In the past week, the most discussed topic in the community was not the Bitcoin spot ETF, but this new Layer 1 public chain - BeraChain.
Feifei brings you the explanation of the popular Layer 1 project - BeraChain and its project interaction tutorial. Two of the methods are zero-cost and all you need is hands-on experience! Everyone must interact with it as soon as possible, because it may be the next TIA. $TIA
Official website: https://www.berachain.com/
Twitter：https://twitter.com/berachain
Berachain is an EVM-compatible L1 based on DeFi, built on Cosmos SSDK and powered by proof of liquidity consensus. Berachain solves some of the most important problems in DeFi and the entire blockchain field, giving it the opportunity to extract assets from each EVM and Cosmos chain to build the deepest and most capital-efficient capital pool in existence, providing users with CEX-like capital depth and speed, as well as the transparency and customizability of CEX on-chain ecology.
In addition, Berachain has a triple token system of bera (native Gas Token), honey (native stablecoin) and BGT ("non-transferable" Bera governance token). On April 20, 2023, Berachain completed a $42 million Series A financing with a valuation of $420 million.
Berachain is in the same dimension as Ethereum, Solana, AVAX, and BSC. Although its competitor is Ethereum, Berachain is compatible with the EVM framework. In other words, developers can easily migrate projects written on Ethereum using the Solidity language to Berachain, which is very beneficial to the subsequent development of the ecosystem.
There are already many Layer 1 public chains in the market. What is so special about Berachain that attracts widespread attention from the market? The editor has sorted out three reasons: #layer1
First, the investment lineup. From the above content, we can know that on April 20, 2023, Berachain completed a $42 million Series A financing. This investment was led by the well-known Polygon Capital, and the familiar OKX Ventures is also one of the investors. Since last year, OK has gained a lot of attention with the Web3 wallet. It is basically certain that after Berachain issues Tokens, it will most likely be listed on OKX. The other investment lineups are also quite famous. For example, the founders of Celestia and Coinlist said that their angel investors, and other well-known DeFi projects also have a good relationship with Berachain, such as Pendle and Badger DAO team members. The main reason why the investment lineup is so luxurious is that their founding team is also a very senior DeFi OG, and they also have a certain influence in the industry.
Second, it is the prevailing MEME culture. Different from other public chains made by regular forces in the market, Berachain is a product made by a group of senior DeFi OGs, so the strong MEME attribute can easily be loved by KOLs in the currency circle at home and abroad. The Berachain community also uses its representative bear to make a lot of memes. Their community is very strong, which can be verified by entering Berachain's DC. There are also many old players of DeFi and NFT in the community, so this public chain is born with very strong community attributes. The attributes of MEME are really metaphysical in the currency circle, and it is an influence that cannot be ignored. This can be verified in PEPE, Dogecoin, and shiB. I believe everyone knows these MEME coins, right?
Third, the innovative public chain design from Berachain is the triple token system mentioned at the beginning. ETH, Solana, and AVAX all have only one token, and Gas coin is their governance token, but Berachain has three tokens, namely bera (native Gas Token), honey (native stablecoin) and BGT ("non-transferable" Bera governance token). Honey is a very simple token, it is a stablecoin. One Honey is equivalent to one USDC. In the future, Honey will be used extensively on the public chain Berachain for DeFi operations, which is an officially supported stablecoin. BERA and BGT are more complicated. BGT is the governance token of Berachain, which can determine the emission of public chain tokens and has voting rights but cannot be bought and sold. BERA is the gas coin of Berachain. When users trade on this chain, they need BERA to pay the gas fee. There are two ways to obtain BERA. One is to buy it directly and use stablecoins to buy BERA Tokens. The other is to use the obtained BGT to exchange BERA. It can be exchanged 1:1. As mentioned earlier, BGT cannot be bought and sold. If you want to cash out, you need to exchange it for BERA and finally sell it.
Since BGT cannot be bought and sold, how can it be obtained? This involves the core part of Berachain - Proof of Liquidity. Ethereum currently uses the PoS mechanism. Users who pledge ETH can become nodes to protect the security of the public chain and obtain ETH's inflation reward, which is about 5% per year. Therefore, the newly produced ETH will leave the original ETH pledgers. This is the PoS model. The disadvantage is that ETH's whales will get most of the inflation rewards, resulting in more and more concentrated ETH chips. The new concept of Proof of Liquidity (POL) proposed by Berachain simply means that if users want to obtain the governance rights of BGT's inflation rewards, they need to provide liquidity to the public chain. The more funds and liquidity users recharge to the public chain, the more BGT rewards they can get. In essence, this is the same as the DeFi liquidity situation, because as mentioned earlier, the Berachain team is the OG of DeFi, which is mentioned at the beginning. This is a public chain designed specifically for DeFI.
Under the operation of POL, the operating logic of Berachain (as shown above) is as follows. Users pledge BGT to designated validators, and validators can vote to decide how to distribute the inflation rewards of BGT Tokens, whether to give them to pool A or pool B of the exchange. Giving them to pool A means that users provide liquidity to this exchange and can earn BGT Token rewards. Therefore, we can know that this will lead to competition between different exchanges on the chain. Whoever can convince the validator to vote for themselves and get more BGT emissions will be able to attract more users to their platform with funds.
These healthy competitions will lead to exchanges competing to bribe validators, such as directly giving validators stablecoins or platform tokens as bribes, bribing validators and BFT stakers to vote to support their own exchanges. This is the benefit that BFT Token holders can get. This will not bring any harm to BGT holders, but will bring a flywheel effect to the entire public chain: user pledged assets HONEY > more liquidity > more liquidity and prices attract more traders > more transactions and more transaction fees > transaction fees are distributed to stakers through BGT, resulting in more BGT demand, thereby obtaining more HONEY > repeat the above flywheel.
Because BGT can only be obtained through BERA, the demand for $BGT = the demand for $BERA. Due to the existence of the flywheel, participants are more motivated to pledge their $BERA instead of selling it, which may make $BERA a very good accumulation token. At the same time, BGT is also a governance token, which can obtain more voting rights and better liquidity.
The above are the fundamentals of Berachain and the reasons why I am optimistic about Berachain. Next, we will move on to the second most important part of this issue, which is the interactive operation steps of the airdrop.
There are three ways to ambush Berachain. The first two methods are directly related to the project’s deep MEME culture, and may be airdropped to the cultural community.
Berachain Airdrop Method 1
The Berachain team has launched several series of NFTs before, so many well-known KOLs who interact with airdrops speculate that when the tokens are airdropped, corresponding airdrops will be given to the holders of these NFTs. At present, the price of NFTs has been hyped up. If you want to enter the market, the editor recommends waiting until the heat is not high before ambush. The specific NFT series are: Bong bears, Bond bears, Boo bears, Baby bears, band bears and bit bears. You can view these series of NFTs on OpenSea.
Berachain Airdrop Method 2
You can join Berachain's DC community and get as many identities as possible. Maybe there will be an airdrop based on the DC identity in the future. This is a zero-cost method, but it is very time-consuming, but that's how airdrops work.
Berachain Airdrop Method 3
On the 11th, the editor pushed the news of Berachain testnet to everyone in the community, and the third zero-cost interaction method is to interact with their testnet. Because the testnet was just announced not long ago, if we interact now, we will be the first batch of players. Without further ado, follow the editor's steps below to operate.
1. Add Berachain chain in Little Fox Wallet;
2. Go to the faucet website to claim the test token;
Enter the official faucet address, enter the wallet address, and click Apply to get the test token.
Faucet address: https://artio.faucet.berachain.com/
3. Replace the test BERA with STGUSDC;
On the Swap interface of the official website, we can exchange tokens; on the Pool interface, we can select a trading pair to add liquidity...
Swap address: https://artio.bex.berachain.com/swap
4. Go to each project to interact;
Enter the address below and interact with each project accordingly. The editor has sorted them out for you: Bex: exchange tokens/add liquidity, Honey: mint HONEY, BEND: deposit/borrow, Berps: contract leverage trading, BGT Station: delegate governance rights. You must complete all the tasks one by one, so that the chance and amount of airdrops will be greater.
Collection address of various projects: https://artio.faucet.berachain.com/#dapps
4. Finally, go to Galxe to complete all the tasks assigned by the project on the platform;
Galaxy Address: https://galxe.com/Berachain/campaign/GCjGGttCAG
Complete the relevant tasks, the answer to the multiple-choice question is: CDDDA, among which the Bera Club character is obtained randomly by active DC.
Well, the above is all about testing the interaction. DYOR, this is the crypto market after all, no one knows what will happen tomorrow, only by doing your own research can you really plan your strategy.
