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Dear Gate Square Community!
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As someone who has closely followed multiple DeFi cycles, Kodiak Finance ($KDK) immediately stood out to me as far more than a regular DEX. From the very beginning, it’s clear that Kodiak is designed to be Berachain’s native liquidity backbone rather than just another trading platform. Built directly around Berachain’s unique Proof-of-Liquidity (PoL) mechanism, Kodiak creates a powerful flywheel where liquidity providers earn yield while simultaneously strengthening network security. This deep integration gives Kodiak a structural advantage that very few DeFi protocols can match.
What truly impressed me is the scale and completeness of the Kodiak ecosystem. The platform offers both V2 and V3 DEX models, supporting full-range and concentrated liquidity, which results in excellent capital efficiency and low slippage. With more than $5.5B in cumulative DEX trading volume, Kodiak clearly dominates spot trading on Berachain. Beyond swaps, its Islands and Sweetened Islands provide automated liquidity vaults that actively manage positions for long-term users, making passive liquidity provision simple and effective. The Panda Factory further strengthens the ecosystem by allowing permissionless token launches with unruggable liquidity, becoming a key driver of Berachain’s growing memecoin economy. On top of that, Kodiak’s perpetual trading product offers leverage up to 100x, supported by PoL incentives, while Baults optimize BGT yields through auto-compounding strategies. The kX aggregator completes the stack by routing trades through the most efficient liquidity paths available.
From an on-chain performance perspective, Kodiak’s dominance is undeniable. Data from DeFiLlama and recent protocol metrics show that Kodiak has previously surpassed $1B in TVL, capturing over 90% market share across spot and perpetual trading on Berachain. Its cumulative perpetual volume has already crossed $55M, placing it far ahead of competitors like BurrBear. These numbers clearly reflect strong product-market fit and real user demand, not just short-term hype.
Looking at the $KDK token itself, the valuation appears extremely attractive. With a launch price of $0.35, a pre-valuation of around $35M, and a maximum supply of 100M tokens, the project feels significantly undervalued compared to its existing infrastructure and revenue. KDK can be converted into xKDK for governance participation and protocol revenue sharing, with up to 65% of platform revenue distributed to holders. Although the token has a 100% unlock at TGE, Kodiak is already a mature, revenue-generating protocol, which greatly reduces the risk of heavy post-launch sell pressure.
Berachain’s rapid growth acts as a major tailwind for Kodiak. With chain TVL and activity previously exceeding $3B, driven by organic liquidity through PoL, Kodiak stands to benefit more than any other protocol due to its dominant position. When compared to leading DEXs and GMX-style perpetual platforms on other chains, Kodiak’s current FDV looks heavily discounted. In the short term, a 1–2x move post-listing seems very achievable, while in the medium term, if Berachain establishes itself as a top-tier chain, an FDV in the $200M–$500M+ range would not be unreasonable, implying 5–10x upside.
Of course, risks such as overall market corrections and adoption speed remain, but in my view, Kodiak’s strong fundamentals, clear market leadership, and revenue-sharing model significantly outweigh these concerns. At current levels, $KDK looks like a high-conviction, long-term hold, and to me, Kodiak is not just another DeFi protocol it is the liquidity engine powering Berachain’s future.
#$KDK