TechFlow reports, according to official news, Layer1 public blockchain Berachain has completed a $42 million funding round led by Polychain Capital. Participants include OKX Ventures, Hack VC, Dao5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, former partner of Dragonfly Capital, Mustafa Al-Bassam (co-founder of Celestia), Zaki Manian (co-founder of Tendermint), and 20 other DeFi project founders.
Berachain is an EVM-compatible Layer 1 blockchain built on the Cosmos SDK, secured by its Proof of Liquidity consensus mechanism. It introduces a novel three-token economic model known as the Bera Network, comprising BERA (the network's gas token), HONEY (an algorithmic stablecoin for the ecosystem), and BGT (a non-transferable governance token). The Berachain Discord community now exceeds 50,000 members, with over 100 teams building new and existing protocols on the recently launched local version of its development network (Devnet). The ecosystem has already secured more than $250 million in committed total value locked and will launch its public incentivized testnet in the coming weeks.
