Berachain Secures $69 Million in Funding Round, Valued at $1.5 Billion
The platform includes the native gas token called bera, the honey stablecoin, and the non-transferable governance token BGT. Users can stake bera to earn BGT and participate in governance, receiving rewards in honey for their engagement.
Berachain, a decentralized finance (DeFi) project with a bear-themed approach, has reportedly raised over $69 million in its latest funding round. The funding was led by Brevan Howard Digital and Framework Ventures, positioning Berachain to achieve unicorn status with a projected valuation of $1.5 billion upon completion of the round, as reported by The Block.
Operating under pseudonymous co-founders, Berachain operates on the Cosmos network and is compatible with the Ethereum Virtual Machine (EVM). Its focus lies in DeFi trading, lending, and borrowing services, facilitated by its tri-token system. The platform includes the native gas token called bera, the honey stablecoin, and the non-transferable governance token BGT. Users can stake bera to earn BGT and participate in governance, receiving rewards in honey for their engagement.
In the previous year, Berachain successfully raised $42 million in a private token round led by Polychain Capital, with participation from Hack VC, Shima Capital, Robot Ventures, and Goldentree Asset Management.
Berachain is currently gearing up for the launch of its mainnet, slated for the second quarter of 2024. It introduced the public testnet named Artio in January as a precursor to the mainnet launch.
One of Berachain's distinctive features is its utilization of a unique consensus mechanism known as "proof of liquidity." This mechanism enhances security by incentivizing liquidity provision. Unlike traditional proof of stake networks, where users choose between staking with a validator or providing liquidity on a DeFi platform
