With the arrival of a new wave of on-chain perpetual contracts led by projects such as Hyperliquid and Aster, competition in this sector has entered a fierce stage. Meanwhile, as the capital structure driven by the Proof of Liquidity (PoL) mechanism within the Berachain ecosystem continues to expand, the demand for funds is rapidly shifting from "liquidity storage" to "liquidity utilization," highlighting the increasing necessity of native trading scenarios. On-chain derivatives have thus become a key component of the Berachain ecosystem's development.

Against this backdrop, Kodiak, the native DEX of the Berachain ecosystem, officially launched Kodiak Perp, a perpetual contract product, becoming an important native derivatives infrastructure within the ecosystem. With Kodiak Perp going to market, Berachain's development in the derivatives field has officially entered a substantial phase, laying the foundation for higher-frequency, deeper, and more continuous on-chain trading activities within the ecosystem.

1. Spot & Perp, the leading cryptocurrency on Berachain, has surpassed $5 billion in transaction volume.

According to DefiLlama data, the DEX market on Berachain has entered a phase of rapid expansion, with Kodiak dominating the entire trading landscape almost unchallenged. Currently, Kodiak's daily trading volume is approximately $17.92 million, and its weekly trading volume reaches $93.48 million, firmly holding the top spot in trading volume within the Berachain ecosystem.

The newly launched Kodiak Perps has seen particularly rapid growth, with its cumulative trading volume exceeding $4.5 billion and recently climbing to over $5 billion, supporting leverage of up to 100x for mainstream tokens. Its Perps module consistently achieves monthly trading volume exceeding $180 million, with October showing particularly strong performance.

With Kodiak's TVL reaching $170 million, second only to Infrared Finance, it has become one of the largest liquidity platforms on Berachain. Based on these figures, Kodiak is widely regarded as Berachain's "home liquidity hub" in terms of both execution smoothness and liquidity depth, and it is also currently the trading portal with the highest user engagement on the chain.

2. Incubated by Build-a-Bera, and invested by institutions such as Amber and Shima Capital.

As a core native liquidity platform within the Berachain ecosystem, Kodiak received early support from its official incubator, Build-a-Bera. According to public information, Kodiak completed a $2 million seed funding round in February 2024, led by Build-a-Bera, with participation from numerous well-known crypto funds including Amber Group, Shima Capital, No Limit Holdings, Ouroboros Capital, Baboon VC, dao5, ODA Capital, Kenetic, Dewhales Capital, and 3Commas Capital.

From the perspective of financing structure and institutional composition, Kodiak's value in enhancing the Berachain user experience, improving on-chain liquidity structure, and driving ecosystem growth, as well as its strategic position within the Berachain ecosystem, have been highly recognized.

3. The product system is complete, covering multiple innovative functions.

Over the past year, the Kodiak team has demonstrated strong development execution and product innovation capabilities, with its product portfolio covering almost all core liquidity needs on Berachain. In addition to Spot trading and the Perp market, Kodiak has also built an automated compound yield vault and LP management tools, forming a sustainable on-chain trading and liquidity infrastructure.

At the functional level, Kodiak's numerous innovations further enhance its competitiveness.

• kX aggregator supports all ERC-20 assets—from $HONEY to memecoin, and then to LP and Baults. It expands multi-ecosystem cross-chain asset exchange capabilities, providing users with more flexible liquidity routing options.
• Multi-Swap supports zero-fee multi-ERC-20 swaps and "one-click clearing of dust tokens," improving the efficiency of fund utilization;
• In terms of executing large transactions, Kodiak integrates Orbs' dTWAP (Distributed Time-Weighted Average Price), which significantly reduces slippage and price shocks by splitting large orders into multiple smaller orders for execution.
• Provides the dLimit limit order tool, supporting more granular order management strategies.

In terms of product expansion, Kodiak's RWA Perps currently supports perpetual contract trading of real-world assets and forms more than 100 trading pairs with native crypto assets, offering leverage up to 100x, further enriching the trading options for Berachain users. Furthermore, its LP management system achieves dynamic liquidity optimization through components such as PandaFactory, forming a more efficient capital utilization model with the support of the PoL mechanism.

Currently, Kodiak is also collaborating with external infrastructure providers such as Orderly Network to continuously optimize its unified liquidity architecture. These technological iterations and product expansions have made Kodiak one of the most active dApps on Berachain, with a cumulative swap volume exceeding $5 billion, forming a stable momentum for usage and growth within the ecosystem.

4. Deeply integrated with the PoL mechanism, and launched modules such as Auto-BGT and Baults to enhance overall profitability.

Kodiak is deeply integrated with Berachain’s core mechanism, Proof of Liquidity (PoL), enabling liquidity providers to directly receive allocations of the network governance token BGT. This ensures that LP rewards come from genuine on-chain activity and fees, rather than relying on short-term stimuli or fake trading volume, thus helping to build a more sustainable liquidity ecosystem.

To further optimize its integration with PoL, Kodiak has launched a dedicated Auto-BGT module. This module automatically reinvests BGT rewards earned by liquidity providers into more LP positions, maximizing capital efficiency through reinvestment of returns. The Auto-BGT mechanism is natively built around PoL, reinforcing the positive cycle between BGT rewards and liquidity growth.

Meanwhile, Kodiak's automated vault system, Baults, allows for one-click bridging of Perps profits to Spot LPs or within Baults, enabling automated BGT compounding and dual revenue paths. Compared to traditional LP structures, this cross-product revenue reuse model offers more competitive returns with the same capital size.

These automated composite mechanisms are all implemented through infrastructure partners such as Enso, enabling permissioned deployment, gas cost coverage, and automated execution capabilities, lowering the barrier to entry for users while improving system efficiency. Through deep integration of the PoL module and the construction of an automated revenue-generating system, Kodiak is becoming a significant liquidity solution on Berachain, demonstrating distinct advantages in incentive efficiency and capital utilization.

5. TGE is not yet available. Perps trading points are linked to transaction fees, rewarding genuine contributions.

Kodiak currently does not have a TGE (Trading Optimization Event). Its KDK points system primarily revolves around perpetual contracts and trading, aiming to measure user activity and long-term engagement through fee contributions. According to the official documentation, the points calculation method is directly linked to the net fees generated by the trader, using the following formula:

Points = Transaction Fee + 10% × Referral Fee

This model has been retrospectively calculated since the launch of the Perps product to ensure that user points accurately reflect their actual contributions, rather than relying on transaction volume manipulation or short-term operations.

In fact, since the launch of the points system, Kodiak Perps has seen its trading volume exceed $100 million within two weeks, with approximately $37,000 in transaction fees being deposited into the treasury, demonstrating strong early participation and user stickiness. Points can only be earned through Perps trading, which aligns with Berachain's PoL incentive model, both emphasizing a "contribution-driven" incentive approach rather than simply relying on liquidity accumulation.

6. Referral program earns a 10% points reward.

Kodiak offers a referral program deeply integrated with its points system. Once a user's perps trading volume reaches $100, they generate a unique referral code and receive 10% of the referred user's net trading fees as a reward in KDK points. The referrer points formula is as follows:

Referrer's points = Brokerage fee + 10% × Referee's brokerage fee

This mechanism aligns with Kodiak's points system, aiming to drive user growth through genuine fee contributions rather than relying on inflated transaction volumes. With the platform supporting gas-free cross-chain deposits and fee discounts, the referral system creates a self-reinforcing cycle of user participation, transaction activity, and fee contributions.

Kodiak's Perps trading competition is underway; those interested can check it out!