OKX Ventures, the prominent Web3 technology firm OKX’s investment arm, declared starting a strategic investment of several million in Berachain. Berachain is a DeFi L1 blockchain platform based in Cosmos. Polychain Capital is credited for leading the round. The rest of the participants take into account Tendermint’s co-founder Zaki Manian and many others.
OKX Ventures to Allocate a Strategic Investment in the DeFi Blockchain Berachain
Berachain is known as an L1 blockchain structured on Cosmos SDK. It is compatible with EVM and exhibits great performance. The platform’s exclusive proof-of-liquidity consensus permits the consumers to stake a set of crypto assets. The respective assets do not just improve the blockchain’s security. They also provide liquidity on the local decentralized perpetual and spot exchanges in addition to its local stablecoin HONEY.
The institutions, DAOs, protocols, and consumers can stake the ambient assets to earn block rewards as well as network fees in addition to supporting a large DeFi-based liquidity pool’s development. The ecosystem of Berachain has in advance obtained more than $250M tokens in Total Value Locked commitments. Moreover, it has a strategy to soon introduce an open incentivized testnet.
Berachain Team Focuses on Connecting BGT and BERA’s Tokenomics for Long-Term Supporters
An exclusive tri-token system has been launched by Berachain. The respective system is run by the local gas token BERA, the above-mentioned stablecoin HONEY, and the non-transferrable BGT governance token. The team targets to develop a valuable asset focusing on the ecosystem’s long-term supporters by connecting both BGT and BERA tokens’ tokenomics on the chain’s base layer.
OKX Ventures’ partner Jef Ren stated that Berachain is operating on the development of a more decentralized, inclusive, and accessible financial system to be accessible by everyone. As per Ren, the proof of liquidity consensus offers benefits to the DeFi sector while offering incentives for security and liquidity from the chain level.
