Berachain, a blockchain project that has been in development since 2021, is gearing up for the launch of its mainnet on Feb. 6. The project, which is Ethereum Virtual Machine-compatible, has attracted significant attention in the crypto community, securing over $100 million in funding.
The mainnet launch of Berachain marks a significant milestone for the project, which has been in the works for several years. The team behind Berachain has developed a proof-of-liquidity chain, a consensus model that requires users to provide liquidity to DeFi primitives in order to secure the network. This unique approach sets Berachain apart from traditional proof-of-stake networks.
The EVM L1 of Berachain utilizes a triple token system, with BGT being used for staking, BERA as the native gas token, and HONEY as the stablecoin. Users can earn BGT by providing on-chain liquidity for decentralized finance protocols, and can burn BGT to receive BERA tokens. The project’s innovative tokenomics incentivize users to actively participate in the network and contribute to its security.
Berachain has its roots in the non-fungible token collection called “Bong Bears”, which gained popularity in the NFT space. The project is led by a team of pseudonymous co-founders, including Homme Bera, Dev Bear, Papa Bear, and Smokey The Bera. The team has successfully raised funding through a private token sale and a Series B round co-led by prominent investors.
As Berachain prepares to launch its mainnet, the crypto community is eagerly anticipating the opportunities that the project will bring. With its innovative proof-of-liquidity model and unique tokenomics, Berachain is poised to make a significant impact in the blockchain space. Stay tuned for the launch of Berachain’s mainnet on Feb. 6 and get ready to explore the expansive ecosystem of this exciting new project.