SAIL.r: 90-Days Post Launch Review
Just over 90 days ago, LiquidRoyalty launched our first royalty token and vaults.
Since launch, it has been an electrifying stretch: LiquidRoyalty products kept grinding up while crypto markets took a hit and equities stayed flat, creating a clear contrast in performance.
Here's the full breakdown.
1. Price Comparison: LiquidRoyalty vs Leading Indices
On a price-only basis, all LiquidRoyalty vaults outperformed leading indices while BTC and ETH took a sharp hit. SAIL.r led the move, supported by token appreciation and consistent royalty payouts.
The move is fundamentally anchored: holders have less reason to sell when there is recurring cashflow. We also saw users who were already active in crypto, but new to Berachain, enter through LiquidRoyalty products, bringing external capital onto the chain and reinforcing this trajectory.
2. Dividend-Adjusted Returns Comparison
Berachain PoL adds an additional layer of yield on top of LiquidRoyalty products.
LiquidRoyalty products outperformed in price and also paid meaningfully higher yields.
With the PoL engine, users can receive immediate liquid yield even when underlying assets are less liquid (vaults have a default 7-day cooldown).
These yields are paid either daily (USDe for SAIL.r holders) or every few minutes (BGT rewards), which is a structurally different payout profile versus traditional equity.
3. Kodiak Deep Dive: SAIL.r on Berachain's #1 DEX
The SAIL.r-USDe pool on Kodiak is currently paying 121.96% APY, with $4.8M TVL.
3.1 High TVL Dominance Among High-APY Pools
For context, the average APY of the other pools shown in this screenshot is below 10%, highlighting a large yield gap versus SAIL.r-USDe.
3.2 APY Ranking View
If we flip the ranking and sort by APY, SAIL.r-USDe remains the largest pool by TVL among top-yielding pairs in the screenshot.
Among all Kodiak pools with comparably high APY, SAIL.r-USDe's TVL is larger than all the others combined in this view, and roughly 10x bigger than neighboring pools.
This is the result of two things:
- Berachain Foundation support — directing meaningful BGT rewards to the SAIL.r-USDe gauge
- Protocol treasury unstaking — the protocol intentionally unstaked the majority of treasury LP positions to provide higher yield to external audiences
This establishes measurable liquidity depth for the pair and supports tighter market quality around a revenue-backed asset.
3.3 Token Ranking and Relative Performance
SAIL.r is currently the #4 largest token by TVL on Kodiak (excluding stablecoins).
Among the largest tokens on Kodiak, SAIL.r is the best-performing token over 90 days. Here's the full comparison:
| Token | 90d Start | Current | 90d Return |
|---|---|---|---|
| SAIL.r | $10.00 | $13.65 | +36.5% |
| NECT | $1.007 | $1.19 | +18.2% |
| uniBTC | $90,837 | $78,591.42 | -13.5% |
| DOLO | $0.0469 | $0.0353 | -24.7% |
| WBTC | $91,547 | $66,710.14 | -27.1% |
| KDK | $0.3866 | $0.2782 | -28.0% |
| WETH | $3,003 | $2,004.06 | -33.3% |
| WBERA | $0.9378 | $0.6086 | -35.1% |
| iBGT | $0.9609 | $0.6211 | -35.4% |
| wgBERA | $0.8793 | $0.2737 | -68.9% |
| IR | $0.2333 | $0.0702 | -69.9% |
| BVT | $0.1295 | $0.0204 | -84.2% |
While every other major token on Kodiak posted negative 90-day returns — some losing over 80% of their value — SAIL.r delivered +36.4% while paying a 10% APY dividend.
This is only the first of many royalty tokens planned for launch.
More broadly, this is a practical reference point for building businesses with Berachain technology by combining:
- DeFi benefits
- Permissionless access
- 24/7 markets
- Frequent yield payouts
- TradFi strengths
- Decorrelated assets
- Deep liquidity seeding
- Revenue-driven price performance
Next Up
- JNR (Junior Vault) is now in closed beta rollout
- Apply for reward vault whitelisting so JNR can begin paying BGT rewards as well
We will publish updates as these milestones progress.