1. Project Introduction:

• Berachain is an L1 public chain based on Cosmos SDK and compatible with EVM, using liquidity proof to provide support. Berachain's technology is built on Polaris, a high-performance blockchain framework used to build EVM-compatible chains on the CometBFT consensus engine.
• Website: https://www.berachain.com/

2. Products and Innovations:

1. Products

• Berachain Protocol: An L1 public chain based on Cosmos SDK and compatible with EVM
• BEX: Berachain's native BEX, a place to acquire new tokens and provide liquidity
• Berachain Oracle: A fully integrated general price oracle with associated Cosmos modules and precompilations, allowing applications and users to interact through this module.

1. Innovations

• EVM Compatibility: Built on Cosmos-SDK, technically integrating EVM, making the development process easier and conducive to early ecosystem construction. Approximately 71 projects are built on Berachain, with some already launched, and the vast majority are native projects of Berachain.

Ecological project link:https://docs.google.com/spreadsheets/d/1tLOrxMnws6NX-0JMAIKH1ULFmjDYv2LVvYG8Lbv2kpU/edit#gid=659852632

• Polaris Framework: Berachain's EVM compatibility comes from the Berachain Polaris EVM library. Polaris provides an improved EVM experience and is a highly scalable interoperable EVM framework that is developer-friendly.
• Modularity: Provides a modular EVM framework to provide an execution environment for smart contracts on Berachain, allowing any project to use Berachain to integrate and build new modular EVMs.
• Innovative Consensus Mechanism: In contrast to Ethereum's proof of stake mechanism, BeraChain uses a liquidity proof mechanism, achieving coordination between network liquidity, equity centralization, and protocol and validator.
• Three-Token Model: Separates gas tokens and governance tokens, to some extent solving the problem of liquidity loss caused by token pledging.
• Meme Attributes and Community-Driven: With a good community atmosphere and meme culture, Bong Bears, an NFT series launched in August 2021 with a mint price of 0.0694E, has since released more related Bears NFTs.

According to statistics, the current total price is 400E+:

• 1 bond (63E)
• 2 boo (20.6E*2)
• 4 baby (10E*4)
• 8 band (5.68E*8)
• 16 bit (3.45E*16)
• Bong (169E)

3. Community and User Data:

1. Social Media:

• Twitter: https://twitter.com/berachain, 200K followers
• Telegram: https://t.me/BerachainPortal, 2332 members
• Discord: https://discord.com/invite/berachain, 150.9k members, 21.7k online

1. Testnet Data

• The testnet opened on the 11th and attracted over 300,000 users generating approximately 1 million transactions in the first 48 hours.
• There was a situation of the memory pool being full due to the massive requests, leading to the temporary suspension of the faucet to help alleviate network congestion. This situation had rarely occurred in the Cosmos ecosystem before.
• Currently, participation in the Artio testnet's Odyssey event can earn airdrop rewards.

4. Economic Model:

1. Adopting a Unique Three-Token Model:

Different from Ethereum, which has only one native token (ETH), and Terra, which has two types of tokens (LUNA, UST/SDT), Berachain has three native tokens:

• 1. $BERA: Gas token, used as network fuel, with 10% inflation.

Can be earned by validating transactions or providing liquidity on the Berachain platform.

• 2. $BGT: Mainnet token, governance token used for network governance, can be obtained by staking $BERA.

BGT is non-transferable, meaning it cannot be traded.

BGT can be obtained by performing certain operations in authorized dApps, such as:

• Providing liquidity in the native BEX
• Borrowing in Bend HONEY
• Providing HONEY for Berps in the bHONEY treasury

When delegating BGT to validators, it can be used to create governance proposals and vote on them. The allocation weight of staking rewards for various assets is determined by BGT governance, for example, deciding which LP pools receive BGT allocations. Once authorized, you will start receiving various rewards from the network.

BGT can also be burned 1:1 to convert into BERA. This is a one-way conversion; BERA cannot be converted into BGT.

• 3. $HONEY: Native consensus collateral stablecoin, designed to be close to 1 USDC, also a medium for protocol revenue distribution. Used for pairing with LPs and liquidity on Berachain, it helps guide liquidity for native projects built on the platform.

When the mainnet is launched, Honey will be able to be minted through the HONEY dApp or purchased on BEX.

2. How it Operates?

• Provide liquidity on Berachain using $BERA + $HONEY and other tokens to earn block rewards, gas fees, and BGT.
• Stake $BGT.
• Stake $BGT to earn $BERA + $HONEY + $BGT.

5. Financing and Team:

1. Financing:

April 20, 2023: Completed a $42 million Series A financing with a valuation of $4.2 billion. Participating investors include Polychain (lead investor), OKVentures, Shimano Capital, and RobotVentures.

In addition, there are some individual investors worth noting:

• Santiago Roel Santos: Former general partner at ParaFi Capital
• Zaki Manian: Head of Tendermint Labs and advisor to the Cosmos project
• Joey Santoro: Founder of Fei Protocol, providing valuable experience despite the project's failure
• Georgios Vlachos: Co-founder of Axelar, member of the Algorand founding team
• Mustafa Al-Bassam: Co-founder and CEO of Celestia

1. Team:

The team is anonymous, but being able to raise $42 million indicates that the team is not simple and likely has extensive connections and resources in the crypto field.

6. Conclusion:

• The unique three-token economic model, separating gas and governance, maximizes liquidity release, avoids harming active users participating in the network (such as users contributing a large number of transactions and gas), and resolves the contradiction between the activity of staking for governance and liquidity. Therefore, we are very optimistic that Berachain will lead DeFi innovation and create DeFi protocols with high liquidity and capital efficiency.
• As user numbers grow and fee income increases, Berachain will further attract more users and ecosystem projects, combined with the Berachain governance reward mechanism, forming a positive spiral cycle.
• However, it is also important to remain rational. The future development of Berachain, including the project itself, the growth of the ecosystem, and the security of the protocol, needs to be monitored as well.

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