Berachain is a high-performance blockchain platform, compatible with Ethereum, which has successfully raised $42 million and currently has its testnet live, showcasing its unique Proof-of-Liquidity consensus mechanism for enhanced efficiency and fairness in decentralized networks. Anticipation is growing among its community for the upcoming Bera token airdrop, expected to reward testnet users when the mainnet launches, with a detailed guide available to ensure eligibility for this airdrop.
What is Berachain and How is it different from other blockchains?
Berachain is a blockchain platform that combines high performance with compatibility with Ethereum, a leading blockchain for smart contracts. It stands out because it uses a unique consensus mechanism called Proof-of-Liquidity. This approach is designed to ensure efficient operation and fair participation within the blockchain network.
At its core, Berachain is built on a framework called Polaris, which uses the CometBFT consensus engine. This setup makes Berachain compatible with the Ethereum Virtual Machine (EVM), allowing it to work seamlessly with Ethereum’s tools and operations. This compatibility is crucial as it enables developers to easily transfer or build applications between Ethereum and Berachain.
The platform is often described as an “EVM-equivalent-plus,” reflecting its ability to not only match Ethereum’s functionalities but also to offer additional features. These features are particularly optimized for blockchain use cases like decentralized exchanges (DEXs) and oracles, which are essential in the blockchain ecosystem.
Proof-of-Liquidity, Berachain’s novel consensus mechanism, addresses some of the key challenges in blockchain governance. It focuses on maintaining liquidity, preventing centralization of control, and aligning the interests of network validators and the broader ecosystem. This results in a more stable, efficient, and equitable blockchain network.
In essence, Berachain is a forward-thinking blockchain platform that provides an efficient, Ethereum-compatible environment, enhancing the landscape of decentralized applications and governance in the blockchain sphere.
Multi Token Structure in Berachain
Berachain introduces a multi-token structure within its blockchain ecosystem, catering to various functionalities and roles. This structure includes the BERA token for transaction fees, the BGT token for governance participation, and the Honey Stablecoin for stable value transactions. Each token plays a distinct role, from powering network operations to enabling user involvement in governance and providing a stable currency alternative.
BERA Token: This is the primary token used on the Berachain network, often referred to as the “gas token.” It’s used to pay for transaction fees, similar to buying gas for a car – it powers your activities on the blockchain.
BGT (Bera Governance Token): Unique to Berachain’s Proof of Liquidity model, BGT is a special token used for governance. Unlike BERA, it’s non-transferrable and can only be obtained by participating in specific network activities, like providing liquidity in Berachain’s native exchange (BEX) or engaging with authorized decentralized applications (dApps). BGT allows holders to take part in governance decisions, like voting on proposals related to the network, and can be converted to BERA, but not the other way around.
Honey Stablecoin: In the world of cryptocurrency, where prices can be very volatile, stablecoins like Honey offer stability. Pegged to the US dollar (1 HONEY ≈ 1 USDC), Honey aims to maintain a constant value. As of now, Honey can’t be acquired yet, but once the mainnet launches, it will be available for minting or purchase on BEX.
Origin of Berachain: What is the story Behind the ‘project’ and the ‘name’?
Berachain’s story is as unique as its approach to blockchain technology. It traces its origins back to a whimsical non-fungible token (NFT) collection named “Bong Bears,” launched in August 2021 by three of its four pseudonymous co-founders. This collection, known for its 100 distinctively ‘zooted’ bear NFTs, set the tone for the playful yet innovative spirit of Berachain. Interestingly, the project and one of its founders, Smokey the Bera, seem to playfully reference cannabis culture. However, in a twist of irony, Smokey has mentioned in an interview that none of the core team members are actually partakers.
The founding team, comprising Smokey the Bera, Papa Bear, Homme Bera, and Dev Bear, are self-described crypto natives who bring a sense of humor and deep understanding of the crypto world to the table. The name ‘Bera’ itself is a clever twist on ‘bear’, resonating with the crypto community’s unique lingo, especially the term ‘Hodl’, which has become a rallying cry in the crypto space for holding onto assets through market fluctuations.
Berachain Funding and Investors: How much Funding has Berachain raised?
Berachain, with its focus squarely on decentralised finance (DeFi), successfully closed a significant funding round, raising $42 million in its Series A, which valued the company at an impressive $420.69 million. This funding round, completed in December, was spearheaded by Polychain Capital, a renowned name in the world of cryptocurrency investment.
The round saw participation from a variety of venture capital firms, demonstrating strong confidence in Berachain’s potential. These firms included Hack VC, dao5, Tribe Capital, Shima Capital, CitizenX, and Robot Ventures. Additionally, several undisclosed centralized crypto exchanges also contributed to the round, highlighting Berachain’s appeal across different sectors of the crypto economy.
This successful fundraising underscores the market’s confidence in Berachain’s approach to DeFi and its potential to make a significant impact in the blockchain space, backed by a team that combines a deep understanding of crypto with a uniquely engaging approach.
Bera Testnet is Live; Mainnet in Q2 2024
Berachain has recently launched its public testnet named Artio, a significant step ahead of its anticipated mainnet release slated for the second quarter of this year. Berachain’s testnet debut follows a successful private test phase where approximately 50 teams deployed contracts.
This public testnet marks a critical phase in Berachain’s development, showcasing its innovative “proof of liquidity” consensus mechanism, designed to align incentives between network security and liquidity.
Currently, the testnet is garnering significant attention, with over 30 native teams actively building on it and more than 100 teams from other networks planning to deploy on both the testnet and the upcoming mainnet. T
his strong engagement underlines Berachain’s growing influence in the blockchain community and its potential to reshape the DeFi landscape.
Berachain Airdrop Guide: How to Be Eligible for the upcoming $BERA token airdrop?
A lot of crypto investors including us are anticipating a $BERA token airdrop in 2024, and in this guide, we will explain how you can be eligible for the upcoming $Bera token, when the mainnet goes live.
- Participating in the Testnet
- Staking Cosmos Ecosystem tokens
- Join their socials
- Completing the quests on Galxe
Let us first explain: how you can participate in the Berachain testnet.
Berachain Testnet Guide: How to take part in the Berachain Testnet?
Berachain’s testnet is now live and it’s free to use.
If you’re new and looking for free airdrop opportunities, this Berachain testnet guide is highly recommended. The whole process takes just about 10 minutes to complete. Let’s get started with the steps to use the Berachain Testnet.
To begin with the Berachain Testnet, follow these steps:
Getting Faucet tokens
Go to the website https://artio.faucet.berachain.com and enter your wallet address. This address can be sourced from Metamask or any other EVM-compatible wallet. Click on the “Drip Tokens” button as indicated in the provided image. The faucet tokens should arrive in your wallet within a timeframe of 2 to 5 minutes.
Note: After making a request for tokens, you can make another request only after a waiting period of 8 hours. Subsequent requests will follow the same interval.
Using Bera Dex
Now go to the Bera Dex at https://artio.bex.berachain.com/swap and click on the CONNECT button.
This will add Berachain Arctic testnet to your Metamask. Switch to the Berachain testnet and we are ready for the swap. Once there, swap 0.5 BERA for STGUSDC.
After that, head over to https://artio.honey.berachain.com. Set the tokens to STGUSDC – HONEY, approve the transaction, and then proceed to mint.
Using BEND – The Liquidity Protocol on Berachain
Now, go to Bend and supply and borrow some Honey. Bend is nothing, but a liquidity protocol building on Berachain.
Experience Perpetual trading
Go to BERPS and make some trades.
Experience the Governance Portal
Go to BGT Station, and experience the governance portal. Go with some of the validators, vote etc.
Interact with Beratrail
Experience the Berachain Explorer, an alternative to Etherscan for the Bera blockchain.
That’s it with the Berachain testnet. Repeat the same process multiple times. I recommend doing the above step at least 10 days, once per day.
Latest: Deploy a smart contract on Berachain
To do this:
- Visit Merkly
- Connect your wallet
- From the list of blockchains, choose the Berachain Testnet.
- Deploy and interact with the contract.
Now let’s move to staking.
Berachain Staking Guide for $Bera token airdrop
In 2023 and early 2024, inside the Cosmos ecosystem, numerous projects have initiated token airdrops, primarily targeting active stakers of various blockchains and decentralized applications (dApps). To position yourself favorably for the upcoming $Bera token airdrop, it’s advisable to stake prominent tokens such as ATOM, OSMO, TIA, KUJI, and SEI.
For a comprehensive understanding and step-by-step guidance on this staking process, you may refer to the “Cosmos Ecosystem Airdrop Guide.”
Additional Steps to get Bera token Airdrop
Given the likelihood that the eligibility for the Bera token airdrop might be confined to individuals who have engaged with the testnet or those who have staked tokens within the Cosmos ecosystem, it’s prudent to take additional steps. I recommend enhancing your engagement with the Berachain community by joining their Discord and following their Twitter.
Completing this quest on Galxe is also a recommended action. These proactive measures can potentially bolster your chances of being included in the $Bera token airdrop.
I hope you liked our guide on Berachain airdrop, and have learned a lot about the blockchain too. If you did, join us on Telegram and share this article on Twitter.