Berachain is a new EVM-compatible blockchain that promises to revolutionise the ecosystem. Backed by a massive $42M in funding from heavyweight investors like Polychain Capital and dao5, Berachain is set to launch its native token, $BERA. For early adopters, Berachainâs ongoing incentivized testnet offers an opportunity to participate and potentially reap the rewards through a BERA airdrop.
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What is Berachain?
Berachain is adopting a Proof-of-Liquidity consensus model to provide network incentives in ways never seen before, creating a strong synergy between validators and the ecosystem of projects building on Berachain. The consensus mechanism makes sure that liquidity providers and validators work in tandem to support the network.
Running on Polaris, Berachain is designed to be scalable, secure and EVM-compatible. It is an ideal solution for developers looking to build decentralized applications. Berachain is rapidly gaining attention from both developers and investors.
Tokenomics: A three-tiered ecosystem
Berachain has a unique token structure that sets it apart. It features three distinct tokens, each with a specific role in the ecosystem:
- BERA: The networkâs native utility token used to pay for gas fees and secure the chain.
- BGT: A governance token that is non-transferrable and can only be acquired by depositing liquidity in the native Berachain Exchange (BEX). Interestingly, BGT can be burned 1:1 for BERA, meaning users can exchange governance power for liquidity.
- HONEY: The native stablecoin of Berachain, used for trading, staking and more.
These tokens work in harmony to balance network security, governance and liquidity, making Berachainâs tokenomics one of its most intriguing features.
â Are you lost with all these different types of tokens? Read our article about the meaning of CTO in crypto đ
How to participate in the Berachain Airdrop on testnet?
For those looking to get involved early (and possibly secure a future airdrop) participating in the Berachain incentivized testnet is a must. Below is a step-by-step guide on how you can engage with the testnet:
- Visit the Berachain Testnet Page
- Open the Berachain testnet page here.
- Navigate to Berachainâs official testnet dApps page to get started.
- Claim Testnet Tokens
- Click on the faucet icon in the top right corner of the page.
- Claim your testnet BERA tokens.
- Explore Berachainâs Dex
- Open Berachainâs DEX here.
- Connect your wallet and change the network to the Berachain testnet.
- Head to the âSwapâ feature and swap BERA for HONEY or other available tokens.
- Provide Liquidity
- Visit the âPoolsâ section to provide liquidity.
- Head over to the âHoneyâ section to mint some HONEY tokens.
- Leverage Trading on BERPS
- BERPS is Berachainâs native leverage trading platform where you can open long or short positions.
- You can open the BERPS page here.
- Simply connect your wallet and start trading.
- Stake Your Assets
- Open the âVaultsâ section at the top left of the page.
- You can stake $HONEY to earn rewards.
- Supply or Borrow on BEND
- BEND is Berachainâs lending platform to maximize your DeFi profits.
- Open the BEND page here.
- You can supply or borrow assets directly on the platform to start earning.
Each step you complete on the testnet increases your chances of earning rewards, including the much-anticipated BERA airdrop. Keep in mind, however, that while thereâs speculation surrounding the airdrop, itâs not guaranteed.
NFTs and intract quests
Berachain has also introduced the option to mint NFTs through its Intract Quests platform. You can complete quests, earn free XP, which can be used to mint exclusive NFTs. It adds another layer of engagement, creating more opportunities for you to interact with the Berachain ecosystem and benefit from its offerings.
To get started with Intract Quests:
- Open the Intract Quests page here.
- Complete the available tasks to earn XP.
- Use your XP to mint NFTs.
Berachain explained in 2 minutes:
Why should you care?
For early users, the potential for a BERA airdrop makes participating in the testnet campaign all the more exciting. Even though nothing is guaranteed, history has shown that early involvement in projects like this can be incredibly rewarding.
If youâre looking for more opportunities to get involved with projects that havenât launched their governance tokens yet, follow @NeoLowCap and never miss the next big DeFi airdrop!
Conclusion
Berachain has a very unique approach to liquidity, governance and tokenomics and with the backing of major investors and an incentivized testnet campaign, it is making some noise in the blockchain ecosystem. Stay engaged, complete the testnet tasks and keep an eye on the upcoming mainnet launch: Your participation could be more rewarding than you think.
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