Crypto.com has just listed Berachain, following a string of recent listings on several major centralized exchanges.
Berachain (BERA) has officially been listed on the Crypto.com App, allowing users to purchase the token with USD, EUR, and over 20 other fiat currencies. This development adds another milestone for the fast-growing project, which has already secured listings on a few reputable centralized exchanges including MEXC, Upbit, and Bithumb.
Following its Crypto.com listing, BERA hit an all-time high of $14.99. However, the price has since dropped by nearly 50%, settling at around $7.65 as of press time.
Berachain officially launched on Feb. 6, after over a year of anticipation following the release of its public testnet. During this period, the project secured more than $100 million in funding.
Berachain’s origins can be traced back to the popular NFT collection known as “Bong Bears.” The NFT series was created by a four-person team of pseudonymous co-founders who go by the monikers Homme Bera, Dev Bear, Papa Bear, and Smokey The Bera.
The project has been gaining a lot of traction for its innovative Proof of Liquidity consensus mechanism. However, a gaming-chain executive expressed his concern about the project to The Block, criticizing the way Berachain first raised significant funds through NFTs before pivoting to build a blockchain later.
How does Berachain work?
Berachain is an EVM-identical Layer 1 blockchain built on the modular EVM-focused consensus client framework known as BeaconKit. It employs a novel Proof of Liquidity consensus mechanism, which differentiates it from typical proof-of-stake networks. BERA serves as both the gas and staking token for the Berachain network.
In addition to BERA, the Berachain network features BGT and HONEY. BGT is the staking token that can only be earned by providing liquidity to DeFi primitives on-chain, such as exchanges and lenders. Unlike traditional staking tokens, BGT can’t be purchased on the open market—it must be earned through active participation in the network. Users who acquire BGT can choose to burn it to receive BERA. Once BGT is burned, it becomes irredeemable. Validators who deposit their BGT tokens also generate HONEY, the network’s stablecoin, as rewards through protocol fees and user “bribes.”
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