Original Author: yyy (X: @y_cryptoanalyst)

Introduction:

The launch of the Berachain mainnet and the subsequent ecological development fell severely short of expectations, shattering the dreams of the native ecological protocol's TGE plan. The on-chain protocols that have yet to issue tokens have become the casualties of the bear market TGE.

Learning from the bear market, Monad is at a critical juncture, about to launch its mainnet TGE. What should the ecological protocols do next? Some projects have already left early, while others remain steadfast.

Monad and Berachain can be said to be the two high-performance L1 chains most favored by capital in this bull market, one representing the extreme narrative of Ponzi culture, and the other leading the transformation direction of ultra-high-performance public chains.

Institutions extend their favor to the native ecological protocols on Berachain and Monad alike. Berachain's star ecological protocol @InfraredFinance has completed nearly $20 million in funding over three rounds; @honeypotfinance is valued at $20 million; @origami_fi, which has participation from Berachain's founders and several bear market OGs, etc.;

Berachain launched its mainnet and synchronized TGE on February 6, but seven months later, many protocols on Berachain have still not conducted their TGE.

The financing data for ecological protocols on the @monad chain is even more impressive than that of the Berachain ecosystem: MEV and LSD infrastructure layer @apr_labs has completed multiple rounds totaling $30.7 million; the native CLOB DEX protocol @KuruExchange has completed two rounds totaling $13.6 million; the native perp DEX @perpltrade has completed $9.25 million in funding; the prediction market protocol @opinionlabsxyz has completed $5 million in Pre-Seed funding…

All ecological protocols on the Monad chain are, without exception, waiting to launch their TGE after the Monad mainnet goes live.

The Great Game of Timing TGE for Ecological Protocols

The timing of TGE for top-tier on-chain ecological protocols is a grand game. Some project teams choose to move to other chains for TGE before the mainnet launch, some choose to TGE immediately after the mainnet launch, and others wait to see the ecological heat of the chain and the broader crypto environment before taking action.

I do not refer to the choice of TGE timing by project teams as a "big gamble," but rather as a "great game." The reason is that a "gamble" is based on a scenario of complete information asymmetry, while ecological project teams are among those most familiar with the public chain teams, and they have a strong sense of whether the public chain teams are doing real work or just talking.

However, the ecological development changes after the public chain mainnet starts TGE are not entirely within the team's control, filled with uncertainty and unknowns. The game space for ecological project teams lies in the market-making ability of the public chain team, their ability to promote, incentive measures, and most importantly, the expectations for future crypto market conditions.

During the long wait for the @monad mainnet launch, many project teams could not hold out and chose to move to other chains. A representative project is the native LSD protocol @Kintsu_xyz, which ultimately chose to launch its mainnet on the @HyperliquidX chain.

Postscript

According to multiple sources, @monad is expected to launch its mainnet and TGE in Q4. Before the mainnet launch, there may still be protocols like @Kintsu_xyz that choose to leave;

However, I believe that more native protocols will remain steadfast. Betting the life and death of the protocol on a single native public chain, sharing in both glory and hardship, is indeed a great act.

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