Crypto:
30205
Bitcoin:
$68.412
% 1.37
BTC Dominance:
%54.1
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
Bitcoin:
$ 68.412
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

Bearish DeFi Project Berachain Raises $69 Million

Berachain

Berachain, a decentralized finance (DeFi) project built around a bear theme, is on the verge of achieving “unicorn” status after securing over $69 million in its latest funding round, according to sources close to the matter reported by Bloomberg.

Soaring Valuation After Token Sale

This funding round, led by Brevan Howard Digital and Framework Ventures, is expected to propel Berachain’s valuation to a staggering $1.5 billion. The funds were reportedly raised through a token sale.

Cosmos-Based DeFi Platform with Unique Tri-Token System

Built on the Cosmos blockchain and compatible with the Ethereum Virtual Machine (EVM), Berachain offers a suite of DeFi services including trading, lending, and borrowing. The platform leverages a unique tri-token system:

  • bera: The native gas token used for network operations.
  • honey: A stablecoin designed to maintain price stability.
  • BGT: A non-transferable governance token.

Berachain’s mechanism allows users to stake bera tokens to earn BGT governance tokens and receive rewards in honey for participating in platform governance.

Building on Previous Success

This latest funding round adds to the $42 million Berachain secured in a private token sale last year. That round was led by Polychain Capital with participation from prominent firms like Hack VC, Shima Capital, Robot Ventures, and Goldentree Asset Management.

Mainnet Launch on the Horizon

Berachain is gearing up for its mainnet launch, currently scheduled for the second quarter of 2024. In January, the project launched its public testnet dubbed “Artio.”

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Proof of Liquidity Consensus Mechanism

Berachain’s network employs a novel consensus mechanism called “proof of liquidity.” This mechanism, according to the Berachain team, bolsters security by incentivizing increased liquidity. Unlike traditional proof-of-stake networks where users can choose between staking with validators or providing liquidity on DeFi platforms, Berachain’s proof-of-liquidity system mandates users to contribute liquidity to specific DeFi primitives before participating in network security.

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