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Consensus Toronto 2025 Coverage
By Tim Craig|Edited by Stephen Alpher
Updated May 15, 2025, 3:38 p.m. Published May 15, 2025, 3:36 p.m.
- Berachain aims to create decorrelated user populations to mitigate market reflexivity, according to its founder Smokey the Bera.
- Reflexivity in crypto can lead to self-reinforcing price movements, potentially causing market volatility.
- Berachain plans to support web2 businesses uncorrelated to DeFi and crypto markets to maintain liquidity and stability.
Berachain is focused on building “decorrelated populations” of users to guard against market reflexivity, said Smokey the Bera, theblockchain’s pseudonymous founder, onstage at CoinDesk’s Consensus 2025 event in Toronto.
Reflexivity is a big concern in decentralised finance and crypto. It refers to the self-reinforcing effect of market sentiment. Rising prices often attract buyers and create a positive feedback loop. However, the same process can operate in reverse leading to a catastrophic collapse in prices.
STORY CONTINUES BELOW
Berachain’s plan for the second and third quarters is to support profitable businesses that exist in web2 and are uncorrelated to the existing DeFi and crypto markets.
Doing so will help Berachain guard against reflexivity, helping it weather market volatility and retain deep liquidity, Smokey said.
Smokey was joined by Jason Atkins from market making firm Auros, when they discussed all things to do with liquidity — essentially how easily and quickly a crypto asset can be bought or sold without a significant impact on its price.
Tim reports on all things DeFi. He came to CoinDesk from DL News where he published over 400 articles covering everything from institutional adoption to DAO governance. He reported extensively on North Korea’s $1.4 billion theft from crypto exchange Bybit and documented its impact across the crypto industry.
He also conducted multiple investigations into alleged crypto scams, and his reporting on Waves was cited in a lawsuit filed by the FTX Recovery Trust against the blockchain’s founder Sasha Ivanov.
His previous reporting on the bankruptcy of crypto hedge fund Three Arrows Capital was also cited in documents submitted to the High Court of Singapore. Disclosure: Tim holds over $1,000 worth of Ethereum.
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