Greenlane – Why Chain Revenue Is Mostly a MemeJason Hitchcock is CEO of Greenlane Holdings (Nasdaq: GNLN), the only US-listed vehicle purpose-built to hold BERA, the native token of the Berachain network, and to put that treasury to work inside the chain's Proof of Liquidity economy. A $110.7 million private placement led by Polychain Capital — half cash and stablecoins, half BERA — brought in a new board, new management and eventually Jason himself. Greenlane held roughly 77.7 million BERA at the end of the first quarter, close to a third of circulating supply, and grew BERA-per-share about 44 percent over three months while booking an $18.4 million net loss on fair-value markdowns. Jason’s view is that “chain revenue” as the industry reports it is largely a fiction: what those league tables measure is gas burned, money that is destroyed rather than routed to anyone. That bid is the revenue, and it flows back to token holders with a claim on it.