Hello everyone, I am Ahan from the Xiangfang community. Today I will talk to you about BearChain.
Berachain originated from the Bong Bears NFT project, which was jointly initiated by some senior members of the OHM community and quickly attracted many investors from the OHM community. Now, Berachain has grown into a high-performance EVM-compatible blockchain, which is built on the Proof of Liquidity consensus mechanism. Its goal is to strengthen the cooperation between Berachain's validators and the project ecosystem and optimize the incentive structure of the network. On the technical level, Berachain draws on the Polaris framework, which is a high-efficiency modular system for EVM-compatible chains developed on the CometBFT consensus engine.
In April 2023, Berachain completed a $42 million Series A funding round at a market cap of $420 million, led by Polychain Capital, with participation from multiple investors including Ventures, Hack VC, and former partners of Dragonfly Capital.
Choosing EVM compatibility is an important strategic decision for Berachain. This has resulted in development tooling progressing at a rapid pace, with Foundry, Alloy, and Reth being a few notable examples. As the “Javascript” of Web3, EVM compatibility helps Berachain gain widespread adoption. The technical foundation of Berachain is Polaris, an EVM operating system built on the Cosmos SDK. Polaris "links" the EVM and Cosmos SDK through a message passing mechanism, allowing the construction, processing, and storage of program blocks to be independent of the execution process.
We cannot add complex logic without introducing new attack vectors or breaking compatibility by simply forking the existing Geth or other EVM frameworks. In order to verify perfect compatibility with EVM, Berachain even adopted OP Stack rollup as its settlement layer. This attempt was successful, and this compatibility is crucial for the integration of dApps.
Polaris provides protection against common attack paths and allows developers to add diverse components from different clients, which is a first in the Cosmos ecosystem.
In addition, Polaris has also launched a set of precompiled development toolkits, making it easier for developers to write precompiled programs for EVM.
As one of the most powerful bridging standards in the crypto space, IBC technology is developing rapidly through improvements in relay infrastructure, packet forwarding middleware, and multi-hop routing. ICA and query functions allow cross-chain operations to be performed asynchronously, creating a one-click experience.
As zkIBC grows, the Berachain team will benefit greatly from these technological advances. Users and dApps will gather around liquidity, and the ability to securely and easily move assets off of Ethereum will be a game-changing step.
Berachain's token economic model is unique, including the governance token BGT, BERA for paying gas fees, and Berachain's native stablecoin HONEY. Unlike other public chains, holding BERA does not grant governance voting rights, which is exclusive to BGT holders. HONEY is positioned as a stable medium of exchange, and users can mint HONEY by pledging USDC at a 1:1 ratio.
Berachain has raised $111 million, and the mainnet and airdrop plan are scheduled to be launched in the second quarter of 2024. BERA is expected to be one of the largest airdrops of the year. The Berachain ecosystem has covered a variety of projects such as DeFi, NFT, GameFi, such as the AMM DEX platform Beradex, the NFT market BeraMarketNFT and the domain name service Beranames. These projects are still in the early stages and are worth paying attention to and experiencing.
Although Berachain's mainnet is not yet online, compared to popular projects that have been active for some time, such as zkSync, LayerZero, and Linea, Berachain provides new opportunities for participation. For new players interested in emerging technologies, Berachain provides a platform to explore future airdrop opportunities. Compared with other first-layer public chain projects such as APT and SUI, Berachain represents new possibilities. Although the Ethereum ecosystem continues to grow, we still need more innovation to promote the diversified development of blockchain technology. Next week, the Akan community will open the participation quota of Bear Chain. Although the quota is limited, interested friends may wish to join us and explore new blockchain opportunities together.
That’s all for today’s sharing. I hope it can be helpful for your investment. See you next time!