Layer1 public chain Berachain completes $42 million financing, led by Polychain Capital with participation from OKX Ventures

ChainCatcher news reports that, according to official sources, the Layer 1 public blockchain Berachain has completed a $42 million financing round, led by Polychain Capital, with participation from OKX Ventures, Hack VC, Dao5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, former partners of Dragonfly Capital, Celestia founder Mustafa Al-Bassam, Tendermint co-founder Zaki Manian, and over 20 other DeFi project founders.

It is reported that Berachain is an EVM-compatible Layer 1 blockchain built on the Cosmos SDK, utilizing a Proof of Liquidity consensus mechanism for protection. The Berachain token economy introduces a three-token system for the Bera network, which includes the network gas token BERA, the ecological algorithmic stablecoin HONEY, and the non-transferable Bera governance token BGT. Currently, the Berachain project's Discord community has over 50,000 members, with more than 100 teams building new and existing protocols on the recently released local version of the development network (Devnet). The Berachain ecosystem has already secured a total committed locked value of over $250 million and will launch a public incentive testnet in the coming weeks. (source link)