Successful Fundraising of $69 Million USD by Berachain

Berachain is a successful Layer-1 project that has raised $69 million USD in funding and is currently in the development phase with a focus on DeFi applications.

Azcnews Breaking

The Layer-1 blockchain Berachain has successfully conducted a fundraising round worth $69 million USD, bringing the total valuation of this Layer-1 blockchain platform to $1.5 billion USD with significant participation from investment funds such as Brevan Howard Digital and Framework Ventures.

Previously, this Layer-1 project had successfully raised $42 million USD, leading to a valuation of $420 million USD – a significant milestone for a project that started with developing an NFT platform.

Currently, Berachain is deploying its testnet, which began in January 2024. This testnet deployment aims to open up for community testing after completing a closed testnet round for DeFi projects one month prior.

Related: Guide to Participating in the BeraChain Testnet Airdrop

Introduction to Berachain

Interface Berachain

Berachain, a Layer 1 blockchain built on Cosmos SDK and compatible with EVM (Ethereum Virtual Machine), has focused on DeFi and promises to be a high-performance smart contract platform, scalable and compatible with EVM, as well as interoperable with other chains.

Berachain has announced a development direction focused on building a platform to serve the development of decentralized finance (DeFi) solutions in the future, with existing compatibility with the Ethereum Virtual Machine (EVM). This project is developed on the Cosmos platform, using the Proof-of-Liquidity consensus mechanism to balance staking incentives and liquidity provision on the network.

Berachain also has three types of tokens, including BERA (fee token), BGT (staking and governance reward token), and HONEY (stablecoin). Users will receive BGT after providing liquidity for projects on Berachain, a non-tradable token. They can then burn BGT to receive BERA or delegate BGT to the network’s validators to receive HONEY.

(2 votes)

4.5/5

(2 votes)

Latest

Ripple’s Rlusd Stablecoin Officially Approved In Dubai

News | Editor Choice | Policy & Regulations

Ripple’s RLUSD Stablecoin Officially Approved in Dubai

Ripple’s RLUSD – the company’s new stablecoin – has just been approved in Dubai, marking a significant step in its global expansion strategy and reinforcing its position in the digital finance market.

Ig Group Is The First Company In The Uk To Offer Crypto Trading

Editor Choice | Policy & Regulations

IG Group is the first company in the UK to offer crypto trading

IG Group, an investment platform in the UK, has officially launched services for buying, selling, and storing cryptocurrencies for investors.

Russia’s Largest Bank Launches Bitcoin Linked Bonds

News | Bitcoin | Editor Choice

Russia’s Largest Bank Launches Bitcoin-Linked Bonds

Sber — Russia’s largest commercial bank — has made headlines by launching a Bitcoin-linked bond, marking a significant step toward integrating digital assets into the country’s traditional financial system.

Ethereum Foundation Restructures Staff, Renames Core Development Team

News | Altcoin | Editor Choice

Ethereum Foundation Restructures Staff, Renames Core Development Team

The Ethereum Foundation (EF) has recently restructured its core development team and reduced headcount to place greater emphasis on scalability and user experience.

Pi Network Launches Fruitypi To Enhance The Utility Of Pi

Pi Network | Editor Choice

Pi Network launches FruityPi to enhance the utility of PI

The Pi Core Team (PCT) has officially launched FruityPi, a game designed to enhance the utility of PI Coin.