Tier 1 Blockchain Berachain Receives $42M in Funding Round

Berachain, a Tier 1 blockchain team, has raised $42M in a funding round led by Polychain Capital. Other investors in the round include Hack VC, Shima Capital, Robot Ventures, Goldentree Asset Management, as well as Tendermint co-founder Zaki Manyan and Celestia founder Mustafa Al-Bassam.

Since the end of 2021, Berachain has been in development to enable users to lock tokens in staking while providing liquidity for DeFi protocols.

“For example,” a developer known as Smokey the Bera said in an interview with The Block, “if ETH could be used both to secure the Ethereum network and to interoperate in other DeFi protocols such as Uniswap and MakerDAO.”

The Berachain network is based on Cosmos SDK, using the Proof-of-Liquidity consensus mechanism and is compatible with the Ethereum Virtual Machine.

The native coins of the network are bera gas token, honey stablecoin, and the non-transferable BGT governance token.