had a peak of over 48,341 followers, falling to 47,601 followers on the day we prepared this report, having lost 740 of them, which represents a loss of approximately 1.53%:

• On the other hand, analyzing the account with TweetScout, we can see that 29% of its followers are or could be bots, which is a high percentage (around 13,821 followers). Still, the number of "non-bot" followers is very high and acceptable for this type of project (around 33,839 followers).

Sources:

• LunarCrush: "@ivx_fi" - LINK

• TweetScout: "@ivx_fi" - LINK

ENGAGEMENT LEVELS

SCORE = 3/5

Discord

• The Discord community is active, and the IVX team responds quickly to user inquiries.

• Most of the discussion revolves around the project's mainnet possibilities, token integration, and earning $BGT.

• While communication is fluid and the team is always present, having analyzed the "General" channel over the last 10 days (03/26/25 to 04/04/25), of the more than 17,000 users, 125 have interacted with the project, representing 0.73% of the total number of users.

• Like most projects in the Berachain ecosystem, IVX has successfully gamified its community both during the testnet period and after the mainnet launch.

• In this sense, throughout its history, the project has implemented various initiatives to keep the community united: educational campaigns, Q&A sessions (AMAs), role distribution on Discord, raffles and giveaways, X spaces, Kahoots, poker nights, karaoke, trading competitions, among other activities.

• Community interaction fluctuates, with peaks and periods of greater inactivity.

• The IVX team also posts regular product and collaboration announcements on the Discord server through dedicated channels, as these messages can be easily accessed without having to sift through thousands of messages from past activity.

X account

• Regarding X's account, engagement levels have had very marked peaks throughout the history of the project, with the event with the greatest interaction being the launch of its NFT "Vol Surfers" on 12/23/24.

• If we look at post-mainnet activity, engagement peaks around the launch of their products and the announcement of their IDO on Ramen.

Source:

• LunarCrush: "IVX engagement" - LINK

TRANSPARENCY

SCORE = 5/5

• IVX is highly transparent with the community on:

  • Product offering.

  • Partnerships.

  • The Weekly Vol (series)

• The announcements on the updates are frequent and are posted both on Discord & X. 

• They actively reward the community with their partnership offerings and IVX Discord roles really do matter when it comes to securing WL allocations & other rewards.

• Overall, a very strong and robust channel of communication for loyal IVX believers and power-users is in place. 

• IVX is a core DeFi offering within the Berachain ecosystem and the core target audience is very different from other native Berachain projects, but yet IVX has able to gain a handsome following on their X as well as Discord server.

SECURITY AUDITS

SCORE = 5/5

• Since 2023, the project has been auditing its SCs (Smart Contracts), hiring companies such as Guardian Audit and Chaos Labs.

• Recently, between November and December 2024, they have carried out the last audit of their SCs with the Sherlock company, having obtained the following result:

All the problems found have been solved by the IVX development team.

REGULATORY COMPLIANCE

SCORE = 2/5

• The project has added the Terms and Conditions for use of the platform to its application when operating with Perps.

• These terms and conditions restrict operations from the United States of America and other restricted territories.

• Section 10 of the Terms of Use document is referenced, but is not publicly available.

• No other important legal or about compliance information is mentioned.

RISK IDENTIFICATION

SCORE = 3/5

• As a derivatives trading protocol, the risks involved in this activity are numerous:

• Technical Risks:

  1. Market Volatility and Execution Risk

  2. Smart Contract Risks

  3. Oracle Failures and Pricing Inefficiencies

• Financial Risks:

  1. Liquidity Risks

  2. Pool Imbalances

  3. Market Manipulation Concerns

  4. Options-Related: Gamma Risk

  5. Transparency and Risk Disclosure

• No discussion of these risks has been found in the project public documentation.

• Much of the project's technical information and risk management is posted on the "Technical Updates" channel on their Discord server.

Source:

• Discord: "Technical Updates channel" - LINK

CONTINGENCY PLANS

SCORE = 3/5

• We could understand contingency plans as the concepts and parameters outlined in the Chaos Labs report called "IVX Mechanism Review," which we have had access to (but which has not been published by the project on its social media). They have only published a summary in the Technical Updates channel on their Discord.

• It explains certain general risk mitigation strategies, such as implementing position sizing, limits, and requirements, establishing specific margin requirements and leverage limits.

• The project also conducts periodic security audits and monitoring.

• However, we believe it is necessary to provide more and more official information to users through their social media channels or published documents.

PROJECT AND TEAM BACKGROUND

SCORE = 5/5

• The IVX core team is made up of:

  • Bobdbldr: Founder, Engineering background, previously BMW, contributed to other derivative protocols (Dopex and Y2K).

  

  • 0xMughal: COO, Medical background, (Doctor), content creator, doxxed and have 4 years of Crypto education publically online in written and video form.

  

• The project core team is completed with:

  • 0xMad: CTO, lead engineer

  • Moh: Community Lead, Business background

PROJECT HISTORY

SCORE = 5/5

• From the moment they started posting on their X account on 08/14/23, IVX has been known for informing and educating the community about their product.

• This is demonstrated by the numerous videos and tutorials they have published over time, such as the X Spaces coordinated by 0xMughal.

• On 05/03/24 they announced the launch of their product on the Aartio testnet, which could only be accessed through a few codes that the community was eagerly looking for.

• On 05/22/24 they completed their round of financing, obtaining $1.2M:

• Later, on 06/21/24 they launched the testnet on Bartio, this time open to the general public from the beginning.

• On 12/23/24 the minting of their NFT: Vol Surfers took place, which sold out in practically 2 hours.

• On 02/10/25, they launched their LEVO product on the Berachain mainnet.

• On 03/21/25 the first reward vault request for IVX through IVLP has been submitted.

• The Pre-Voluntary Deposits campaign was launched on March 25, 2025. The campaign closed on March 28, 2025.

• On 03/28/25 their product "Diem" was launched on Berachain mainnet.

• In turn, throughout this history, the project has made numerous partnerships and collaborations with other protocols in the Berachain ecosystem.

Sources:

• X Post: "IVX on Artio announcement" - LINK

• X post: "IVLP live on Bario" - LINK

• X post: "Seed round announcement" - LINK

• X Article: "Introducing LEVO" - LINK

• X post: "reward vault request" - LINK

• X post: "Pre-Voluntary deposits live" - LINK

• X post: "DIEM live" - LINK

REPUTATION IN THE ECOSYSTEM

SCORE = 5/5

• Since the seed round fundraising, the team have demonstrated a good relationship with main projects on Berachain ecosystem endorsing their strong reputation and credibility. 

• They receive investment by:

  • Reffo - Puff Paw

  • Beartic - Kodiak

  • Janitor - The Honey Jar

  • Among other important players in the sector.

• In fact, it has the category of Strategic Partner with THJ, which puts it in contact and relationship with a wide sector of the Berachain ecosystem:

Sources:

• X post: "Seed round announcement" - LINK

• THJ Partners Ecosystem - LINK

PARTNERSHIPS AND COLLABORATIONS

SCORE = 5/5

• Since its inception, the project has made numerous partnerships and collaborations with different projects, for example:

  • THJ = strategic partner.

  • D2 = automated options strategies.

  • Puffpaw = collaborations.

  • Kodiak = Liquidity.

  • Chaos Labs = Security audit.

  • Beraborrow = Composable Yield Generating Strategies.

  • Pandabera = Genesis farming.

  • Symmnio = Infrastructure.

  • Smilees = gBERA as liquidity keystone.

  • Ramen = Launchpad for its IDO

  • Henlo = Vol Surfer holders received Henlo points.

Examples:

• IVX x Symmio - LINK

• IVX x Smilee - LINK

• Panda Bera x IVX - LINK

• IVX x Beraborrow - LINK

PROJECT DESCRIPTION

SCORE = 5/5

• Ooga Booga is a liquidity aggregator built for Berachain, combining liquidity from various sources to offer users the best trading options.

• It aims to improve access to liquidity, enhance trading efficiency with better prices and lower slippage, and promote growth across the Berachain ecosystem.

• Use Cases

  • Decentralized Exchanges (DEXs): Access aggregated liquidity for improved swap rates.

  • DeFi Platforms: Boost yield farming and staking opportunities through efficient liquidity sourcing.

  • Developers: Integrate Ooga Booga’s APIs for reliable liquidity access in applications.

• Mission and Vision

  • Ooga Booga's mission is to empower seamless access to liquidity, fostering innovation, efficiency and financial inclusion for all. participants. Its vision is to become the core of liquidity aggregation in Berachain, driving interoperability and sustainable growth in decentralized finance.

• Core Values

  • Innovation: Deliver advanced liquidity aggregation solutions.

  • Transparency: Build trust through openness.

  • Inclusivity: Ensure accessibility for all users.

  • Sustainability: Focus on long-term ecosystem growth.

  • Collaboration: Strengthen partnerships across the DeFi space.

Sources:

• Kodiak Medium: "Welcoming Ooga Booga to the Archipelago" - LINK

• @whoiskevin X post: "Ooga Booga 101" - LINK

• TheNewsCrypto: "Ooga Booga Secures $1M Funding for Berachain’s First Liquidity Aggregator" - LINK

• The Honey Cast (03/22/24): "Ooga Booga on THC" - LINK

DEVELOPMENT STAGE

SCORE = 5/5

• Phase 1: Foundation Building (Q1 2024 - Q2 2024)

  • Researched liquidity aggregation solutions to address Berachain-specific challenges.

  • Developed scalable core infrastructure with APIs and SDKs for integration with DEXs and DeFi platforms.

  • Integrated major Berachain liquidity pools, optimizing routing and price discovery algorithms.

  • Tested a secure, scalable testnet version with community feedback.

• 2: Launch & Ecosystem Expansion (Q3 2024 - Q1 2025)

  • Launching on Berachain mainnet with audited security and selected liquidity pools.

  • Partnering with DEXs, DeFi platforms, and NFT marketplaces; introducing liquidity mining incentives.

  • Adding cross-pool swaps, yield optimization, and user-friendly dashboards.

  • Engaging developers through workshops, hackathons, and bounty programs for improvements.

• Phase 3: Optimization & Diversification (Q2 2025 - Q4 2025)

  • Implementing real-time liquidity analytics and dynamic fee optimization.

  • Expanding to cross-chain liquidity with interoperability solutions and bridge providers.

  • Launching decentralized governance with a governance token for community decisions.

  • Enhancing incentives with gamified rewards to boost user engagement.

• 4: Global Adoption & Sustainability (2026 and Beyond)

  • Driving adoption through fintech partnerships and global marketing campaigns.

  • Integrating AI for personalized trading strategies and liquidity predictions.

  • Continuously improving security, scalability, and user satisfaction.

  • Promoting sustainable practices with eco-friendly incentives and collaborations with green projects.

• Key Milestones

  • Q2 2024: Testnet launch and developer engagement.

  • Q3 2024: Mainnet launch and initial integrations.

  • Q2 2025: Cross-chain liquidity expansion and advanced features.

• The project went live on the same day as the Berachain mainnet launch.

• From the very beginning, it began achieving various milestones in transaction volume and quantity, as we can see below:

• In less than two months on mainnet, Ooga Booga has managed to process a volume of over $1B in swaps on March 27th.

• Since the mainnet launch and in the same time period they have had more than 10,000 users and more than 700,000 transactions:

Sources:

• The Honey Cast (03/22/24): "Ooga Booga on THC" - LINK

• Youtube Blockmates: "Liquidity Unleashed on Berachain: The Ooga Booga Effect" - LINK

• Ooga Booga Testnet - LINK

• Ooga Booga analytics - LINK

• X account: "1B announcement" - LINK

BERACHAIN INTEGRATION

SCORE = 5/5

• Ooga Booga integrates with Berachain to harness the power of its unique Proof of Liquidity (PoL) consensus model, enhancing liquidity aggregation and trading efficiency across decentralized finance.

  • Smart Contract Deployment: Ooga Booga’s contracts are natively built on Berachain, enabling direct access to decentralized exchanges (DEXs) and liquidity pools within the network to offer seamless token swaps.

  • Strategic Partnerships: Collaboration with Kodiak DEX and other native protocols enhances swap aggregation, reducing slippage and improving price discovery.

  • Liquidity Routing Optimization: Advanced algorithms leverage PoL by utilizing tokenized liquidity positions (LPs), providing deep liquidity access and efficient routing for traders and platforms.

  • Developer-Friendly APIs and SDKs: A comprehensive toolkit supports easy integration for developers building on Berachain, fostering innovation and broader ecosystem adoption.

  • Incentive Programs and Governance: Liquidity mining rewards, staking programs, and community-driven governance empower users to shape the protocol’s future, aligning with Berachain’s participatory ethos.

  • Security Measures: Rigorous third-party audits ensure smart contract security and robustness before mainnet deployment, with continuous monitoring post-launch.

  • Cross-Chain Liquidity Expansion: Future phases will utilize Berachain’s cross-chain bridges to aggregate liquidity beyond its ecosystem, driving interoperability and scalability.

• Since its launch on mainnet, the project has also made numerous integrations, including:

  • Panda Factory - LINK

  • Holdstation - LINK

  • Bulla Exchange - LINK

  • Memeswap - LINK

  • Beradrome - LINK

  • Codex - LINK

  • Beranames - LINK

  • WeBera - LINK

  • Origami - LINK

  • Wasabi Protocol - LINK

• This integration solidifies Ooga Booga’s role as a core liquidity aggregator for Berachain, providing efficient trading solutions, deepening liquidity access, and contributing to a robust and interconnected blockchain economy.

Sources:

• The Honey Cast (03/22/24): "Ooga Booga on THC" - LINK

• @whoiskevin interview: "Ooga Booga on Berachain: Memes, Rugs, and the Future of Crypto" - LINK

• YouTube Wahajat Mughal channel: "The best way to trade on Berachain? Ooga Booga deep dive & thesis" - LINK

COMPETITIVE ADVANTAGES

SCORE = 5/5

• Unique Selling Proposition (USP) of Ooga Booga in Berachain:

  1. Unique Positioning

     • First-Mover Advantage: Ooga Booga is the first native liquidity aggregator for Berachain, fully leveraging its gas-backed DeFi innovations for seamless integration.

     • Non-Standard Liquidity: Accesses unconventional pools to enhance capital efficiency and provide diverse trading opportunities.

  2. Innovations

     • Smart Routing Algorithm: Optimizes liquidity sourcing for minimal slippage and the best trading rates.

     • Kodiak DEX Partnership: Early collaboration improves swap aggregation and advanced routing capabilities.

     • Developer Tools: APIs and SDKs facilitate smooth integration for Berachain developers.

  3. Competitive Landscape

     • Limited Native Competition: Few direct liquidity aggregators exist in Berachain, giving Ooga Booga a specialized edge.

     • Superior Niche Optimization: Outperforms generalized aggregators with tailored solutions for Berachain’s ecosystem.

  4. Long-Term Competitive Advantage

     • Scalability: Designed to evolve with Berachain’s growth and technological advancements.

     • Governance: Community-led decision-making aligns with user interests.

     • Strategic Partnerships: Collaborations like Kodiak ensure continual access to cutting-edge innovations.

  5. Perception of Longevity

     • Strong Investor Confidence: Secured $2.5M in funding to drive long-term development.

     • Future-Proofing: Plans for cross-chain liquidity and continuous innovation sustain market leadership.

     • Ecosystem Alignment: Strengthens Berachain’s ecosystem, reinforcing its role as a foundational liquidity solution.

  • By integrating specialized features, fostering innovation, and leveraging a first-mover position, Ooga Booga establishes itself as the leading liquidity aggregator in Berachain, designed for scalability, efficiency, and community-driven growth.

Sources:

• @whoiskevin X post: "Ooga Booga 101" - LINK

• @whoiskevin X post: "How do DEX aggregators actually work?" - LINK

IDO TERMS AND CONDITIONS

SCORE = 5/5

• Ramen Launch format: Fixed Price Sale

• Fundraise hard cap: $150k

• Token Price: $0.3

• Requirement for entry: 200 GACHA

• Allocation Cap per Winning Entry: $300

• FDV: $30M

TOKEN UTILITY

SCORE = 5/5

• Token Fundamentals of Ooga Booga

  1. Purpose and Design

     • Liquidity Aggregator: Ooga Booga aims to be Berachain's premier liquidity aggregator, enhancing swap execution efficiency across the ecosystem.

     • Competitive Edge: Offers better execution prices than competitors like Bex and Kodiak, applying a 0.069% fee only when its price is at least 0.15% better, guaranteeing a 0.081% premium. If not superior, users access competitor liquidity without additional fees.

  2. Token Structure

     • $OOGA Token: A liquid, transferable utility token with deflationary mechanics, designed as a key component of the protocol’s ecosystem.

     • $sOOGA Token: A non-transferable governance token earned by staking $OOGA at a 1:1 ratio.

  3. Staking and Unstaking Mechanism

     • Staking Process:

       1. Acquire $OOGA through markets, airdrops, or incentives.

       2. Stake $OOGA to receive $sOOGA at a 1:1 conversion rate.

       3. Allocate $sOOGA to modules for rewards and governance benefits.

     • Unstaking Process:

       • A time-weighted conversion tax applies if redeemed before the end of a specified conversion period.

       • The tax decreases linearly, allowing full conversion without penalties at the period’s completion.

  4. Incentives

     • Allocation Benefits: $sOOGA holders earn yields, fees, and other incentives when staking in specific modules.

     • Unified Interface: Provides seamless access to Berachain’s ecosystem via a single UI, streamlining user experience.

• By optimizing swap execution, integrating a dynamic fee model, and incentivizing governance participation, Ooga Booga positions itself as a centralized liquidity hub within Berachain, utilizing a robust, tiered token economy to fuel growth and engagement.

Source:

• The Honey Cast (03/22/24): "Ooga Booga on THC" - LINK

• Ooga Booga documents: "Staking and allocating" - LINK

TOKEN DISTRIBUTION

SCORE = 5/5

• According to their tokenomics, tokens are bucketed into 7 sections:

• The token distribution and vesting period are described in the following table:

Source:

• X account: "$OOGA TGE announcement" - LINK

PROOF OF LIQUIDITY IMPACT

SCORE = 5/5

• Ooga Booga and its dual token structure is utterly embedded in the logic of proof of liquidity.

• On other blockchains, a vast majority of transactions already happens through aggregators, less and less users tend to directly utilize direct Dexs front-ends, opting for one stop shop solutions, such as Defillama’s famous meta DEX aggregator: Llamaswap.

• Ooga Booga’s ideology is also to plug other successful external project’s liquidity, proposing specific features such as multi asset swaps like Odos, gas-less swaps like Matcha.ox, limit orders like Jupiter, they are building an interesting aggregating alternative that will surely find its audience.

• A lot of other native protocols liquidity will be tapped through Ooga Booga’s user interface.

• With the amount of partnerships, the protocol tied within the entire Berachain ecosystem, especially with key partners such as Kodiak Finance, Marginal DEX, Beradrome, the Bullas, Aori Finance, Honeypot Finance and Goldilocks, one may expect a decent amount of utilities for the $sOOGA modules.

SOCIAL MEDIA PRESENCE

SCORE = 5/5

• Ooga Booga has a presence on X and Discord.

• The X account has more than 14k followers, but its activity is spaced out over time, becoming more dynamic in recent months. Its first post was on 03/20/2024 and the second post was on 08/19/2024.

• In our preliminary evaluation conducted on 01/19/25 (unpublished), the project had 11.31K followers. Now, as we can see, it has 14.45K. The growth rate has been approximately 27.76%.

• As for Discord, it has more than 3k followers, many of them really active in the channels.

• In our preliminary evaluation conducted on 01/19/25 (unpublished), the project had over 3,000 followers. Now, as we can see, it has 5.4,000. The growth rate has been approximately 60.62%.

• The first message in the announcement channel is from 04/09/24, totaling only 24 announcements in this channel in 9 months.

• However, there are other channels such as the Weekly Dev Update and the Official Ooga Booga Content, within which the information is more fluid and frequent.

• In turn, the Co-Founder of the project has a strong presence on X where he posts information about Ooga Booga and Berachain.

• In short, although it may seem at first glance that the frequency of communication is infrequent through official channels, the information is provided mainly by Kevin and complemented by the official Ooga Booga X account and the aforementioned Discord channels.

Source:

• Official Ooga Booga Content - LINK

COMMUNITY GROWTH

SCORE = 5/5

• Focusing our analysis on the project's social networks, we can see that the community is medium-sized, especially on Discord.

• The General group is always active, being very well attended by both Kevin and other team members such as FW, Panda or The Witcher, who are recognized for being members of other large projects in the Berachain ecosystem.

• As for engagement or community incentive campaigns, the main one they have is the Ooga Bucks, where they reward $6.9 for X content that helps spread the word about the project. This is really innovative and no other project has it.

• On the other hand, they have recently started doing WL raffles for NFTs from the Berachain ecosystem.

• The X posts on the official Ooga Booga account, although not very frequent, have a very high impact in terms of views (some have reached almost 200k, more than 1k likes and more than 400 reposts).

Source:

• Ooga Booga X post - "1.5M strategic round" - LINK

ENGAGEMENT LEVELS

SCORE = 5/5

• The levels of participation and engagement are organic according to the number of followers the project has.

• Activities such as assigning a specific role on Discord for a limited time to reward the first users showed that the community is there. On Discord, this "Genesis" community is relatively small, but participatory.

• Another thing is the posts on X, as we have already said, from the official account they are few, but of great impact.

• At the same time, many people participate in the Ooga Bucks campaign, creating content about the project and receiving a reward for it.

• What is also clear is that, beyond the "community" of the project, Ooga Booga has captivated a high percentage of the users of the Berachain testnet, with more than 450k users.

Source:

• Ooga Booga website: Analytics - LINK

TRANSPARENCY

SCORE = 5/5

• Ooga Booga is abundant and transparent in providing information about the project, however it is scattered across several channels. To get the full picture of the vision and impact of the project you need to be able to link together:

  • Its documents, agreements and terms of use, audit report.

  • Ooga Booga X accounts, but especially @whoiskevin.

  • Discord: you can find the information in the announcements channel, the Weekly Dev Updates channel, and the Official Ooga Booga content channel.

  • You can also find numerous podcasts and interviews with Kevin.

• Virtually all information about the development, past, present and future of the project is public and can be found in the sources mentioned above. Even when they are going to reveal new developments or important information, they manage to create high levels of hype, as for example with this post:

SECURITY AUDITS

SCORE = 5/5

• Ooga Booga shared a security audit conducted by Zellic, a well established third-party auditing firm.

• Security Audit Findings and Mitigations for Ooga Booga:

  1. Strengths

     • Critical Issue Resolution: All critical vulnerabilities identified by Zellic’s audit were resolved before the platform’s deployment.

     • Slippage Guards: Smart contracts incorporate robust slippage protection, reverting transactions if the fee differential exceeds a threshold, automatically routing trades through Bex or Kodiak.

     • Validation Mechanisms: Contracts validate token addresses and transaction integrity, reducing unauthorized action risks.

  2. Identified Risks

     • Centralization Risk: Off-chain simulations create unavoidable back-end centralization, though slippage monitoring and validation controls mitigate user risk.

     • Oracle Dependency: Reliance on a single oracle introduces potential vulnerabilities. No redundancy strategy for oracle failure is outlined.

  3. Ongoing Security Plans

     • Commitment to regular audits to ensure continuous security improvements.

  4. Summary of Pros and Cons

     • Pros:

       • Resolution of major vulnerabilities.

       • Effective slippage protection mechanisms.

       • Comprehensive validation processes.

     • Cons:

       • Centralization inherent in off-chain simulations.

       • Lack of redundancy for oracle dependency.

• Conclusion:

  • Ooga Booga demonstrates proactive security management by resolving key vulnerabilities and integrating strong safeguards.

  • However, addressing oracle redundancy and exploring decentralized alternatives for off-chain processes would further enhance the platform’s robustness.

Source:

• Zellic audit report - LINK

REGULATORY COMPLIANCE

SCORE = 5/5

• Compliance Measures: Ooga Booga adheres to all major regulatory requirements in its operational jurisdictions. Specific measures include:

  • KYC/AML Compliance: Limited to its partners and collaborators, ensuring lawful operations. Apparently without compromising user privacy.

  • Restrictions on High-Risk Jurisdictions: Users from restricted territories, including the U.S. and China, are explicitly prohibited from accessing the platform. This is an important limit to product growth.

• Market exclusion is entirely dependent on the due regulatory environment. In this regard, the project's adherence to such regulation is geared towards making efforts to safeguard the longevity of the project.

Source:

• Ooga Booga: "Terms and conditions" - LINK

RISK IDENTIFICATION

SCORE = 5/5

• Ooga Booga has conducted a comprehensive risk identification process, addressing both technical and financial risks.

• Technical Risks:

  • Backend Centralization: Ooga Booga’s reliance on off-chain simulations presents a centralization risk. Any back-end failure could compromise the platform’s services.

  • Smart Contract Bugs: Although the platform has passed an audit, bugs in smart contracts remain a risk.

• Financial Risks:

  • Liquidity Drain: The platform could face liquidity shortages due to market volatility or manipulation.

  • Fee Dependency: Ooga Booga's fee model hinges on outperforming competitors such as Bex and Kodiak. This may not always be feasible, introducing financial uncertainty.

• Social Risks:

  • Community Criticism: The centralization risks and reliance on off-chain components could lead to criticism, especially from DeFi purists.

CONTINGENCY PLANS

SCORE = 5/5

• Identified Risks:

  • Centralization Risk Mitigation: Implementation of mechanisms to ensure minimal disruption in case of back-end failure.

  • Oracle Redundancy: Plans to integrate multiple oracles to reduce reliance on a single data source.

  • Liquidity Support: Emergency liquidity reserves are in place to minimize sudden liquidity shortages.

  • Smart Contract Updates: A defined system for rapid patching and updating to ensure timely resolution of newly discovered vulnerabilities.

  Pros:

  • Properly defined processes for mitigation of liquidity and technical risks.

  • Plans for introducing redundancy in oracles.

  Cons

  • No  timelines to implement redundancy and fallback mechanisms.

• Ooga Booga shows a robust approach to security and risk management, and addresses critical vulnerabilities and planning for ongoing audits. However, centralization and oracle dependency remain areas of concern.

• The project’s proactive risk identification and mitigation strategies are very commendable, but s more detailed contingency planning would enhance user confidence.

• On this aspect, the project provides the following information about what they have done and are doing:

1. Establish an Industry-standard corporate structuring (and re-structuring) to ensure future-proofing the legal infrastructure's operations;

2. Regular regulatory risk identification, assessment and mitigation exercises.

PROJECT AND TEAM BACKGROUND

SCORE = 5/5

• Ooga Booga has a team of people specializing in various areas of web3.

• Kevin, its CEO, has extensive knowledge in finance and development, which he continually shares on his X account, making him one of the largest yapper's in the Berachain ecosystem.

• His personality is highly recognized in the ecosystem, as is his participation in numerous events and podcasts.

• He is joined in the development of Ooga Booga by:

  • Bruno

  • Panda

  • FW

  • Witcher

PROJECT HISTORY

SCORE = 5/5

• Compared to other projects in the ecosystem that have been developing for more than a year, Ooga Booga has achieved notoriety and capital importance in a relatively short time.

• Their first post on X is announcing the funding round where they got 1M for the development of the project, on 03/20/24.

• From there the project begins to strengthen itself as the liquidity aggregator that it is, partnerships and collaborations begin to take place, it creates and grows its community, launches its product on testnet with great success and social campaigns with rewards such as the Ooga Bucks.

• Systematizing, we could say that among the main milestones in the history of the project are the following:

  • Received 1M of investment in the seed round, led by Kenetic, on 03/20/24.

  • On 08/19/24 they published their testnet app 100% operational.

  • On October and November they announced some partnership with strategic protocols, like Kodiak, MarginalDEX, Beradrome and Bullas Exchange;

  • On 11/20/24 they announced their airdrop campaign, incentivizing social tasks.

• And now, on January 9, they announced another strategic round, fundraising 1,5M NET worth led by Primal.

REPUTATION IN THE ECOSYSTEM

SCORE: 5/5

• The project is supported by other projects in the Berachain ecosystem and, by the way, has a lot of relevance in the ecosystem.

• Especially through its Co-founder Kevin, who through his X account constantly posts about Berachain and its ecosystem of projects, details about the development of Ooga Booga, issues related to the PoL, data analysis, copypasta, participation in podcasts, etc... generating continuous interaction with other founders of projects in the ecosystem and with users in general.

• Both Ooga Booga and Kevin have a very positive reputation within the ecosystem.

• In turn, as seen above, their work team includes great and well-known characters from other projects such as Beraland, THJ, Yeet, Kodiak, among others.

PARTNERSHIPS AND COLLABORATIONS

SCORE = 5/5

• If we look directly at the topic of partners through their social networks, we can see that they are focused on links with projects that can work in compatibility with Ooga Booga's proposal to be the main liquidity aggregator of the chain. These main partners are:

  • Kodiak

  • Beradrome

  • Marginal

  • Bulla Exchange

• To this we must add the agreements with different projects so that these can be sources of liquidity. At the time of making this report, 15 agreements were already active and another 15 were on the way to being closed. Among them we can name:

  • Burr Bear

  • Izumi

  • Grizzli

  • HoneyPot

  • Memeswap

  • Bend / Bex / Berps

  • Twein Finance

  • Webera.

• Both the partnerships and the liquidity source agreements demonstrate how Ooga Booga truly positions itself as the leader in the liquidity aggregator sector on Berachain.

Source:

• Ooga Booga Documents: "Liquidity sources" - LINK

PROJECT DESCRIPTION

SCORE = 5/5

• Beraborrow provides immediate liquidity for Berachain assets through the innovative use of a Proof of Liquidity (PoL) powered stablecoin, Nectar ($NECT).

• This platform prioritizes simplicity and flexibility, enabling users to leverage their assets without sacrificing potential yields.

• Users can deposit collateral into what are termed "Dens," which then allow the minting of the over-collateralized stablecoin: $NECT.

• This stablecoin is integral to the Berachain decentralized finance (DeFi) ecosystem, enabling further investment opportunities while allowing users to maintain their exposure to the initial collateral assets.

• Originally centered on $iBGT, Beraborrow has expanded to support a variety of collateral types including Bera native tokens, liquid staking derivatives, and liquidity provider (LP) positions.

• Key features:

  • Instant Liquidity.

  • Proof of Liquidity (PoL) Powered Stablecoin.

  • Simplicity and Flexibility.

  • Over-Collateralized Stablecoin ($NECT).

  • Multi-Collateral Support.

Source:

• Documents: "What is Beraborrow?" - LINK

DEVELOPMENT STAGE

SCORE = 5/5

• After an intense testing period and a few weeks after the Berachain mainnet launch, Beraborrow launched the $NECT token on February 6th, followed by its dApp on February 26th.

• At this point, we can say that the project has reached a certain level of development maturity, with almost all of its functionalities active.

• The token options to deposit as collateral are: $BERA, $wBERA, $wBTC, $wETH y $OHM.

• However, the project's development team is working on these details, which should be ready in the coming weeks.

Source:

• X post: "Beraborrow NOW LIVE!" - LINK

BERACHAIN INTEGRATION

SCORE = 5/5

• According to its documents, Beraborrow leverages the PoL as follows:

  • Deep liquidity is essential to Beraborrow, as it improves the platform's functionality by reducing slippage during loop strategies.

  • To achieve this, the platform incorporates mechanisms such as flywheels that leverage Proof of Liquidity (PoL) to increase $NECT liquidity.

  • This process involves accumulating voting power to allocate more rewards to $NECT liquidity providers (LPs), creating a reinforcing cycle that continuously boosts liquidity.

  • $NECT integrates PoL in a composable manner, allowing liquidity positions containing $NECT to self-compound, while maintaining exposure and governance capabilities through $BGT.

  • This composability and the ability to stake $BGT for additional yield enhance $NECT's utility, allowing it to capture and reinvest PoL issuance back into the ecosystem, thus maintaining a productive cycle of capital utilization and governance participation.

  • The platform uses a bootstrapping strategy known as the $NECT/$iBGT flywheel, which facilitates self-compounding without the need to sell assets.

  • This strategy views $NECT as a stable, encapsulated, and staked version of $iBGT, using the captured emissions from the $NECT/iBGT LP pool to generate more $NECT.

  • This newly created $NECT is then paired with $iBGT and redeposited into the LP, thus perpetuating the liquidity and rewards cycle.

Source:

• Documents: "How Beraborrow utilises Proof of Liquidity" - LINK

COMPETITIVE ADVANTAGES

SCORE = 5/5

• Beraborrow stands out in the Berachain ecosystem for several key reasons that give it significant competitive advantages:

  • Integration with Berachain's PoL mechanism: By closely aligning with Berachain's core technology, Beraborrow leverages Proof of Liquidity (PoL) to innovate and improve the way overcollateralized stablecoins and the lending and borrowing market are offered. This integration optimizes liquidity and capital efficiency, which is crucial for its users.

  • Financial product innovation: Beraborrow innovates in the stablecoin and lending market by offering products that allow users to maintain exposure to their assets while accessing liquidity. This represents a significant improvement over traditional approaches, where users often must sacrifice yield or exposure.

Source:

• Documents: "What is Beraborrow?" - LINK

IDO TERMS AND CONDITIONS

SCORE = 5/5

• Ramen Launch format: Fixed Price Sale

• Reserved for Token Sale: 1.935.050 $cPOLLEN

• Fundraise hard cap: $169.05k

• Token Price (USD): $0.08736

• Requirement for entry: 300 GACHA

• Allocation Cap per Winning Entry: $200.05

• FDV: $36.69M

TOKEN UTILITY

SCORE = 5/5

• POLLEN is a governance token integral to the Beraborrow protocol, designed to bolster its stability and expansion by promoting the adoption and liquidity of NECT.

• Holders of POLLEN engage in decision-making and implement governance-driven incentives that support the growth of the Beraborrow ecosystem.

• Initial incentives are aimed at enhancing the Liquid Stability Pool and the liquidity of the stablecoin, with plans to shift focus towards increasing the utility of NECT in various applications once a solid liquidity base is established.

• Revenue from protocol interest, unique in that Beraborrow does not involve lenders, is directed towards governance initiatives that fortify ecosystem sustainability.

• These initiatives include Berachain Rewards Vaults, where POLLEN holders can stake their tokens to partake in governance and align with the protocol's long-term goals, and Protocol Liquidity Initiatives, which aim to boost the stability of NECT as a decentralized stable asset.

• The strategic use of POLLEN creates a self-reinforcing cycle: enhanced NECT utility attracts more users, which in turn increases the protocol’s interest rates and fees. These are funneled back into the sPOLLEN Berachain reward vault, increasing the value distributed to further incentivize liquidity, thus perpetuating the cycle.

Sources:

• Documents: "What is $POLLEN" - LINK

• Documents: "Why hold $POLLEN? - LINK

TOKEN DISTRIBUTION

SCORE = 3/5

• In one of its latest posts on its X account, the project shared this image of its tokenomics.

• However, there is no further information about cliff and vesting regarding the release of tokens over time.

Source:

• X post: "$POLLEN TGE announcement" - LINK

PROOF OF LIQUIDITY IMPACT

SCORE = 5/5

• The POLLEN token is closely tied to Berachain's Proof-of-Liquidity (PoL) consensus mechanism, serving as a fundamental element for governance and incentive alignment within the Beraborrow protocol:

1. Growing Adoption and Participation in Governance: As Beraborrow's adoption increases, so does the relevance of POLLEN. The token is used to facilitate and incentivize active participation in governance decisions.

2. Revenue Distribution and Incentives: Interest rate revenues generated by the protocol are channeled into governance-driven incentives through the deposit of sPOLLEN rewards (staking POLLEN).

3. Staking and Governance Incentives: By staking POLLEN, users can participate in Beraborrow's governance, with rewards tied to these activities.

4. Fee Allocation and Long-Term Commitment: When vePOLLEN holders make governance decisions, 60% of the protocol's fees are allocated to governance initiatives.

5. Treasury Control: vePOLLEN holders have significant control over the VE treasury, which accumulates assets such as BGT and swaps assets such as iBGT to POLLEN.

6. Enhanced Governance Function: As more participants engage with the protocol and its activities, POLLEN's governance function is strengthened, resulting in a more robust and effective PoL system.

Source:

• Documents: "How Beraborrow uses PoL" - LINK

SOCIAL MEDIA PRESENCE

SCORE = 5/5

• The project has a strong presence on social media, both on X and Discord.

• Particularly on Discord, the frequency of announcements on the main channels is infrequent, but the team's presence in the general channels and their support for their community are constant.

• X's posts often receive more than 10,000 views, especially when they relate to project-related releases, such as the migration of their NFT Big Fat Bera to Berachain, the launch of their vaults, or the announcement of the $POLLEN TGE.

• The X account was created in January 2024 and, at the time of writing, has 50.5,000 followers.

• The Discord server has 31869 members. More than 400 of them are core members of the community.

COMMUNITY GROWTH

SCORE = 5/5

• Beraborrow's social media presence and engagement rate have increased on both Twitter and Discord.

• S&P conducted a preliminary report in October 2024 (which was not published), and at that time, the X account had 43.72k members and today it has , representing an increase of 15.21 %.

• At the same time, the Dc server had 27.68k members and currently has 31869, representing an increase of 15.13 %.

• This increase is due to the project's interaction with THJ's CubQuests, the dApp's testnet period on bArtio, and, more recently, its launch on the Berachain mainnet.

ENGAGEMENT LEVELS

SCORE = 5/5

• Engagement through X and Discord has peaks of high activity and is not constant or frequent.

• The best engagement levels are achieved at X, where views, likes and re-posts are more in line with the number of followers.

• On Discord, the situation is different. For example, in response to the same TGE announcement (]in the same period of time), only 69 people responded to the official announcement out of a total of over 30k members.

• Beyond this detail, the quality of the information on both platforms and the way it is communicated are excellent and beyond dispute.

• Discord Mods seem pretty responsive and vivid, whether when it comes to confirming quest participation, answering to questions regarding the protocol and/or the product, often engaging with the members.

• Regarding the activities carried out to maintain participation in the project, we can mention: social media missions in collaboration with Cub Quests; testnet-related tasks to obtain specific roles on Discord; community games and events (Let's Draw, Rumble, monthly events, community calls, Beraborrow poker nights, etc.).

• Regarding engagement on Discord, the team has informed us that the same company that audited Berachain's Discord server recently conducted a Discord audit.

• Due to this audit, they were unable to send notifications properly and are working to resolve this issue.

• Engagement was much higher before the audit and when Discord pings were working properly, as shown in this image:

TRANSPARENCY

SCORE = 5/5

• According to our analysis, it seems that Beraborrow uses X as an acquisition tool, and Discord as a retention/community consolidation tool. 

• We perceive that the project is transparent in communicating information, or at least it is committed to doing so, whether through discord announcements, discord moderators pings, or posts on X.

• It's clear that there has been a recent emphasis on the project's image.

• Videos and tutorials have also been created to explain how to use the platform in a way that's accessible to all audiences.

  Its documents are extremely comprehensive.

• All project information, including smart contract audits and contingency plans, as well as the dynamics of the PoL and the development of its tokens ($NECT & $POLLEN), can be found in.

Source:

• Documents - LINK

SECURITY AUDITS

SCORE = 5/5

• Beraborrow has undergone two audits with Halborn, two audits and an audit competition with Sherlock, an audit and an audit competition with Cantina and rigorous invariant testing with Recon.

• These audits were performed on all of the project's smart contracts between October 2024 and February 2025.

• In each of the reports, the auditors found errors or issues of varying risk levels. Beraborrow addressed all of them and resolved virtually all of them.

• An example is Halborn's report, which states that all the issues found were addressed, taken into account, and/or resolved by the project.

Sources:

• Documents - "Audits" - LINK

REGULATORY COMPLIANCE

SCORE = 5/5

• Unlike banks or centralized exchanges, CDP protocols like Beraborrow, MakerDAO, and Liquity don’t custody user funds or perform traditional financial intermediation.

  • Users interact directly with autonomous smart contracts on the blockchain.

  • There’s no third party facilitating loans, managing accounts, or approving transactions.

  • The system simply enforces pre-defined rules written in immutable code.

• Because there’s no centralized party providing a financial service, there’s no legal "entity" to compel to collect KYC. These protocols are not intermediaries—they are tools. Software, not services.

• Beraborrow’s native stablecoin, $NECT, is not backed by fiat like $USDT or $USDC. Instead, it's collateralized by overcollateralized crypto assets, similar to $DAI (from MakerDAO) and $LUSD (from Liquity).

• Because of this, $NECT does not meet the regulatory definition of a traditional "stablecoin," which typically refers to assets pegged to fiat and backed by centralized reserves. Instead, $NECT is trust-less, algorithmic, and fully on-chain.

RISK IDENTIFICATION

SCORE = 5/5

• Beraborrow has many strengths: the innovative use of PoL, the auto-compounding mechanism, and their native $NECT stablecoin.

• But it faces potential weaknesses in terms of liquidation risk, system complexity, governance centralization, peg stability, and market competition.

• However, it has potential weaknesses in terms of liquidation risk, system complexity, governance centralization, peg stability, and market competition.

• Projecting, preventing, and determining how these weaknesses will be addressed by defining the actions to be considered will be crucial to the protocol's long-term sustainability and project success.

• In this regard, one of its strengths is the six audits it has undergone, a bug bounty program, a competition with Sherlock, and its collaboration with Hypernative, a company responsible for continuously monitoring on-chain activity for malicious contracts and the ability to pause contracts if anything is at risk.

• In turn, their documents clearly explain the mechanisms for maintaining NECT's peg, as well as detailing technical measures to address these potential risks.

Sources:

• Documents - "Collateral Screening and Parameter Methodology" - LINK

• Documents - "Nect peg" - LINK

• Documents - "Audits" - LINK

• Hypernative website - LINK

CONTINGENCY PLANS

SCORE = 5/5

• The project indeed has well-defined and structured contingency plans in place to handle various adverse situations that might arise.

• These plans are essential for ensuring stability and confidence in the system, especially in a DeFi environment that can be highly volatile and risky.

• Here are some key features indicating the presence of robust contingency plans:

  • Collateral Evaluation Methodology: Beraborrow has established a rigorous process for assessing and approving collateral assets, including pre-screening and quantitative modeling to determine minimum and critical collateralization ratios, and borrowing limits based on stress scenarios. This helps prevent issues related to liquidity and system stability.

  • Quantitative Modeling and Stress Scenarios: The use of quantitative modeling to calculate collateralization ratios and conducting stress tests under various adverse market scenarios provides a solid foundation for managing external shocks. This approach helps anticipate and mitigate potential losses, ensuring that the system can withstand even extreme market events.

  • System-Level Risk Management: Implementing borrowing caps, calibrating interest rates, and ensuring the resilience of the stability pool are all measures that contribute to systemic risk management, protecting the overall health of the system and its users.

  • Recovery Mode: Establishing a "recovery mode" that activates when the global collateralization ratio falls below a critical threshold shows advanced planning for crisis situations. This mode restricts certain activities that could worsen the situation and encourages actions that stabilize and strengthen the collateralization ratio, ensuring recovery and long-term sustainability of the system.

  • Impact on Liquidations and Fees During Recovery Mode: Adjustments in liquidation policies and reductions in fees during recovery mode are designed to manage and mitigate the effects of a crisis, providing incentives for behavior that supports system recovery.

• These elements suggest that Beraborrow has not only implemented contingency plans but has integrated these plans within its operational and strategic structure, indicative of proactive and risk-aware management of the dynamics in the cryptocurrency and DeFi markets..

PROJECT AND TEAM BACKGROUND

SCORE = 4/5

• The core team is made up of three members: PrinceBera, Kobble & Bo.

• Analyzing their X profiles, we can see that all three have more than 30k followers and that practically 100% of their posts are about Beraborrow.

• On the one hand, this does not allow us to see if they have previous experience in other web3 or web2 projects, but on the other hand, it shows us that the core team is completely dedicated to the development of Beraborrow.

• Obviously, the core team and the project have credibility in the web3 ecosystem, given that they have received early-stage funding from VCs such as: BlackDragon, Dewhales Capital & Pragma Ventures (South Korea).

• Other investors we can also mention: Borderless Capital, CMS Holdings, Primal Capital, SNZ Capital, Temple Dao, Aquanow, Sidedoor Ventures

Sources:

• PrinceBera X account - LINK

• Kobble X account- LINK

• Bo X account - LINK

PROJECT HISTORY

SCORE = 5/5

• We can see that the project has been in development in the ecosystem for some time. It has gone through the testnet phase and has already been launched on the mainnet.

• Its X account was created in January 2024, and the first message in the Discord announcement channel dates back to April of the same year.

• In this time, the project has reached several milestones:

  • The preparation and publication of its documentation,

  • the development and growth of its community,

  • the creation of numerous partnerships,

  • the securing of venture capital funding,

  • the review of their smart contracts through numerous audits,

  • the successful launch of its "Big Fat Beras" NFT collection,

  • successful participation in Boyco,

  • and the launch of its main product.

Sources:

• Big Fat Beras Open Sea collection: LINK

REPUTATION IN THE ECOSYSTEM

SCORE = 5/5

• Beraborrow is one of the fastest growing and most reputable projects in the Berachain ecosystem.

• Since its beginnings, they have begun to grow their community and to create collaborations and partnerships.

• Analyzing their social networks, we can see their connection with other projects such as THJ, D2 Finance, Yeet, Gummi, Concrete Protocol, Goldilocks, Dirac Finance, Infrared, Burrbear, Kodiakfi, Liquity Protocol, Redstone, among others.

PARTNERSHIPS AND COLLABORATIONS

SCORE = 5/5

• According to the documents and at the time of making this assessment, Beraborrow has established partnerships with a few Berachain ecosystem projects: 

  • Infrared: Beraborrow Auto-compunding yield vaults Live.

  • BurrBear: NECT used as a quote asset on their dApp. Multiple NECT Pools live : NECT-USDC.e-HONEY | NECT-wgBERA | NECT-PLUG.

  • Smilee Finance: NECT-wgBERA pool. (Live on BurrBear).

  • Kodiak: NECT-WBERA Sweetened Island live. 

  • YEET: NECT-YEET LP live.

  • Beradrome: Two farms live: NECT-wgBERA | NECT-USDC-HONEY

  • Liquity: exclusive licence from Liquity AG required to deploy the friendly fork of LiquityProtocol V2 on berachain under the Beraborrow brand. 

  • Dirac Finance: Allowing the  community to earn yield on two key Proof of Liquidity assets: $IBGT and $NECT.

• Overall, solid partnerships with established projects within the Berachain ecosystem. Provides a lot of credibility to the BeraBorrow projects and solidifies its place in the larger ecosystem.

Source:

• Documents - LINK

• Medium: "The Evolution of Beraborrow: From Liquity V1 to V2" - LINK

PROJECT DESCRIPTION

SCORE = 5/5

• NAV is a regulated hedge fund offering innovative Structured Investment Products (SIPs) for exposure to various cryptocurrency market strategies.

• According to their Documents: “NAV democratizes high-yield investment strategies, making them accessible to all. By merging traditional finance experience with blockchain technology, we empower investors to benefit from DeFi”.

• They achieve this through SIPs: Structured Investment Products, these "combining narrative FA and advanced technology to maximize returns and manage risk".

• At the time of this report, the project has developed 4 SIPs:

  • Directional SIP:

    • Combines professional management, risk control, and liquid strategies like spot trading, yield farming, and perpetual futures to outperform the cryptocurrency market with consistent, superior returns.

  • Cross Chain Yield Maximizer SIP:

    • Leverages cross-chain diversification, professional management, and risk control to deliver high, sustainable returns by capturing top DeFi yield opportunities.

  • Berachain Maximizer SIP:

    • Utilizes quantitative finance and partnerships to optimize risk-adjusted yields through a diversified portfolio of liquidity provision, staking, and yield farming.

Sources:

• NAV Documents: "Introduction" - LINK

• NAV Documents: "SIP" - LINK

• Berachain SIP X announcement - LINK

DEVELOPMENT STAGE

SCORE = 5/5

• As we can see, NAV is a project that has been working on mainnet for many months now, offering its SIPs to investors.

• In September 2024, they launched the Berachain SIP, which provides exposure to the ecosystem (including NFT OGs).

• Once Berachain is on mainnet, this SIP will be migrated there, also participating in the PoL through its products.

• It should be noted that this SIP has had an great performance in recent months.

• In conclusion, the project is clear about the steps to follow in Berachain and how they will take advantage of the possibilities offered there..

Sources:

• NAV Medium: "$NAV Is Going Live on Fjord Foundry January 24th!" - LINK

BERACHAIN INTEGRATION

SCORE = 5/5

• NAV Finance has a range of connections with Berachain, from owning OG NFTs to having made agreements and collaborations with various projects in the ecosystem.

• The project has fractionalized 60+ Berachain NFTs, becoming the first to provide fractional ownership and investor access to these assets.

• Berachain SIP Key Highlights:

  • Performance: Generated a +120.57% return in Q4 2024, with monthly results as follows:

    • October: -4.60%

    • November: +30.88%

    • December: +76.64%

  • Airdrops & Assets: All $BERA and $BGT tokens from airdrops will be allocated directly to SIP depositors.

  • Deployment: NFTs and assets will be actively deployed on the Berachain mainnet through strategic partnerships, trading, and yield farming activities.

• As can be seen, the integration with Berachain is evident, has substance and is growing.

Sources:

• NAV Documents: SIP - LINK

• NAV Medium: "$NAV Is Going Live on Fjord Foundry January 24th!" - LINK

• FJORD: "$NAV sale on Fjord" - LINK

COMPETITIVE ADVANTAGES

SCORE = 5/5

• NAV Finance has a clear competitive advantage over others projects in the Berachain ecosystem.

• Its SIP product, when deployed on the mainnet, promises to be an investment tool through which users, team and stakeholders can obtain benefits.

• This, enhanced by the interaction with other projects within the ecosystem, can create a very interesting flywheel for users.

• The introduction of its own token also provides an additional element to both the investment tools and the possibility of obtaining profits with the project.

• As its entry point is a $5,000 deposit, the project segments its audience, focusing more on the medium to large investor, both retail and institutional.

Sources:

• NAV Documents: SIP - LINK

IDO TERMS AND CONDITIONS

SCORE = 5/5

• RAMEN IDO CONDITIONS:

• On the occasion of the $NAV token sale on Fjord, the project has made its tokenomics public via a Medium article.

• Some highlights of their tokenomics are as follows (see full info below under Token Distribution):

  • Total Supply: 1B $NAV.

  • Community Incentives: 43% (430M NAV).

  • Yeet Bond POL Reserve: 5% (50M NAV) – 6-month Linear Vesting.

  • Ramen Finance Public Round: 2% ($20M NAV) – Fully unlocked at TGE.

Sources:

• NAV Medium: "$NAV Is Going Live on Fjord Foundry January 24th!" - LINK

• FJORD: "$NAV sale on Fjord" - LINK

TOKEN UTILITY

SCORE = 5/5

• According to the article "$NAV Is Going Live on Fjord Foundry January 24th!", the token will have the following uses:

  • Staking rewards.

  • Vault incentives.

  • Airdrop campaigns.

  • And other engagement initiatives over 3 years.

• NAV Staking Benefits:

  • $NAV stakers receive 10% of the performance of all SIPs in the form of:

    • $NAV emissions

    • Partner tokens ($iBGT, $BERA, $KODIAK, and more)

    • Buyback and burn (deflationary mechanism)

Source:

• NAV Medium: "$NAV Is Going Live on Fjord Foundry January 24th!" - LINK

TOKEN DISTRIBUTION

SCORE = 5/5

• The token distribution is as follows:

PROOF OF LIQUIDITY IMPACT

SCORE = 5/5

• The Berachain SIP is designed to leverage Berachain’s Proof of Liquidity (PoL) mechanism for yield optimization.

• This initiative aims to provide investors with exposure to Berachain’s ecosystem while optimizing capital efficiency.

• NAV Finance deploys over seven figures worth of Berachain NFTs to earn governance rewards.

• The fund actively engages in liquidity provisioning and yield farming within Berachain.

• By doing so, NAV Finance maximizes BGT accrual and reinvests it into the ecosystem for compounding returns.

• Key benefits:

  • Enhanced Yield Generation: Utilizes PoL incentives to optimize staking rewards.

  • Capital Efficiency: Maintains liquidity flexibility while earning governance influence.

  • Diversified Exposure: Provides investors with structured access to Berachain’s ecosystem without direct management.

• By integrating PoL into its investment strategy, NAV Finance deepens liquidity in Berachain’s ecosystem.

• The SIP’s success could attract further institutional interest in PoL as a viable DeFi mechanism.

• NAV Finance’s structured approach could serve as a model for future PoL-based investment products.

Sources:

• NAV Medium: "Invest in Berachain With NAV’s Berachain Maximizer SIP" - LINK

• NAV Medium: "NAV: Where Quantitative Finance Meets DeFi Innovation" - LINK

SOCIAL MEDIA PRESENCE

SCORE = 3/5

• The project has a decent presence on X, Discord and Medium.

• We can see that activity on both apps has increased after the announcement of the Berachain SIP launch.

• It is worth noting that on X they are more active than on Discord in terms of engagement, but the service of the latter's moderators and administrators is active and always present.

• However, the community is not too big: less than 5k followers on both X and Discord.

• X account:

  • Since January 2024.

  • More than 4500 followers.

  • The account has seen a surge in followers around the day of the Fjord sale.

• Also, we can observe a certain decline in activity starting in the 2024 summer, a tipping point where both  the protocol social presence, post regularity and the follower growth started to top.

• Discord Server:

  • More than 3300 members

  • 40 OGs

  • A handful of moderators and core team member core.

  • Thousands of community members, not that much active.

• Medium:

  • Since February 2024.

  • 267 followers.

  • 8 articles.

Sources:

• Socialblade - LINK

• TweetScout - LINK

COMMUNITY GROWTH

SCORE = 3/5

• Analyzing their social networks, there is no noticeable growth in followers on them since our last assessment.

• The number is constant and varies very little, both up and down, it is ranging between 4.000 & 5.000 followers on X.

• No growth has been observed regarding their Medium articles, and discord members acquisition.

• Regarding new members, we must say that they are received by Discord Mods and Admins, who welcome them and guide them by directing them to the channels with introductory information within the server.

• The on-boarding procedure seems professional and standard for the industry.  Easy access after completing a captcha. 

• Clear info panel, organized channels detailing announcements, official documents and links.

ENGAGEMENT LEVELS

SCORE = 3/5

• As we have already said, since the launch of the Berachain SIP, social media activity has increased and therefore engagement is beginning to grow but since seems to have topped.

• The engagement is still decently moderated, whether regarding Twitter, Discord and Medium.

• Out of the 4k+ followers very few interact on these platforms.

• We can say that engagement on Discord is quite low, while on X they are more successful. Here are some examples:

TRANSPARENCY

SCORE = 5/5

• The project is transparent with its users.

• On its website and documents you can find all the details inherent to the SIPs, the terms and conditions of the services and the potential risks to be assumed.

• Since September 2024, they periodically carry out an audit report, both on X and on Discord, which can be tracked from the app's own dashboard.

• Announcements of progress, strategies and results are duly communicated in the expected channels.

• They are also transparent in the management of conflict situations and the team responds professionally to those who consult.

Sources:

• NAV Privacy Policy - LINK

• NAV Terms of service - LINK

• NAV Documents: SIP - LINK

SECURITY AUDITS

SCORE = 5/5

• In its documents we can find the section called Custody, where the Advanced Security Measures are explained.

• NAV ensures the security of customer funds through advanced measures, including Fireblocks integration for custody, multi-layer security, multi-signature technology, and fraud prevention.

• With BVI regulation and a focus on investor protection, NAV combines cutting-edge technologies and expertise to deliver exceptional returns while safeguarding assets.

Source:

• NAV Documents: "Custody" - LINK

REGULATORY COMPLIANCE

SCORE = 5/5

• NAV Finance is a hedge fund regulated under the laws of the British Virgin Islands, incorporated with the British Virgin Islands Financial Services Commission.

• Its Segregated Portfolio Company (SPC) status was officially approved in May 2024 and announced via its Discord channel.

• The project made great efforts to comply with its relevant local regulations, especially AML/KYC, which demonstrates a certain level of professionalism and great forward-thinking in the time frame.

• NAV Finance showed a certain willingness to comply with the relevant legal frameworks and regulations in the jurisdictions where it operates.

• This ensures stability and regulatory certainty to navigate potential legal challenges.

Sources:

• NAV Documents: Regulation - LINK

• Discord announcement - LINK

RISK IDENTIFICATION

SCORE = 3/5

• It is fair to say that unlike most industry participants, NAV Finance has taken great care to comply with legal and regulatory requirements.

• The risks inherent to the financial activity carried out by NAV are recognised by the project and are made explicit in each of the documents linked to the SIPs.

• Only the Berachain SIP document is missing.

Sources:

• NAV SIP Summary: "Directional strategy summary" - LINK

• NAV SIP Summary: "Cross chain yield maximizer" - LINK

CONTINGENCY PLANS

SCORE = 5/5

• In terms of security, NAV uses regular audits, multi-signature technology and advanced systems such as Fireblocks to protect funds.

• In addition, constant monitoring and an emergency fund are designed to respond to potential attacks or vulnerabilities.

  In the face of regulatory and third-party risks, NAV maintains specialized legal counsel to adapt to changes in the regulatory framework.

• To mitigate market risks and fluctuations in returns, NAV employs dynamic management strategies and reserves liquidity to respond to periods of high volatility.

• Finally, NAV prioritizes the trust of its investors through transparent reporting, audits and constant communication.

PROJECT AND TEAM BACKGROUND

SCORE = 5/5

• NAV Finance has a highly experienced team that combines expertise from traditional finance and blockchain.

• The project is supported by DigitsCapital, a reputable figure in the DeFi space, and is guided by NAV Consulting, a firm experienced in hedge fund** operations and audits.

• DigitsCapital has a strong presence in the Web3 investment landscape, having founded and managed DigitsDAO through various market cycles, achieving significant performance milestones. 

• This track record, particularly DigitsDAO’s early exposure to Berachain, adds a layer of confidence to NAV Finance's operations.

• The team leverages partnerships with Open Hedge and other leaders in quantitative strategies for robust product development.

• Clear distribution of responsibilities across SIP management, risk analysis, and compliance ensures a well-rounded execution.

Source:

• TweetScout Digits Capital - LINK

PROJECT HISTORY

SCORE = 5/5

• The team's track record with Premia and Valio has been the foundation of this new project and the creation of NAV is driven by the vision of democratizing complex, high performance investment strategies traditionally reserved for a technical elite.

• NAV has been demonstrating consistency by achieving milestones like the launch of Structured Investment Products (SIPs), including the Directional SIP, Cross-Chain Yield Maximizer SIP, and ETH+ SIP.

• It has shown adaptability and foresight by launching the Berachain Maximizer SIP, tailored to Berachain's unique ecosystem mechanics.

• NAV’s history of early investments, including Berachain Series A funding and strategic NFT purchases, aligns with its long-term vision.

Source:

• NAV Documents: "Introduction" - LINK

REPUTATION ON THE ECOSYSTEM

SCORE = 5/5

• NAV has a good reputation among Berachain ecosystem, evident from partnerships with notable projects like Kodiak, Shogun, Ramen Finance, and Goldilocks.

• It is actively engaged with the community, participating in Berachain NFT investments and contributing to ecosystem growth through its SIPs.

• There are no recorded controversies or negative incidents that affects its credibility.

• Many seed round investors in NAV Finance are members of the same ecosystem projects, which further aligns its trajectory with the development and growth of Berachain.

PARTNERSHIPS AND COLLABORATIONS

SCORE = 5/5

• NAV has established strategic partnerships within the Berachain ecosystem, collaborating with top Berachain projects like:

  • Kodiak,

  • Shogun,

  • Goldilocks,

  • Ramen Finance,

  • Henlo,

  • Gummi,

  • and others to diversify yield strategies and enhance the SIP performance.

• These partnerships ensure access to unique opportunities like early-stage deals, NFT liquidity provisioning, and high-yield farming, benefiting both NAV and its collaborators.

• The project demonstrates a clear “berachainistic” strategy for forming and leveraging key partnerships to maintain its competitive edge.

PROJECT DESCRIPTION

SCORE = 5/5

• Beramonium has a clear and defined strategy: to create an RPG that demonstrates real and effective game play, that attracts players, without presenting in-game economic incentives that can distort or undermine the game's economy.

• Starting from this base and avoiding the failed Play-to-Earn model, they add a cryptographic layer with an entry model to the game through staking of their NFT, off-chain rewards and improvements and a token that does not interfere with the development and game-play of the game.

• This is why, for Beramonium, proof of liquidity offers a completely new approach to value creation.

  Here their liquidity pool generates BGT, which generates various tokens from bribes/incentives. These tokens can then be used as rewards.

• Basically, their LP is now generating rewards for their players - this is recognized as a new and sustainable P2E model unlike past experiences that were successful at the time but unsustainable.

• These rewards are not extracted from other players, they do not deplete their war chest and they come as OTHER tokens from the Berachain ecosystem without inflating their token supply or creating selling pressure.

• On an episode of The Honey Cast, Roffellos (Beramonium Chief Bera) explained that: the focus of the project is on the game, on having a really good experience playing it. Not on building the best DeFi system. Make a great game that people actually enjoy.

Sources:

• Roffelos X post: "POL and gaming" - LINK

• Beramonium Vision Doc - Pages 2-5 - LINK (We understand that, even though it is an old version of the project idea, the mission and vision are stated in a very specific way).

• The Honey Cast "Beramonium Chronicles" 08/22/24- LINK

DEVELOPMENT STAGE

SCORE = 5/5

• Being one of the oldest projects in the Berachain ecosystem (started in October 2022), it has gone through several development phases.

• The most crucial one was after Season 1 of the game test, where they moved from a single-player RPG model to an idle campaign RPG model.

• At the time of writing this report, the project has finished the testnet phase on Bartio with quite promising statistics for the mainnet.

• Regarding the roadmap, although at the time of making this report there is no official document that describes it, in the interview conducted by the validator Stakecito, Roffelus (founder of the project) gave an idea of ​​the roadmap for two years from now:

  • Season 2 on Berachain Mainnet in free to play mode.

  • Development of the account leveling system.

  • Development of the crafting system.

  • Development of a non-custodial staking.

• Since day one of mainnet, holders have been able to migrate their NFTs to Berachain.

• Gemhunters Season 2 will happen around ~1 month into the mainnet, and the Rewards Pool will have a value of over 100k USD (looking at current floor prices).

• With Season 2 we are also releasing Free to Play mode, which will allow anyone to try out the game.

• Gemhunters is in constant development as we strive to add new features every Season. 

• Beramonium has a team of 9 developers who are experts in video game creation, art and software engineering.

Sources:

• The Honey Cast "Beramonium Chronicles" 08/22/24 - LINK

BERACHAIN INTEGRATION

SCORE = 5/5

• Beramonium has been one of the first native projects developed exclusively for Berachain.

• From the beginning, it has stood out as the pioneering game on Berachain, fully integrated into the Berachain lore and also one of the first projects to release NFTs featuring bears as main characters.

• Additionally, its early adoption in the Berachain ecosystem has allowed it to build solid relationships with other native projects.

• They recently explained in a post by X how PoL will be applied in the game:

Source:

• Beramonium website - LINK

• Beramonium X Post - LINK

COMPETITIVE ADVANTAGES

SCORE = 5/5

• While there are other game projects in development, Beramonium is currently the first RPG that is fully integrated with Berachain lore.

• With an established community, several quality partnerships, a sold-out genesis NFT collection, and having overcome several development and team issues, Beramonium is very well positioned within the Berachain ecosystem.

IDO TERMS AND CONDITIONS

SCORE = 5/5

TOKEN UTILITY

SCORE = 5/5

• $BERAMO will be a token with which you can give more power to in-game activities, with which you can acquire cosmetic improvements, elixir, boosts, etc.

• They recently explained in a post on X the implication and usefulness of the token within the Beramonium ecosystem:

• Also, holders can use $BERAMO to participate in governance votes and vote on the upcoming Seasonal Rewards for the next Season (which NFTs/Tokens/Projects will go into the Season Rewards Pool for the following season).

Sources:

• Beramonium X account post: "Beramo token overview" - LINK

• The Honey Cast "Beramonium Chronicles" 08/22/24- LINK

• Stakecito | Validator podcast - 09/22/24 - LINK

TOKEN DISTRIBUTION

SCORE = 5/5

• According to its tokenomics, the distribution of the $BERAMO token will be as follows:

• The token emission scheme is as follows:

Source:

• Lord Pemberton tokenomics advisor announcement - LINK

PROOF OF LIQUIDITY IMPACT

SCORE = 5/5

• As can be seen from the sources provided above, the project and its token have been developed with the Berachian PoL consensus mechanism in mind.

• The following graph shows how PoL can boost Play & Earn:

• Separate from the game, the project proposes to launch its own token, have its own liquidity and with this generate $BGT, and thus, earn incentives and bribes, and with this pool of benefits incorporate them into the reward pools that are obtained by playing.

Sources:

• Beramonium X account post: "POL + Play & earn" - LINK

• The Honey Cast "Beramonium Chronicles" 08/22/24 (Min. 26 - 28) - LINK

• Beradrome real deal #5 announcement - LINK

SOCIAL MEDIA PRESENCE

SCORE = 5/5

• The main platforms used by the team are X (born on 10/27/22) and Discord (first post on the announcement channel on 02/21/23). Currently their X following has crossed 22K & over 4.5K on Discord.

• In the more than 2 years of development, they have managed to create a healthy community, which has followed the project beyond certain changes: on 04/11/23, its founder, ICL, left his position due to health problems, leaving Roffellos in charge.

• Later, after season 1, they did not publish anything on Discord Announcements Channel (like a "silence" or "hibernation" period) for 7 months (from 04/24/23 to 11/30/23) and the game changed its format due to the risk of farming and exploit by incorporating the economic component into it.

• On the other hand, activity remained normal on X's account in the same period.

• Analyzing the posts on this last platform, we can see that the engagement is not only about WL & giveaway posts, there are many very good informative posts with a very good engagement rate in the form of likes and replies.

Sources:

• Tweetscout X account analysis - LINK

• Founder resign message - LINK

• First message after the "silence period" - LINK

COMMUNITY GROWTH

SCORE = 5/5

• The growth of the community is good and organic.

• Both on the X account and on the Discord server, the activity is recurrent, queries are resolved quickly and both the founder and the core team are present most of the time.

• With the recent inclusion of the Beramonium mission in CubQuest by THJ, the community has realized the potential that the project has and numerous followers have joined.

• On their social networks, we can find multiple giveaways in association with other projects in the Berachain ecosystem.

• Caring for and believing in those who have trusted the project from the beginning, they have a special role in Discord for the “Beramonium Genesis NFT holders”.

• After that the testnet on Bartio has finished with more than 850 players.

ENGAGEMENT LEVELS

SCORE = 3/5

• The community is more active at some moments and not at others. There have been fluctuations and spikes in engagement. That is understandable in a project that has been in development for over two years.

• On the other hand, we could consider that this is a common theme in projects that are based on Berachain, since many projects in the ecosystem are on the testnet and there is a dilution of attention across the board.

• Currently, there is a good surge for Beramonium due to the THJ CubQuest.

• Arguably, between X and Discord, the information had more impact on the first platform than the second.

• Following the launch of the Berachain mainnet, the engagement process has focused on bridging the NFT from the Ethereum network to Berachain in their own bridge.

• Then the Season 2 actions will come, within the first month of the mainnet.

TRANSPARENCY

SCORE = 4/5

• Updates are frequent and informative. X posts are very well articulated and really feel like a call to action for players in the Web3 ecosystem.

• However, there is a full focus on information about the development of the game, but little official information about important aspects of the project.

• For example, at the time of writing this report, much of the information obtained has been through podcasts and interviews, but not in official published documents.

• However, we understand that this will occur in the immediate future.

Sources:

• Stakecito | Validator podcast - 09/22/24 - LINK

SECURITY AUDIT

SCORE = 5/5

• The first audit of the project was conducted by Bogo Cvetkov (b0g0), Independent Security Researcher on 01/08/25.

• During this audit, 1 high-ranking issue, 0 medium-ranking issues, and 5 low-ranking issues were found.

• The high-ranking issue has already been fixed by the Beramonium development team.

REGULATORY COMPLIANCE

SCORE = 4/5

• Beramonium is a legally constituted video game company under the laws of its country of establishment. The IP is also protected according to current regulations.

• This gives them the possibility of hiring relevant developers from the video game sector and thus acquiring outstanding professionals and specialists for the development of the Beramonium gaming ecosystem.

RISK IDENTIFICATION

SCORE = 5/5

• The most significant technical risks the Beramonium project is keen to be facing are smart contract risks.

• The ERC-721 collection “Beramonium Chronicles – Genesis” must be staked to participate in the missions of the Gemhunters game.

• Any vulnerability in this smart contract could have a dramatic outcome from a security point of view.

• To counteract these potential risks, the project has conducted an audit of the NFT staking SC.

  The audit report was received on 02/07/25. It was conducted by Bogo Cvetkov (b0g0), Independent Security Researcher.

• During this audit, 1 high-ranking issue, 0 medium-ranking issues, and 5 low-ranking issues were found.

• The high-ranking issue has already been fixed by the Beramonium development team.

Source:

• Staking contract: 0x46B4b78d1Cd660819C934e5456363A359fde43f4

CONTINGENCY PLANS

SCORE = 3/5

• As stated, the risks associated with the SC are being mitigated through competent audits.

• It should also be noted that the project has the support of a major law firm to deal with any eventuality that may arise in the development and start-up of the company.

PROJECT AND TEAM BACKGROUND

SCORE = 5/5

• The Beramonium core team has been changing over time. Obtaining information from their social networks and form THC podcast, we can conclude that the current core team is composed of:

  • Roffellos: He started out as an advisor, but after the Founder resigned, he took over as Project Leader. He has experience in business development. He put together the new Beramonium core team with people he knew from other IRL projects.

  

  • Lasalien: Founder of Berautistic and part of the core team of Beramonium, BD & SMM of Honeypot Finance.

  

  • Xanewok: He is the Chief Tech Bera of the project. He has more than 10 years of experience working in software engineering.

  

  • Sirth: joined video game company Ubisoft (Assassins Creed, Star Wars, Far Cry, etc.), where he worked on a globally recognized brand. A shared interest in cryptocurrencies and Web3 has brought their professional paths together at Beramonium as Game Designer Bera.

  

  • Byam: in the other Game Designer Bera. He honed his skills at Techland, where, among other projects, he worked on Dying Light.

  

  • mkvvltra: is the front end lead and the manager of the engineering team.

  

• The core team is experienced in both web2 and web3 developments.

Sources:

• Xanewok X presentation post - LINK

• Sirth & Byam X presentation post - LINK

• mkvvltra X presentation post - LINK

• The Honey Cast "Beramonium Chronicles" 08/22/24 (Min. 22:30 - 23) - LINK

PROJECT HISTORY

SCORE = 5/5

• The team is committed to delivery and transparency in the evolution of things.

• They had an initial roadmap with the release of MVP and DEMO, but they need to make a significant change. The reason: they were developing the game ignoring the incentives to cheat when incorporating NFTs with monetary value into the game. This problem caused them to change the direction of the project.

• Although they had to make this change in the roadmap, they did it with great transparency and overcame this problem with the release of Season 1.

• Season 1 was launched and concluded with great success.

• As we have already mentioned, it is in the testnet phase on Bartio and has participated in THJ CubQuests.

Source:

• Medium "Beramonium rewind #4 - the MVP" - LINK

REPUTATION IN THE ECOSYSTEM

SCORE = 3/5

• As we have already said, this is one of the first projects in the Berachain ecosystem, so its popularity has had peaks and fluctuations over time.

• However, in the moments close to the mainnet, the integration with other projects has been notable.

• With the launch of its token and opening up to a more DeFi perspective, Beramonium will undoubtedly open a new stage for the project.

PARTNERSHIPS AND COLLABORATIONS

SCORE = 5/5

• As the OG project on Berachain Eco, the Beramonium have good partnerships with strong names on the ecosystem. 

• They became THJ’s silver partner in January 2024, and reached the role on Berachain’s official Discord Server on September 28, 2024. These are the most relevant partnerships that guarantee their credibility.

• In addition to these, they also signed an agreement with Beradrome on September 19, 2024. 

• They are constantly participating in lives on X together with Lord Pemberton, honorable member of Berachain and founder of Yeet, in addition to participating in the THC podcast. 

Sources:

• THJ silver partner announcement - LINK

• Beradrome real deal #5 announcement - LINK

PROJECT DESCRIPTION

SCORE = 5/5

• $HENLO is a native memecoin of Berachain developed by The Honey Jar (THJ).

• The term "Henlo" originated from internet culture as a playful variation of "hello," inspired by the iconic “hello world” programming exercise.

• THJ leveraged this term to build a unique brand identity, combining meme culture, developer references, and humor.

• This approach has created a strong, relatable connection with its audience, appealing to both Berachain natives and users from other ecosystems.

• $HENLO introduced an innovative development structure, focused on key on-chain community participants, using a quality weighted system to award Henlo points to holders across 130 communities from various blockchain ecosystems.

• By driving growth and adoption through outstanding marketing and communications, $HENLO has become a key player in the Berachain ecosystem.

• Its influence is amplified by THJ’s wide-ranging integrations across verticals like GameFi, NFTFi, MemeFi and DeFi.

Sources:

• Henlo Paragraph - LINK

DEVELOPMENT STAGE

SCORE = 5/5

• Henlo has one goal: to welcome newcomers to the Berachain ecosystem.

• Henlo is a native Bera project and since its inception is deeply intertwined with the roots of Berachain lore and cult.

• The $HENLO airdrop is scheduled for the first few days after the Berachain mainnet launch.

• The project has made great progress on its website, where a Henlo Points leaderboard has been created with more than 42k wallets that have claimed their Henlo Points.

• There is also a global chat room on the Henlo website where many beras talk there.

• The leaderboard also integrates Beranames to display those who have one registered, as well as a unique avatar system to display users' avatars.

• Being just a memecoin, development is simpler and safer than other types of projects in the ecosystem.

• On 05/02/25 the checker for the airdrop allocation was released based on the points obtained in the various campaigns linked to Henlo.

BERACHAIN INTEGRATION

SCORE = 5/5

• As already explained in the previous points, Henlo is a native Berachain project so there is full integration with it.

• It also participates in Berachain's user acquisition through regular quests, engaging content, and shared articles.

• Considering the number of integrations THJ has created prior to mainnet,

• Henlo establishes itself as one of the memecoins with the greatest potential for expansion and deployment since the early days of mainnet.

• Just as an example, we can list projects that have or are developing interactions with the Henlo token: Kodiak, Memeswap, Honeypot Finance, Ramen Finance, IVX, GummiFi, Beraborrow, Magic Eden, Puff Paw, Blockchain_lol, among others.

Sources:

• Paragraph article "henlo, integrations!" - LINK

COMPETITIVE ADVANTAGES

SCORE = 5/5

• Henlo attests to a certain cult market fit through the way it has chosen to structure its airdrop eligibility campaign, rapidly developed its community, combined with the intrinsic link it creates between the Berachain ecosystem, other NFT cults and other blockchains.

• Compared with a relatively traditional memecoin project, HENLO stands out from its competitors by being at the crossroads of Berachain and the crypto ecosystem in its global sense.

• Its aim is to offer an innovative solution that is likely to attract members of communities belonging to other chains towards Berachain and its atypical culture.

• It is likely to set it apart from its direct competitors, being typical memecoins without such a high amount of integrations and intertwined utilities within an ecosystem like Berachain.

IDO TERMS AND CONDITIONS

SCORE = 5/5

• Launch format: Fixed Price Mode

• Reserved for Token Sale: 999,999,980 HENLO

• Fundraise hard cap: $69K

• Token Price: $0.000069

• Requirement for entry: 200 Gacha

• Allocation Cap per Winning Entry: $150

• FDV: $6.9M

Sources:

• Ramen Documents: "Fixed Price Mode" - LINK

• Paragraph: "Henlo tokenomics" - LINK

TOKEN UTILITY

SCORE = 5/5

• Although as part of the cult and the concept of memecoin it is stated on its website that it will have no use, we can also see that the token is part of a consensus mechanism called Proof of Love, through which users will be rewarded.

• In the near future, it will also incorporate a playground where activities and games can be carried out where the $Henlo token will be the protagonist.

Source:

• Henlo website - LINK

TOKEN DISTRIBUTION

SCORE = 5/5

• The token distribution scheme shows us that a high percentage of the total token is destined to encourage community activities.

• The total number of tokens will be 100b.

• The following image shows the distribution of the tokens, as well as the groups that will have vesting or cliff:

PROOF OF LIQUIDITY IMPACT

SOURCE = 5/5

• As one of its slogans indicates: “Henlo is a dumb memecoin leveraging Berachain's Proof-Of-Liquidity rocket fuel”.

• Being the meme born in the heart of THJ, with the multiplicity of connections and partnerships that are being reached to integrate the token into the projects, the integration and leverage of the PoL is evident.

• Using the $HENLO token combined with some other tokens or projects to obtain $BGT and having the possibility of delegating it manually or automatically (through Set & Forgetti) to the THJ validator is another example of its integration with the PoL consensus mechanism.

SOCIAL MEDIA PRESENCE

SCORE = 5/5

• The project's presence on social media is marked by the growth of its X account, on Telegram and through the activities launched on its website.

• Regarding X, the first message was made on 07/12/24.

• From that day until the time of this assessment, the project has made practically 1,700 posts, including its own content creations, re-posts and responses.

• In just over 6 months, his followers have grown rapidly, from 96 at the start, reaching more than 36k at the time of writing this report.

• Being a project that seeks to create a community cult, they have linked many projects inside and outside the Berachain ecosystem. This is done through gamification actions on their website where there are at least ..... participants.

• Finally, the Telegram group has over 6k followers. They share the cult vibe through thousands of hens, stickers, memes, and crazy copy pasta.

Sources:

• Henlo web app - LINK

COMMUNITY GROWTH

SCORE = 5/5

• The growth of the Henlo community, both on its social media and on its web app, has been very fast, but organic.

• According to statistics, at the time of preparing this report, Henlo has achieved the following milestones:

  • Crews & Points

    • Total Unique Claimers - More than 13k

    • Points Claimed - More than 12.5M

    • Unique Crews Chatting In The Chatroom - 3k

    • Messages In The Chatroom - More than 8k

  • Articles

    • Total Subscribers - 88

    • Total Articles Collections Minted - 14.2k

    • Total Minters & Holders - 2.6k minters

  • Social Activity

    • Twitter Followers of @henlo - 36k

    • Telegram Members - 6k

• A high percentage of participants are already part of the Berachain cult.

• However, Henlo is generating connections to attract and link other cult NFT communities and non-Berachain native projects, so that they can join the community.

Source:

• Henlo X post - "Henlo crew announcement" - LINK

ENGAGEMENT LEVELS

SCORE = 5/5

• Being a cult memecoin, the main tool for generating community is obviously engagement.

• Having to choose a crew when entering Henlo and then competing with other groups to obtain rewards, generating memes, voting for future additions are just the first engagement actions by the project.

• Henlo management displays and great content production and engagement in their socials accounts.

• By the end of the points campaign, more than 42k wallets have interacted with it and will be able to receive an allocation of the token on Berachain mainnet.

TRANSPARENCY

SCORE = 5/5

• The development of Henlo is clear. Being a memecoin, the main and most important thing will be its launch on the market.

• Henlo team, is continuously posting about The Honey Jar and Henlo.

• As everything interconnected we can say the information is constant.

• Sometime, information is hidden on the message, others is shared on Henlo paragraph. 

• Also team has build strong partnerships with other projects to integrate Henlo on the PoL Flywheel and rewards users who hold and provide Henlo to the ecosystem.

SECURITY AUDITS

SCORE = 5/5

• The Henlo smart contract was audited by Trust Security on 01/24/25 and 02/03/25.

• In the report, 13 errors were found, which have been fixed for the project.

Source:

• Trust Security - LINK

REGULATORY COMPLIANCE

SCORE = 5/5

• Henlo is a product of the Henlo Foundation, established in the Cayman Islands with the advice of leading reputable law firms in the web3 space, and directed by a leading reputable fiduciary services professional.

• All appropriate regulations have been considered throughout Henlo’s life cycle including corporate structure, seed raise, launch, distribution, and ongoing management.

RISK IDENTIFICATION

SCORE = 5/5

• Being just a memecoin, the risks are practically non-existent, being just an ERC20 smart contract.

• Regarding any type of financial risk, it also tends to zero. Sufficient funds have been raised in the seed round to cover liquidity.

• In relation to some type of risk in the social area, it is exposed to the same ones that the web3 ecosystem is exposed to.

CONTINGENCY PLANS

SCORE = 5/5

• Considering the above point, it is not believed necessary to have contingency plans, since it is just a memecoin and not a DEFI project.

PROJECT AND TEAM BACKGROUND

SCORE = 5/5

• The team developing Henlo is The Honey Jar.

• One of their goals is to expand the Berachain community and they have created a cult following of Beras. In turn, with Henlo, they aim to expand the cult to other user communities outside of Berachain.

• They have also developed and are developing several projects that will have a high impact on the mainnet, Henlo being one of them.

• It is safe to say that the team is comprised of experienced people with the skills required to scale.

Source:

• The Honey Jar website - LINK

PROJECT HISTORY

SCORE = 5/5

• Project History and Milestones

  • Concept Inception:

    • The idea for Henlo originated within The Honey Jar (THJ) as part of their efforts to explore innovative, community-driven projects in the Berachain ecosystem.

  • Initial Launch:

    • Henlo was officially launched as a memecoin project on the Berachain blockchain, leveraging its Proof-of-Liquidity mechanism.

  • Community Crews Formation:

    • The project established five distinct crews—Baddies, Bullas, Mibera, OBB, and Elementals—to encourage group participation and foster a competitive yet collaborative environment.

  • Integrations:

    • Henlo strengthened its position by partnering with other projects in the Berachain ecosystem.

    • In their Paragraph article "henlo, integrations!" you can see a complete picture of the integrations carried out until November 2024: LINK

  • Meme Competitions and Events:

    • Regularly organized community events and competitions, including meme challenges, to maintain active engagement and grow its user base.

  • Trust and Legitimacy Recognition:

    • Gained favorable trust scores on platforms like Scamadviser and avoided scam warnings, solidifying its reputation as a legitimate project.

• They have also launched Henlo Airdrop checker in 02/05/25 - LINK

• Henlo launch game plan: 

  • Janitooor (THJ co-Founder & CEO) has informed the community about how HENLO launches in their X account:

Source:

• Complete ScanAdviser Henlo review - LINK

• Janitooor X account post - LINK

• Henlo checker - LINK

REPUTATION IN THE ECOSYSTEM

SCORE = 5/5

• Engagement:

  • Henlo’s community is highly active on X and on the official website.

• Humor-Driven Culture:

  • The memecoin’s focus on humor and lightheartedness resonates well with its audience. Users often create and share memes, showcasing their enthusiasm for the project and contributing to its viral appeal.

• Diverse User Base:

  • The formation of crews has diversified the community, enabling users with different interests and skills to contribute meaningfully. This structure also promotes healthy competition and strengthens user retention.

  • Bonus: HENLO crew system not only includes Berachain NFT project communities, but also includes other memecoin communities from other chains, such as, BONK, PEPE, Pudgy Penguins, Mad Lads, WIF, Popcat, MOG among many others as well.

PARTNERSHIPS AND COLLABORATIONS

SCORE = 5/5

• With the help of THJ, the project has obtained numerous partners, collaborations and integrations, among them we can highlight:

  • Kodiak: https://x.com/KodiakFi

  • Memeswap: https://x.com/memeswapfi

  • Honeypot Finance: https://x.com/honeypotfinance

  • Ramen Finance: https://x.com/ramen_finance

  • Exponents Fi: https://x.com/Exponents_Fi

  • IVX: https://x.com/ivx_fi

  • GummiFi: https://x.com/GummiFi

  • Beraborrow: https://x.com/beraborrow

  • Magic Eden: https://x.com/MagicEden

  • Puff Paw: https://x.com/puffpaw_xyz

  • Blockchain_lol (HPOS10I’s incoming L2, built on Berachain): https://x.com/BlockChain_lol

• Community Crews (Bera Baddies, Bullas, Mibera, OBB, Elementals):

  • Internal subgroups within the Henlo community that represent different factions or themes.

  • Crews were designed to gamify community participation, encouraging teamwork and competition.

  • Each crew aligns with specific themes or projects within Berachain.

• Henlo stands out as a unique memecoin that embraces community and humor while operating within the Berachain ecosystem

• Henlo’s transparency and alignment with meme culture have established it as a trusted and enjoyable part of the Web3 landscape.

• The project’s innovative partnerships and gamified engagement model suggest a promising future for Henlo in Q5 and beyond.