Berachain Closes $42M Funding Round Led by Polychain Capital

Layer1 public chain Berachain completes USD 42 million in financing, this round of financing is led by Polychain Capital, OKX Ventures, Hack VC, Dao5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, former partner of Dragonfly Capital, founder of Celestia Mustafa Al-Bassam, Tendermint co-founder Zaki Manian, and 20 other founders of DeFi projects participated in the round. Berachain is an EVM-compatible Layer 1 blockchain built on the Cosmos SDK and protected by an innovative Proof of Liquidity consensus mechanism. The Berachain token economy introduces the Bera network of the three-token system for the first time, with the network gas token BERA, the ecological algorithm stable currency HONEY and the non-transferable Bera governance token BGT. The current Berachain project Discord community has more than 50,000 members, and more than 100 teams are building new and existing protocols on the recently released local version of the development network (Devnet). The Berachain ecosystem already has over $250 million in committed total value locked and will launch a public incentivized testnet in the coming weeks.