Infrared BGT
IBGT
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
IBGT (Infrared BGT) functions as Infrared Finance's liquid-staked wrapper for Berachain's native BGT. Infrared Finance exhibits solid active development (score 7.0/10) with recent product initiatives like Staked IR and BGT emissions Dutch auctions, backed by substantial venture funding ($18.75M total, led by Framework Ventures) and strong audit coverage spanning Zellic, Cantina, and Code4rena (score 6.0/10). However, the market performance and asset viability face severe headwinds (score 3.0/10), characterized by a micro-cap valuation of ~$542K, near-zero daily volume (~$709), and a 98.5% drawdown from all-time highs. Governance remains centralized without on-chain voting mechanisms (score 5.0/10), and community metrics specific to IBGT are sparse (score 4.5/10). Crucially, the protocol has wound down active iBGT staking, directing users to redeem iBGT for BERA and migrate to alternative staking assets (iBERA/sIBERA), signaling product deprecation and core utility wind-down.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Infrared BGT (IBGT)
Infrared BGT (IBGT) is a deprecated liquid staking receipt token on Berachain whose active staking functionality has ended, with users directed to redeem the token for BERA and transition to alternative assets such as iBERA and sIBERA. Issued by Infrared Finance, IBGT was designed as a liquid wrapper backed 1:1 by Berachain's native, non-transferable governance token, BGT. The asset was created to provide liquidity and composability within Berachain's Proof of Liquidity framework, enabling integrations with decentralized finance protocols such as Kodiak and Pendle.
Infrared Finance was incubated through the Berachain Foundation's Build-a-Bera program and is led by co-founder and CEO Raito Bear. The protocol has raised approximately $18.75 million in total funding, including a $14 million Series A round led by Framework Ventures. Its smart contracts have undergone security evaluations by firms including Zellic, Cantina, and Code4rena.
IBGT faces significant structural, market, and security considerations. Infrared's audit ledger documents an Incident Response Security Review dated February 24, 2025, indicating an unquantified security incident that required remediation. Market adoption has severely contracted, with the token experiencing a 98.5% drawdown from its all-time high, a micro-cap valuation of approximately $542,282, and daily trading volumes around $709. Additionally, governance remains centralized without an active on-chain DAO voting mechanism, and the token is exposed to structural changes associated with upcoming Berachain Proof of Liquidity upgrades.