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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
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.
