Users will be able to stake assets on Berachain and use those assets for on-chain trading, borrowing, and lending at the same time thanks to the “proof-of-liquidity” consensus mechanism.
The DeFi-focused Layer 1 platform Berachain revealed on Thursday, April 20, that it had successfully raised $42 million in Series A funding, valued at $420 million.
Along with additional investors like da05, Hack VC, Tribe Capital, CitizenX, Shimla Capital, and Robot Ventures, Polychain Capital oversaw the funding, which was already completed in December 2022. Along with it, a number of unnamed centralized exchanges also made the decision to take part.
The Berachain DeFi-focused project has generated a lot of buzz in the cryptocurrency world.This product was launched by three anonymous entrepreneurs who identified themselves as crypto natives: Papa Bear, Smokey the Bera, Dev Bear, and Homme Bera.
Layer 1 Berachain has its roots in the NFT collection Bong Bears, which was created in August 2021 by three co-founders who went by pseudonyms. “100 absolutely zooted NFT bears getting baked” is how Berachain describes the event on OpenSea.
The project’s name and that of its creator, Smokey, are both total misnomers.