Berachain is a DeFi-focused, EVM-compatible, L1 blockchain built on the Cosmos SDK, running on Proof of Liquidity consensus, and EVM-compatible. The project’s goal is to allow users to stake tokens while simultaneously providing liquidity to DeFi protocols. Berachain has a three-token system consisting of bera (native gas token), honey (native stable token) and BGT (non-transferable Bera Governance Token).
Berachain is an upcoming DeFi protocol, but it strives to be more than what the community has come to expect. While it has the support of a community built through previous projects launched on its NFTs platform, it has now established some features that differentiate it from the usual DeFi protocol we see in the ecosystem.
One of the main killer features of Berachain is its innovative approach to solving the problem of fractional liquidity. Fractional liquidity occurs when liquidity is fragmented across multiple assets; the liquidity pool dries up and becomes liquidity debt. The project’s approach is very unique. Instead of adopting the usual approach that other blockchains use, Berachain opted for a new system consisting of two fundamental parts:
Tri-Token System;
Proof of liquidity.
Investments:
Berachain has raised $42M in a private round led by Polychain Capital.
Thoughts:
If Berachain takes off, it could be one of the most explosive ecosystems we’ve seen in quite a while. Thus, it is very important to be prepared to capitalize on such opportunity, should it arise, and actively seeking out such projects in the early stages will undoubtedly be beneficial.
Berachain has a robust and efficient system backed by a strong and dedicated community. This is supported by innovative technologies such as the three-token system and proof of liquidity that underpin the network. It is still unknown how fully the network’s concepts will be implemented. But what is known for sure is the desire of the developers to ensure the success of the project.
Enticing rewards await testnet participants, making participation in testing even more attractive.
How to participate?
1 | Adding the testnet
Add the “Berachain Artio” testnet manually:
Network name: Berachain Artio
RPC URL: https://artio.rpc.berachain.com
Chain ID: 80085
Currency symbol: BERA
Block explorer URL: https://artio.beratrail.io
2 | Claiming test tokens
Visit this faucet and claim $BERA test tokens.
2 | Doing swaps
Visit the testnet website and connect your Metamask wallet;
Next, select the $BERA/$STGUSDC pair, enter the amount to be swapped and click “Preview”;
Then click “Swap”;
Done
Swapping $BETA for $BTC is the same, enter the amount and click “Preview”;
Then click “Swap”;
Done.
3 | Adding Liquidity
Switch to the “Pool” section and select the $BERA/$STGUSDC pair, click “+ Add”;
Enter the amount and click “Preview”;
Click “Approve stgUSDC” and “Approve Infinite”;
Then click “Add Liquidity”;
Done.
4 | Minting $HONEY
Go here and connect your Metamask wallet;
Swap $stgUSDC for $HONEY, click “Max”, then click “Approve STGUSDC” and “Approve Infinite”;
Next, click “Mint”;
Done.
5 | Supplying/Borrowing $HONEY
Supplying $HONEY
Go here and connect your wallet;
Click “Supply”;
Enter the amount of $HONEY, click “Approve stgUSDC” and “Approve Infinity”;
Then click “Supply”;
Done.
Borrowing $HONEY
Click “Borrow”;
Enter the amount to borrow and click “Borrow”;
Done
6 | Depositing $WBTC
Click “Deposit”;
Enter the maximum amount of $WBTC, click “Approve $WBTC” and “Approve Infinite”;
Then click “Supply”.
7 | Vault
Go here and connect your wallet;
Enter the amount of $HONEY to be deposited into the vault, then click “Deposit $HONEY”;
Done.
8 | Doing quests on Galxe
Visit the quests page, follow Berachain and do all of the quests.
The answers: C D D D A
9 | Discord Role
Join discord and chat in the chat rooms. Role is given personally by the chat admin for any merits, activity, help other users, memes, funny pictures. In general, you need to show that you are an active user and then the admin will notice you and give you a role!