The biggest project at the party, the least revenue: The truth behind Berachain's 94% plunge

Berachain falls from the peak of the 2024 Token2049 party. This project, which once hosted the largest event at Marina Bay Sands in Singapore and garnered huge attention, now presents alarming data: TVL plummeted from $3 billion to $184 million, and even during bullish markets, it only generates a few thousand dollars in daily revenue. CZ’s assessment hits the core: marketing is important, but it must be supported by real products.

The Reality of Berachain’s Data

This comparison alone explains everything. A project that once had the largest parties and “incredible attention,” now sees its TVL shrink to about 6% of the original. This is not just market fluctuation but a direct reflection that the project cannot sustain its initial marketing hype.

The True Relationship Between Marketing and Products

Marketing is the stepping stone, not the product itself

CZ’s response is concise but profound: marketing is important, but it must be supported by actual products (products people truly use). This exposes a common misconception in the crypto market—that marketing equals value.

Berachain’s party was indeed successful; it attracted enough attention and capital. But what happens after the party? When investors start actually using the product, they find that its real value cannot match the initial marketing promises. As a result, large amounts of capital begin to withdraw.

Why do some projects survive while others fade quickly

According to relevant information, CZ has recently emphasized a core point: real opportunities lie in time investment rather than overnight riches fantasies. He also pointed out that long-term commitment and sustained attention better reflect promising opportunities.

This means that projects capable of long-term survival and growth are often not the ones with the most aggressive marketing, but those genuinely building products and with real users. The rapid decline of Berachain precisely reflects this.

CZ’s Deeper Perspective

From recent statements, CZ has been conveying the same message: the crypto market is still small, and in the future, it can grow into a giant, but only if genuine builders are doing real work.

He emphasizes “focusing on true builders,” which is not casual language. In the crypto market, true builders are often those low-key teams—focused on product development, user experience, and technological innovation, rather than just marketing and fundraising.

Insights for the Crypto Market

The case of Berachain provides a clear warning to the entire crypto industry:

• Short-term hype does not equal long-term value. No matter how big the party, if the product isn’t good, the hype will quickly fade.
• Real user engagement is the hard indicator. Metrics like TVL and daily revenue directly reflect whether there are actual users.
• Choosing projects should focus on fundamentals. Teams with strong marketing skills aren’t necessarily the best; those quietly building products and serving users are often more worthy of attention.

This also explains why CZ emphasizes long-term investment and genuine development in multiple settings—he is using real cases to tell market participants that making money isn’t about chasing trends but following true builders.

Summary

The story of Berachain from peak to trough is essentially a lesson about the imbalance between marketing and products. No matter how grand the party, if the product cannot meet users’ real needs, it will ultimately be a fleeting illusion of prosperity.

CZ’s view reflects the increasingly mature understanding in the crypto industry: marketing is important, but products and real construction are even more crucial. For investors, this means learning to distinguish between “hot projects” and “valuable projects.” The real opportunities are often not where the biggest parties are, but where there are real users and genuine problem-solving products.