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A team that used to work on NFTs suddenly started working on a public chain. What's so eye-catching about this?
Public chain: Berachain, whose tokens have not yet been launched, has raised more than 110 million US dollars. It is a public chain with its own community, consisting entirely of MEME and traders.
Background of the project
The project was initiated by four anonymous co-founders. Anonymous projects are usually not liked by everyone, including us, but institutions will conduct due diligence to understand relevant information. In 2021, they established an NFT collection Bong Bears. Bong Bears followed in the footsteps of OlympusDAO and created the first ever rebased NFT series, spawning several new series - Bond Bears, Boo Bears, Baby Bears, Band Bears and Bit Bears.
Berachain Introduction
Berachain is built on Polaris EVM, which is its EVM base operating system built on top of the Cosmos SDK. Polaris uses message passing to connect the EVM and the Cosmos SDK, separating block construction, processing, and storage from execution. Polaris is built with a simple, easy-to-integrate API designed to simplify the integration of EVM with applications, allowing developers to choose the components that best meet their needs and integrate the EVM environment into almost any application.
Polaris EVM also provides developers with state precompilation and the creation of custom modules, which developers can use to create more efficient and powerful smart contracts. The advantages of the Polaris framework include modularity, high configurability, high security, and high performance and efficiency.
Berachain Technology
Cosmos SDK
In order to eliminate the problem of ecological fragmentation between chains, Berachai is built on the Cosmos SDK and uses the CometBFT consensus engine, which enables Berachain to be seamlessly integrated with the Cosmos ecosystem.
This means that through IBC, cross-chain assets and data will no longer be a problem, and various projects in the Cosmos ecosystem can be connected.
Connect to existing projects' services instead of starting from scratch.
For example, Berachain has established a strategic partnership with Aave. Berachain will be able to quickly utilize Aave’s lending protocol to provide users with comprehensive lending services and help the development of the on-chain ecosystem.
Polaris Ethereum
The Polaris Ethereum technology developed at the same time can provide developers with a stronger EVM development experience.
Suppose a team is creating a decentralized gaming platform but runs into performance and customization limitations of the standard EVM.
Using Polaris Ethereum, the developer was able to take advantage of its advanced capabilities to create a custom opcode that optimized game logic processing directly on the blockchain.
In addition, developers can use stateful precompiled contracts to manage game states more efficiently, thereby enhancing the gaming experience and reducing transaction costs, making the gaming platform more scalable and user-friendly.
This means that the team can give us a better experience when building projects: faster speed, lower transaction costs...
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Market heat
The new public chain Berachain has completed a financing of US$42 million, led by Polychain Capital, with participation from Hack VC, dao5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, and OKX Ventures.
Berachain was valued at $420 million right at the start, and this is just the beginning. As the popularity increases, subsequent financing will also increase further!
The official account currently has more than one million followers, and was completed by BHDigitalAssets, hi, and Framework on April 12, 2024
Community Culture
1. Ponzi Culture
Berachain was initiated by veteran players in the DeFi community. Its founding team does not reject Ponzi culture, and the word “Ponzi” is even used in the community. Although it is compared by the market to Luna, which has a Ponzi model, it reflects its community culture.
2. Meme Culture
Berachain not only has Ponzi culture, but also incorporates Meme culture, which originates from the Bong Bears NFT project at its origin and is reflected in its name and founder Smokey. The entire community is also full of a unique Meme spirit.
3. NFT Culture
Since Berachain originated from NFT Collection, NFT has become one of its most representative cultures. For Berachain, NFT is as important as Token, bringing stronger consensus and stickiness to the community, which is reflected in the NFT issued by the founder and the NFT Collection issued by the ecological project that is linked to the Bear theme.
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Token Economic Model
The Berachain economy consists of 3 designated tokens, all of which serve their own fundamental purpose in the chain: $BERA for gas tokens, $BGT for governance tokens, and $HONEY for stablecoins.
$BERA: Serves as the network’s fuel fee and can be earned by validating transactions or providing liquidity on the Berachain platform.
$BGT: Used for network governance and can only be obtained by staking $BERA. $BGT holders who provide liquidity on Berachain will receive transaction fees. Staking $BGT will also receive actual returns on the stablecoin $HONEY on the network.
$HONEY: used for LP pairing with liquidity pairs on Berachain, it helps to guide liquidity for local projects built on the platform
Berachain separates gas and governance tokens to prevent issues:
Reserve governance rights for active users who pay high gas fees
Building a flywheel token for the development ecosystem
This separation ensures that they serve their intended purpose effectively.
Three-token flywheel
Here’s how it works:
Users who provide liquidity on Berachain using LP-$HONEY will receive block rewards in $BERA.
They stake $BERA ($BGT)
Users who stake $BGT will achieve a triple win: earn $BERA + $HONEY, making it an investment option.
Advantages of Berachain
1. In terms of consensus mechanism, Berachain adopts the most cutting-edge liquidity consensus proof mechanism, and realizes the coordination between network liquidity, equity centralization and protocols and validators through mechanisms such as liquidity providers, liquidity mining, liquidity proof and liquidity governance. In terms of the overall framework, Berachain uses Cosmos SDK and Polaris EVM to build a modular EVM framework to provide an execution environment for smart contracts on Berachain. Any project can use Berachain to integrate and build new modular EVMs.
2. In terms of token model, Berachain has created a unique three-token model, separating gas tokens and governance tokens, which to a certain extent solves the problem of liquidity loss caused by token staking.
3. In terms of culture, the Berachain community has a good atmosphere, has MEME culture, and does not exclude Ponzi, which greatly accelerates the construction and development of the Berachain ecosystem.
Summarize
Berachain's unique three-token economic model separates gas and gov, maximizes liquidity, avoids damaging the rights and interests of active users who actively participate in the network (such as users who contribute a large number of transactions and gas), and solves the contradiction between the activity of staking and participating in governance and liquidity. Berachain will lead DeFi innovation and create a DeFi protocol with high liquidity and high capital efficiency.
At the same time, with the growth of user volume and the increase of transaction fee income, Berachain will further attract more users and ecological projects to settle in, and combined with Berachain governance reward mechanism, a positive flywheel will be formed.
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