Berachain Token: Finding your honey in the DeFi world

Berachain is a bear-themed DeFi project run by pseudonymous co-founders: Homme Beta, Dev Bear, Papa Bear and Smokey the Bera. Recently, the project secured $69 million in funding led by Polychain Capital, with Hack VC, shims Capital,Robot Ventures, Goldentree Asset Management and others participating. Through the use of high-performance consensus mechanism, Berachain hopes to bring greater scalability, better security and a phenomenal user experience for its customers.

Berachain’s tri-token system

Berachain operates on its tri-token system, focusing on DeFi trading, lending and borrowing services. Berachian’s tri-token system consist of:

Bera: The native gas token used for transaction fees

Honey: A native stable coin facilitating stable transactions within the ecosystem

BGT: A non-transferrable” Beta Governance Token used for protocol governance

Users earn Bera Governance Tokens by providing liquidity to pools with BERA tokens. These tokens can then be delegated to validators who secure the network and distribute block rewards based on BGT holdings.

This tri-token model decentralizes network operations, enhancing security and minimizing single points of failure.

For multiple uses

BEX allows users to add liquidity to an asset pool and receive trading fees and incentives. By tapping into the house of pools that Berachain provides, which the users can use to generate BGT rewards, which could be staked later with validators to participate in governance.

Bends allow users to supply assets (like ETH, BTC and USDC) in order to earn interest and rewards. On Bend, users can deposit collaterals to contribute to platform liquidity, earn BGT rewards by utilising and borrowing HONEY within the ecosystem.

Berps provides users with endless trading opportunities with a wide array of asset access EVM and Cosmos.

Beracademy

According to it twitter account, Berachain is launching its proprietary program called the Beracademy. This will be taking place at EthCC from the 9th-10th July. This two day event will feature takes from core eco partners, where they will be invited to talk about a variety of topics such as the cost of protocol liquidity, infrared IBGT and more.

The mysterious founders behind Berachain

Although the identify of the founders behind the Berachains is mostly unknown, but there are still bit of information online about these mysterious bunch. According to Smokey the Bera, he and the other cofounders have known each other for several years, and have previously worked in industries including healthcare, venture capital and technology. It is also revealed that all the co-founders are based in Canada, Toronto.

Smokey the Bera also added that building pseudonyms online in crypto isn’t something new as it helps the company from a safety, privacy and legal point of view.

It’s not worth the risk

Should you invest in Berachain? While Berachain offers exciting opportunities in the DeFi space, the inherent risks may outweigh the potential rewards. The anonymity of its founders raises concerns about the security and trustworthiness of the investment. Despite its growing popularity and positive online reception, this does not guarantee safety. Investing in Berachain should be approached with caution. Thorough research and due diligence are essential before committing your money to such a venture.