Layer1 public chain Berachain completes $42 million financing, led by Polychain Capital and participated by OKX Ventures.

BlockBeats News, on April 20th, the Layer1 public chain Berachain completed a $42 million financing round, with Polychain Capital leading the investment and participation from OKX Ventures, Hack VC, Dao5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, Dragonfly Capital's former partner, Celestia founder Mustafa Al-Bassam, Tendermint co-founder Zaki Manian, and 20 other DeFi project founders. It is reported that Berachain is a Layer 1 blockchain based on the Cosmos SDK that is compatible with EVM, and uses the Proof of Liquidity consensus mechanism for protection. The Berachain token economy introduces a three-generation token system for the Bera network, which includes the network gas token BERA, the ecosystem algorithmic stablecoin HONEY, and the non-transferable Bera governance token BGT. Currently, the Berachain project's Discord community has over 50,000 members, and over 100 teams are building new and existing protocols on the locally released development network (Devnet). The Berachain ecosystem has already committed over $250 million in total locked-in value and will launch a public incentivized testnet in the coming weeks.