recbeat_

@moneyfetishist dude u need a pussy women love restaurants fuck the markup, also dont feed them meat at night is hard for a women to have sex after eating a steak plus in a restaurant u wont have to talk as much as at home so chances are better u wont be talking about empires tax systems

5:00 PM I start writing a post. Takes me 2 hours. People think I shitpost. Every post is a structure. The opening is the hook. The middle is the thesis. The escalation is engagement architecture. The closing is a call to action disguised as contempt. I rewrite the first sentence 9 times because the first sentence determines whether someone stops scrolling and if they don't stop scrolling then the other 4,000 words don't exist. The apparent chaos is the structure. This is also true of the Ottoman Empire 7:00 PM I have a date. I'm cooking because restaurants are a 400% markup on applied heat and I refuse to let a 22 year old line cook control the quality of my evening. Vertical integration starts at home. I make a steak. 55 degrees internal. Probe thermometer. I do not gamble with protein especially when there's a woman involved 7:45 PM She arrives. She works in marketing. I speak in EBITDA. She speaks in brand awareness. I have told myself I will not mention the Ottoman Empire tonight. I will not mention Luxembourg. I will not explain what a PropCo is. I will be a normal person 8:00 PM She asks what I've been working on. I say just some deals nothing exciting. She asks what kind. I say infrastructure. She says that sounds interesting. I say it involves water. She asks if I mean like water bottles. I explain that I am acquiring 35 year monopoly concession rights on municipal water distribution networks in fiscally distressed Southern European municipalities financed through the European Investment Bank at 1.8% structured through a Luxembourg SCSp benefiting from the participation exemption on distributions She is looking at me and I can tell I have made an error. She asks me to explain it simply and I tell her cities in Southern Europe are broke. Their pipes are from the 1960s. Half the water leaks into the ground. They let private companies come fix the pipes and in exchange you get to charge everyone for water for 35 years. Legal monopoly. Revenue goes up with inflation. Debt at 1.8%. She asks if I'm saying I'm buying a city's water and I tell her I'm buying the right to operate a city's water and she tells me that's the most unhinged thing anyone has ever told her on a date 8:30 PM we are on the topic of the Ottoman Empire because I physically cannot help myself. I am explaining iltizam and she is nodding in a way that could mean interest or could mean she has decided compliance is the safest exit strategy. She asks me if I ever think about anything that isn't money or structures or dead empires and I think about this for too long and she notices I tell her about Pacioli inventing double entry bookkeeping and funding the Renaissance. I tell her about McLean standardizing a shipping container and reducing costs by 97%. I tell her these people all saw the same thing which is that value is in the system that organizes the activity not in the activity itself. She tells me I am genuinely insane. I tell her that's what my CPA says too but he charges €2,200 an hour for the observation 9:00 PM she's leaving. it's a Tuesday and she has a job and I think I described too many financial structures during what was supposed to be a casual dinner. she said she learned a lot which is either a compliment or the politest way anyone has ever said they will not be returning she texted 20 minutes later and said she googled the Luxembourg participation exemption and what the fuck. so now she knows about the participation exemption. another person radicalized 9:30 PM I read for an hour. Luca Pacioli. double entry bookkeeping. 1494. Before Pacioli people could not tell if they were making money or losing money. they were just vibing. Cash in. Cash out. Hope for the best. the entire Renaissance was funded by an accounting innovation. that man did more for civilization than every AI caption tool combined and he didn't have a personal brand. He had a ledger. The ledger was enough Pacioli. McLean. The Ottomans. The water concession. All the same thing. Systems that organize activity. Containers for value. Cargo changes. Container principle doesn't. I feel the kind of calm I imagine monks feel except my meditation involves Luxembourg tax structures and theirs involves breathing. We are both seeking truth. My truth generates better returns 10:00 PM Phone on do not disturb. Only portfolio monitoring alerts can reach me. A text is not a material change. Instagram is not a material change. A covenant breach on a €45M senior credit facility is a material change. If you want to reach me buy one of my portfolio companies and trigger a covenant. Otherwise morning Her text about the participation exemption does not qualify as a material change. But I screenshot it tho 10:15 PM Found out money never sleeps and took the bed out the house I still have a bed. But I thought about it. Longer than a normal person would. I ran the numbers on what I could put in the square footage. A second desk. Filing cabinet for entity documents. Server rack. All would generate more value per square foot than sleeping. Sleep is a zero revenue activity occupying premium real estate and the only reason I haven't eliminated it is because my attorney said sleep deprivation can be used as evidence of diminished capacity in contract disputes I get in bed. I close my eyes. I last about 90 seconds before my brain does the thing 10:18 PM Mortgage comes from Old French. Mort gage. Death pledge. The French named the most common financial instrument in the world after death. You walk into a bank and sign a death pledge and the banker smiles and hands you a pen. 800 years ago the French looked at this transaction and decided the appropriate name is a promise that dies. The French were not fucking around Company comes from com panis. To break bread together. Corporation comes from corpus. A body. The entire global economy runs on fictional dead French promises signed by fictional human bodies that eat bread together and everyone just accepts it 10:41 PM I check my phone. She texted again. She wants to know if she could start a company in Luxembourg and route dividends tax free. This woman met me four hours ago. She is restructuring hypothetical corporate holdings. She is going to be at brunch on Saturday and someone will mention their business and she will think about the participation exemption and not say it but she'll think it and it's my fault I respond with the substance requirements and ATAD II changes because apparently I can't have a normal text conversation. I add "this is not tax advice" because my attorney would want me to She sends a voice note. I don't do voice notes. Voice notes are the communication equivalent of a variable rate loan. You don't know how long they'll last and you can't skim them. I make an exception. She's laughing about learning EU tax law at 11 PM from a guy she met on Hinge 11:02 PM I am now lying in the dark designing a captive insurance program for the water concession. A captive is an insurance company you create to insure your own risks. Premiums are deductible. Captive invests the income. If no claims the cash accumulates offshore. It's a tax deductible savings account wearing an insurance costume. The concession has real risks. Pipe burst. Contamination. Service interruption. Captive in Bermuda. Premiums deductible against concession income. Another extraction layer on top of everything already flowing through the structure I just added another entity to the 47 tab model. In my head. In bed. On a Tuesday. After a date 11:34 PM The Venetians invented government bonds in the 1100s. Forced loans on wealthy citizens during wartime. Citizens didn't want to lend. Government didn't care. So the citizens said fine but we're trading the receipts. Secondary market formed. People who wanted cash sold their war receipts to people who wanted future income. That's it. That's the origin of the $130 trillion global bond market. A receipt for a forced loan traded between annoyed rich Venetians. 900 years later people have PhDs in it I get out of bed. Open my laptop. Start writing. The Phoenicians invented the alphabet because they needed to track olive oil debts which means literature is a derivative of accounting. The Ottomans invented tax farming. Pacioli invented bookkeeping. McLean standardized a box. The Venetians got annoyed about war loans and accidentally created bonds. These are all containers. Alphabet is a container for language. Bookkeeping for economic reality. Shipping container for cargo. Holding structure for cash flows. Bond for debt. Concession for revenue rights. Different centuries. Same principle I title the document Containers.doxc and write for 40 minutes without stopping 12:22 AM I am aware that I have been awake for 20 hours and I have had a date where I explained Ottoman tax farming over steak and I am now writing a manifesto about how the Phoenician alphabet and modern concession acquisition are the same thing. I have not opened Instagram. I have not watched a show. I have not done a single thing that a normal person does at night. I have designed a Bermuda insurance company in the dark and traced the bond market to medieval Venice and texted a woman about ATAD II substance requirements. This is just a Tuesday 12:48 AM Back in bed. My brain has moved on to the Tang Dynasty. The Chinese invented paper money in the 7th century and it only worked because they limited the number of shops authorized to issue notes. Controlled scarcity on an intrinsically worthless medium to create perceived value. Louis Vuitton is a Tang Dynasty money shop. LVMH's entire model was invented by Chinese monetary authorities 1,300 years before Bernard Arnault was born. I have no one to share this with at 12:48 AM 1:15 AM I'm thinking about the date. I don't have a plan for evaluating dates. I have ideas for businesses, tax structures, CIM add backs, concession economics, and the structural parallels between Ottoman governance and modern infrastructure privatization. I do not have a clue on how to handle how to determining if a woman who googled the Luxembourg participation exemption at 11 PM wants to see me again. There are no add backs to remove. No EBITDA to normalize. Just a voice note and a text about Luxembourg and the fact that she stayed through the Ottoman section which honestly most people would not have 1:38 AM The water concession needs an environmental impact assessment. The CIM needs a follow up in two weeks. The Successor still doesn't know what a PropCo is. The Bermuda captive needs an actuary. There's a document called Containers.md on my desktop. There's a woman who four hours ago thought Luxembourg was just a small country and now knows it's a tax jurisdiction. I wake up in 2 hours and 39 minutes I will handle all of this tomorrow. Or today. The cycle doesn't care about the clock. Generate problems. Solve problems. Extract value. Accidentally teach women European tax law. Write manifestos connecting Phoenician olive oil accounting to modern infrastructure concessions. Lie in bed connecting Louis Vuitton to the Tang Dynasty. Wake up and do it again. Some of yall set an alarm for 8 AM and spend the first 90 minutes of your day choosing an outfit and scrolling and drinking coffee that someone else made and then you sit down at a desk and open Canva and start working on your personal brand And then you wonder why your life looks the way it does I don't wonder I already did the math I might be mass autistic and mass schizo but the math still works so who cares Simple as that

DAY IN MY LIFE SINCE YALL KEEP ASKING AND I KNOW YALL ARE ASKING 4:17 AM I wake up. No alarm. I haven't used an alarm since 2019 because an alarm is someone else's opinion about when you should be conscious and I don't take opinions from machines that can't even compound interest I lay there for about 40 seconds and in that 40 seconds I have an idea for a holding structure that would save a mid market logistics company €3.8M annually in tax liability through a transfer pricing arrangement between a domestic OpCo and an Irish IP HoldCo. License the proprietary routing methodology and customer data to the Irish entity at arm's length rates, OpCo pays licensing fees deductible domestically but taxed in Ireland at 12.5%, the delta across a €4M annual fee is real money. I don't write it down. If the idea is good enough I'll remember it. If I forget it then it wasn't worth €3.8M. Natural selection but for thoughts. Darwin would understand what I'm doing here even if you don't 4:22 AM Ice bath. 3 degrees. I bought this ice bath from a company that was going bankrupt and I negotiated the price down 60% because I called the founder directly and told him I know you're 90 days from insolvency based on your accounts payable aging which I estimated from your Glassdoor reviews where employees were complaining about late paychecks. He sold it to me at cost. People think networking is going to conferences. Networking is reading Glassdoor reviews of distressed companies and calling the CEO at 7 AM. Pair that with state UCC filings to see what assets they've pledged as collateral and you have a distressed company radar that costs nothing. Nobody does this. Everyone pays for expensive databases. I read employee complaints for free I sit in the ice bath and I think about the Ottoman Empire. I think about the Ottomans a lot. They ran a multi-entity structure across three continents for 600 years with no email and no ERP system. People can't run a 12 person marketing agency without having a nervous breakdown in a WeWork. The Ottomans had a tax farming system called iltizam where the state auctioned off the right to collect taxes in a region to the highest bidder and the bidder kept everything above what they paid. That was the first leveraged buyout. You pay a fixed price for a cash flowing asset and your return is the spread between cost and production. The LBO was invented in Constantinople in the 1400s. I might write a thread about it. I might not. The Ottomans don't need my help with their brand 4:41 AM Espresso. I have a machine that cost more than some people's cars and I feel nothing about this because a car depreciates and caffeine generates returns through productivity so on a risk adjusted basis the espresso machine is a better asset than a Honda Civic. I will not be explaining this further I'm currently reading "The Box" by Marc Levinson about containerized shipping and "The Prize" by Daniel Yergin about oil and Erta Kale Hywet's translation of the Fetha Nagast which is an Ethiopian legal code from the 1200s with genuinely fascinating commercial contract structures that predate English common law by 400 years. I read three books at a time always from completely different fields because the pattern recognition happens in the GAPS between disciplines not within them. If you're reading three business books you're reinforcing one mental model. If you're reading logistics history and energy history and an ancient legal code you're triangulating on principles that transcend any single field. You read things nobody else reads and your brain connects them involuntarily 4:48 AM I check overnight markets standing up because standing increases blood flow to the brain by 15% and I need that 15% because I am looking at Japanese industrial conglomerates trading below book value on the Tokyo Stock Exchange. Corporate governance reforms from 2023 are forcing these companies to unwind cross shareholdings and return capital to shareholders. There are industrial companies in Japan at 0.6x book value with 30% of their market cap in cash and cross shareholdings they are legally pressured to unwind. The basis swap makes the hedge expensive but if you structure through a Singapore entity the withholding tax treatment changes the math entirely I am thinking about this while simultaneously thinking about whether the Ottoman tax farming model could be applied to modern SaaS distribution where you sell regional exclusivity to operators who keep the spread above a guaranteed minimum. I am basically an incubator for financial structures at this point. I am the womb. The ideas are the babies. I'm not going to sit down while I'm in labor 5:00 AM I open email. 247 unread. I delete most of them based on font choice alone. If your email is in Calibri you have nothing to say to me. Calibri is the font of people who have never changed a default setting in their life which means they've never questioned anything which means their ideas are as factory preset as their font. I only read emails in Georgia or Helvetica. This eliminates 80% of my inbox automatically and the remaining 20% is where all the money is There is one email from a broker I respect. Manufacturing company. €14M EBITDA. Owner retiring. The best acquisition targets right now are companies where the founder is 60 plus, has no succession plan, has never professionalized management, and has all the institutional knowledge in their head. These companies are systematically undervalued because the buyer pool is scared of key person risk. They see the owner leaving as the risk. I see the owner leaving as the catalyst to install systems and AI that should have been installed a decade ago. Key person risk is the discount. Eliminating the dependence through automation is the value creation. You are buying the problem and selling the solution to the same business 5:15 AM I am looking at something that is going to make you feel physically ill about how you spend your time There are municipalities across Southern Europe right now that are financially distressed. Spain. Portugal. Southern Italy. Greece. Their budgets are destroyed. They can't maintain their own water infrastructure. Pipes are leaking 40 to 60% of treated water before it reaches a household. They are literally losing half the water they process into the ground because the pipes were laid in the 1960s and nobody has replaced them These municipalities are legally allowed to grant long term concession rights to private operators. 25 to 50 year concessions to operate, maintain, and collect revenue from the water distribution network of an entire region. You are being handed a regulated monopoly on water delivery to every home and business in a geographic area for half a century. In exchange you fix the pipes I am in the process of acquiring concession rights in a region I will not name where the municipality is losing €11M annually in water that leaks out before it can be billed. The current tariff base generates approximately €38M in annual billings except they're only collecting about €22M because of the leakage and metering that doesn't capture actual usage Infrastructure rehabilitation costs approximately €45M over 5 years. I am financing this through the European Investment Bank at 1.8% fixed for 20 years because the EIB is desperate to deploy capital into Southern European infrastructure and the terms are so favorable it borders on charity. Rehabilitation reduces leakage from 55% to 12%. This alone recovers approximately €14M in previously unbilled water. Combined with smart metering total billable revenue goes from €22M to approximately €36M annually The structure is a Luxembourg SCSp holding the concession operating entity. Participation exemption on distributions. Regulated tariff revenue escalating with inflation for 35 years. EIB debt non recourse to anything except the concession assets. Operating margins stabilize at approximately 40% after rehabilitation. Annual free cash flow roughly €14M on a €45M total investment financed almost entirely with 1.8% debt €14M in annual free cash flow. Inflation protected. From a monopoly concession. For 35 years. Financed at 1.8% The NPV of this cash flow stream at any reasonable discount rate is €180M to €240M. On €45M invested. Almost none of which is my equity This is a water concession in a region most people couldn't find on a map that I found by spending six months reading EU municipal budget reports published in languages I don't speak and running them through translation software at 5 AM The Ottomans called this tax farming. I call it concession acquisition. Same model. Pay a fixed cost for the right to collect revenue in a defined territory. Return is the spread. The LBO was invented in Constantinople 600 years ago I think about this and I think about some guy named Dave in Florida who retired from a logistics company and took €7.8M in annual fuel optimization knowledge with him in his brain and I think about the PE operating partner who doesn't know what a PropCo is and I realize that institutional knowledge is stored in the wrong places everywhere. In municipal budget offices. In retired employees' heads. In ancient legal structures nobody reads. The information is all there. Nobody is looking at it 5:34 AM Gym. I only do compound lifts. Isolation exercises are the fitness equivalent of running a single entity C corp with no subsidiaries. You're working one thing at a time. Compound lifts work multiple muscle groups simultaneously which is the physical manifestation of a multi-entity holding structure extracting value through parallel related party transactions. When I deadlift I am my own leveraged buyout. The barbell is the debt. My spine is the equity. My legs are the operating entities. This metaphor is perfect and I will not be taking questions 5:36 AM A man at the gym asks me what I do. I have given a different answer every single time someone asks. Today I tell him I am a commodities speculator who primarily trades in rare earth minerals and human attention. He nods. Nobody at this gym understands what I do including me sometimes. I am doing things that don't have job titles yet. Kanye invented the celebrity architect shoe designer genre. I am inventing the financial engineering shitposter to pipeline operator genre. We are the same except I have better margins 6:15 AM Post gym shake. I negotiated a bulk discount with the supplement company by sending them a 9 page pitch deck on why they should give me product at cost in exchange for what I described as "implied brand association with an emerging cultural figure in the alternative finance space." They said no. I bought the supplements at full price. But the pitch deck was excellent and I stand by it 6:30 AM Shower. 7 minutes. I timed it. I used to take 12 minute showers and one day I calculated the opportunity cost and almost had a medical event. 5 extra minutes per day is 30.4 hours per year. I billed €22,000 per hour last quarter on one specific engagement which means my shower inefficiency was costing me €668,800 annually. Obviously I wasn't billing anyone for shower time but the principle matters. Waste compounds. I see it everywhere now. In showers. In traffic patterns. In the way my neighbor waters his lawn at 2 PM when evaporation rates are 3x what they'd be at 6 AM. My neighbor is running a negative margin irrigation operation and doesn't know it The most valuable thing you can do at any company is quantify the cost of the current process before proposing a new one. Don't walk in saying AI can improve your routing. Walk in saying your current routing costs €7.8M more annually than optimized routing would and here are the 6 data sources. The specificity creates urgency. Nobody panics about abstract inefficiency. Everyone panics about €7.8M in quantified annual waste. Same problem. Different framing. Completely different reaction from the decision maker. You sell the math not the technology 6:37 AM I get dressed. All black or navy. I decided this in 2021 and I have not thought about clothing since. Every decision about something that doesn't generate revenue is a decision you didn't make about something that does. Steve Jobs understood this. I understand this. The difference between me and Steve Jobs is that he made consumer electronics and I make money through financial structures. Also he is dead and I am alive which gives me a significant competitive advantage in the current market 6:50 AM I check Twitter. Someone has posted "Day 47 of building my AI startup in public" and their startup writes Instagram captions. I look at this post for a long time. I zoom in on his face. I'm trying to understand what he sees when he looks at the world. Because he and I are looking at the same world and he saw Instagram captions and I saw a €120M EBITDA improvement opportunity across PE portco operations and I need to understand how two human brains process the same reality and arrive at conclusions that far apart. I think it might be related to the Ottoman tax farming thing but I haven't connected those dots yet. Give me a week 7:00 AM Call with my attorney. €2,200 an hour. Transfer pricing documentation between my OpCo and my Irish IP HoldCo. Transfer pricing studies have a shelf life. The tax authority expects contemporaneous documentation reflecting current market conditions. Most people use a study from 3 years ago and think they're covered. They are sitting on a time bomb. Updated study costs €40K to €80K. Losing the dispute costs the entire tax benefit plus penalties plus interest which in my case is approximately €11M. I update every 12 months. The documentation is the asset. Not the structure. The documentation of the structure My attorney says probably we're fine. I say definitely we're updating. The difference between probably and definitely is the difference between aggressive tax strategy and a conversation with the tax authority that you lose. I once argued with a toll booth operator for 6 minutes about whether the senior discount structure constituted an illegal tying arrangement under antitrust law. I was wrong. But I was confident. And in finance confidence that is well documented is functionally indistinguishable from being right 7:48 AM Second call. successor of an business, inherited from his grandfather. Wants help with his business. €18M EBITDA. 16% margins. Three facilities worth about €22M. I ask him if they've separated the real estate into a PropCo. He asks what a PropCo is I hang up. I call back 30 seconds later because that was rude You take the real estate the operating company owns and spin it into a separate legal entity. PropCo buys the real estate at fair market value financed with a non recourse mortgage. OpCo leases the facilities back at market rates. Three things happen simultaneously. Real estate moves off OpCo's balance sheet into a bankruptcy remote entity creditors can't touch. OpCo gets a new annual deduction through lease payments. You can finance the real estate separately at better rates because non recourse real estate debt has better terms than corporate operating debt. On €22M in real estate you're looking at €18M in mortgage proceeds flowing to OpCo plus €1.2M to €1.5M annually in lease deductions This man earns €1.8M base plus carry. He didn't know what a PropCo was. I think about this and I think about Dave in Florida and I think about the Ottomans and somehow all three of these are the same thing. Institutional knowledge stored in the wrong places 8:30 AM Breakfast. Four eggs. I crack them with one hand because I taught myself in 2022 and it saves approximately 1.3 seconds per egg which is 31 minutes per year which is not meaningful financially but the discipline of optimizing something that small transfers to optimizing things that are large. The person who optimizes egg cracking is the same person who finds €3.8M in Irish tax structures. Same muscle. Same pathology. I have simply chosen to direct my pathology toward activities that generate eight figure returns instead of activities that generate restraining orders

@moneyfetishist my man wtf lol

we’re about to hit 80% of the code being shipped at Rivo coming from agentic coding tools. The major unlock that took us from 50-80% has been the cc-sessions framework by @AgentofToastX for Claude Code. I think we’ll see a major shift towards agentic coding frameworks just like we saw with languages like Ruby on Rails/Django

@UpsideFun @base @mrjasonchoi @CryptoHayes BANGER

@UpsideFun @base @sfrankel9 @davidtsocy the next <meta> is here.

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@PhilMrlo dinero coded

Don't worry Future still so bright etc Less leverage, more gaming

@UpsideWTF @base ape and leave research to @blocmates

@jediblocmates hidden spot? why theres no one surfing? paradise

Gm Today is a good day to surf.

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@Milk_Trudge @InfraredFinance @berachain @JasonvuTech @Neoo_Nav less than advertised?

@InfraredFinance @berachain @JasonvuTech @Neoo_Nav something wrong with the APR

Some Thoughts (Not FUD) on Farming Strategies with @InfraredFinance As previously outlined in my Temporary Farming Strategy on @berachain. I had an in-depth discussion with @JasonvuTech and @Neoo_Nav regarding how to optimize Berachain farming strategies, particularly in light of the market’s uncertainty following the recent FED meeting. All three of us identified a way to maximize yield efficiency using the iBGT vault, currently boasting an APR of 656.29% at @InfraredFinance. However, fundamental things needs to be addressed: Much like Curve Wars in previous uptrends, Infrared operates as both an LSD provider on Berachain (iBERA) and a Liquid Wrapper (iBGT). 1) Understanding iBGT’s Per Infrared’s official documentation: “iBGT is a liquid wrapper for BGT tokens. It is backed 1:1 by the BGT earned by liquidity deposited into Infrared’s vaults. iBGT does not earn the rewards associated with BGT unless staked. iBGT is not redeemable for BGT. iBGT allows holders to stake (via Infrared’s staking vault) and earn all associated BGT rewards.” This non-redeemability of iBGT introduces an interesting dynamic: • Unlike BGT, which can be redeemed back into BERA (1:1), iBGT has no redemption mechanism. • This makes iBGT highly inflationary over time relative to BGT, as more iBGT continues to be minted from LPs staking in Infrared vaults. • In the short term, iBGT could experience bullish momentum as its high APR (656.29%) attracts capital into farming strategies. Instead of adding LP and staking to farm iBGT, users may opt to directly swap into iBGT for yield optimization. • However, the liquidity for iBGT remains low (~$31K), meaning this strategy may have scalability limitations. 2) Comparing iBGT to Wrapped CRV Models Much like Wrapped CRV derivatives, iBGT itself has no inherent value outside of capturing governance incentives across protocols. Curve Wars & veCRV Dynamics: • Many Liquid Wrappers (e.g., Convex, StakeDAO) locked CRV to accumulate veCRV, consolidating governance influence over Curve. • When incentives fell below expectations, a sell-off pressure emerged on wrapped CRV derivatives. • Similarly, iBGT’s lack of a redemption mechanism means that it is purely reliant on farming incentives to maintain its value. 3) Why iBGT May Face Less Bearish Pressure Than Wrapped CRV 1⃣High APR & Honey Rewards: The current APR remains attractive, paid partially in Honey, which encourages users to continue farming. 2⃣Greater Utility in Berachain DeFi: Unlike wrapped CRV, iBGT is actively integrated across multiple DeFi protocols, such as: @beraborrow (iBGT as collateral for borrowing NECT). Future integrations with other Berachain DeFi projects could expand its use cases further. 3) Is iBGT's Non-Redeemability a Governance Play? Historically, governance-focused DeFi projects have used non-redeemable liquid wrappers to solidify their influence. • Curve Wars, Pendle Wars, and veTOKEN models have shown that governance tokens with non-redeemable wrappers enable protocol teams to control governance more effectively. • In this case, Infrared’s strategy could be a calculated political move to strengthen its position in the Berachain ecosystem. 4) Final Thoughts • While iBGT’s non-redeemability introduces inflationary risks, its value may still be captured through strategic partnerships in Berachain DeFi. • The biggest unknown: Can the long-term demand for iBGT offset its structural inflation? Would love to hear insights from Berachain OG builders on this topic: @Berasearch @0xRaito_ @captainjack

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