Crypto.com has recently added Berachain to its list of supported tokens, marking another significant milestone for the project. Berachain (BERA) can now be purchased on the Crypto.com App using various fiat currencies, including USD and EUR, as well as over 20 other fiat options. This listing follows a series of recent listings on major centralized exchanges such as MEXC, Upbit, and Bithumb.
After being listed on Crypto.com, BERA saw its price reach an all-time high of $14.99 before experiencing a slight decline to around $7.65 at the time of writing. The project officially launched on Feb. 6 after a period of anticipation that included the release of its public testnet and securing over $100 million in funding.
Berachain has its roots in the popular NFT collection “Bong Bears,” created by a team of pseudonymous co-founders known as Homme Bera, Dev Bear, Papa Bear, and Smokey The Bera. The project has garnered attention for its innovative Proof of Liquidity consensus mechanism, although some have raised concerns about its fundraising approach, which initially focused on NFTs before transitioning to blockchain development.
Berachain operates as an EVM-compatible Layer 1 blockchain based on the BeaconKit framework, with its unique Proof of Liquidity consensus mechanism setting it apart from other proof-of-stake networks. BERA serves as both the gas and staking token for the network, while BGT and HONEY are additional tokens within the ecosystem. BGT is a staking token that can only be earned by providing liquidity to DeFi protocols on the blockchain, and it cannot be purchased directly. Users can choose to burn BGT to receive BERA, with burned BGT becoming irredeemable. Validators who stake their BGT tokens also earn HONEY, the network’s stablecoin, through protocol fees and user incentives.
Overall, Berachain’s listing on Crypto.com and its innovative approach to consensus mechanisms and ecosystem tokens have positioned it as a project to watch in the evolving blockchain landscape.