Bong Bears NFT Founders Raise $42M for Berachain
Berachain, a layer 1 blockchain focused on decentralized finance (DeFi) and built by the team behind Bong Bears NFTs, raised $42 million in its Series A funding round at a valuation of $420.69 million according to a CoinDesk report.
- Berachain was launched by pseudonymous founders, originating from the Bong Bears NFT collection
- It aims to improve liquidity and capital efficiency in DeFi protocols
- Berachain will launch BERA, its native gas token, BGT, its governance token, and HONEY, a stablecoin
Berachain, a Cosmos-based blockchain project, was founded by the pseudonymous Bong Bears NFT team.
Berachain's technology plans to allow staked assets to be used in DeFi protocols, creating more liquidity and capital efficiency on-chain. The project's "proof of liquidity" consensus is designed to enable users to stake assets on Berachain and simultaneously use those assets to trade, borrow, or lend on-chain.
The Bera ecosystem already has over $250 million in committed capital, and a public incentivized testnet is set to launch soon. Berachain will also introduce BERA, its native gas token; BGT, its governance token; and HONEY, a stablecoin.
❗️Why It Matters
Berachain was born out of the creation of an NFT community, but took the opposite approach of many - going from NFT to full L1 Blockchain. Most others have organizations or founding teams have utilized their notoriety elsewhere to generate NFTs (which normally much easier to create). The initial report does not indicate whether Bong Bears or any of the other ecosystem NFTs will be rewarded as part of the blockchain launch, but the CoinDesk report does indicate that Berachain will have a publicly-incentivized beta period.