Blockchain Project Berachain Secures $69 Million for Mainnet Launch and Expansion
Currently, over 30 native project developers are actively building on Berachain, with an additional 100 teams from various networks planning deployments on both the testnet and mainnet.
Berachain, a blockchain project within the Cosmos ecosystem, has successfully raised $69 million in funding to expand its operations ahead of the upcoming mainnet launch.
The project, which introduces a bear-themed concept, reached unicorn status with this funding round, led by blockchain-focused venture capital firms Brevan Howard Digital and Framework Ventures.
The funding brings Berachain’s total valuation to over $1.5 billion, following a previous fundraising effort in April 2023 that raised $42 million through a private token sale, with participation from Polychain Capital, Hack VC, Shima Capital, Robot Ventures, and Goldentree Asset Management.
Berachain operates on a triple-token model, including bera (native gas token), honey (native stablecoin), and BGT (Bera Governance Token). Users can earn BGT through staking bera or other approved tokens, contributing to governance and receiving honey as a reward.
Berachain’s journey to mainnet success began with the private testnet, operated under a non-disclosure agreement, followed by the public testnet launch in January 2024. The platform has attracted significant interest, with 30 native project developers and over 100 external teams, including well-known projects like Pendle, Redacted, Sudoswap, and Abracadabra.
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The protocol’s unique “proof of liquidity” consensus mechanism requires users to provide liquidity to DeFi primitives to enhance network security, distinguishing it from traditional Proof of Stake networks.
Founded by anonymous developers known by pseudonyms such as Homme Bera, Dev Bear, Papa Bear, and Smokey the Bera, Berachain has garnered attention for its innovative approach, characterized by its bear-themed concept and cartoon bear imagery.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
