Berachain, created by anonymous developers, has successfully raised over $100 million to advance its unique EVM-identical blockchain that utilizes a proof-of-liquidity consensus mechanism. Initially launched as an NFT project named Bit Bears, Berachain has developed a lively community, described by Vance Spencer of Framework Ventures as one of the most enthusiastic in the crypto space. As anticipation grows for its mainnet launch, humorously hinted to occur in “Q5, ” the community is preparing actively. **What is Berachain?** Berachain operates on the Cosmos SDK as a layer-1 blockchain employing a proof-of-liquidity model that aims to improve upon traditional proof-of-stake systems. Users can contribute liquidity using the native BERA tokens and earn Bera Governance Tokens (BGT), which are used to reward validators. These validators govern BGT inflation and distribute block rewards. **How to Engage with Berachain Before Launch?** Although the mainnet isn't live yet, users can participate through several initiatives: 1. **Pre-deposit Vaults:** Investors can provide liquidity before the mainnet via platforms like StakeStone and EtherFi, depositing cryptocurrencies such as Bitcoin and Ethereum to earn early rewards.
Over $2. 1 billion has been deposited in these vaults, primarily through EtherFi. 2. **Boyco Program:** This pre-launch liquidity initiative addresses the short-term rewards issue for users, enabling them to provide liquidity for upcoming protocols and earn BERA incentives and multipliers based on their contributions. 3. **Testnet Participation:** Users can engage with Berachain's testnet using Ethereum-compatible wallets to explore over 100 protocols. They can request BERA tokens from four faucets to interact within the testnet. 4. **Community Initiatives:** Berachain supports community-driven projects, including NFTs and other initiatives, by providing rewards to endeavors that enhance the ecosystem’s growth and engagement. **Future Benefits and Token Airdrop Potential:** The native BERA token will serve various functions in the network and may be allocated to participants in pre-launch activities. Although an official airdrop has not been confirmed, speculation suggests a possibility, with a significant likelihood according to market predictions. Overall, Berachain's active community and upcoming initiatives set the stage for widespread engagement leading up to its mainnet launch.
Berachain Raises $100 Million for Unique EVM-Identical Blockchain and Upcoming Mainnet Launch
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An original version of this article appeared in CNBC's Inside Wealth newsletter, written by Robert Frank, which serves as a weekly resource for high-net-worth investors and consumers.
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