DeFi: Layer 1 Berachain completes Series A led by Polychain

Credit: Pixabay – LTapsaH

Berachaina new blockchain layer1 focused decentralized financehas just collected 42 million dollars from Polychain, dao5, Hack VC and others.

Thursday, Berachain announced a series A of 42 million dollars led by renowned crypto VC Polychain Capital. The deal brings its valuation to $420 million, according to a statement.

Founded by the creators of the NFT Bong Bears collection, Berachain is presented as a blockchain compatible EVM built on a consensus of proof of liquidity (proof of liquidity) using the Cosmos SDK.

The Canadian project wants to allow the use of staked assets in decentralized finance protocols to generate more liquidity and improve the efficiency of on-chain capital. He says his technology offers the ability to stake assets on Berachain and use them simultaneously in DeFi.

Berachain… provides the first structure that aligns the incentives between liquidity and security at the blockchain level, creating a huge opportunity to absorb the majority of liquidity and transform it for DeFi platforms to build on,” explained Olaf Carlson-Wee of Polychain Capital.

Layer1, which boasts more than $250 million in committed capital to deploy today, is now poised to launch a first testnet and plans to issue several tokens (BERA, BGT, HONEY).

The financing round of Berachain also counts the participation of other large investors with Hack VC, dao5, Tribe Capital, Shima Capital or Robot Ventures. The funds will be used by the project to expand its workforce.

“The consensus of proof of liquidity Will facilitate stickier liquidity and more efficient/resilient DeFi markets.” tweeted Tekin Salimi, the founder of Dao5.

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