What is Berachain? 🐻⛓️
Berachain is a Layer 1 blockchain that combines EVM-identical compatibility with an innovative Proof-of-Liquidity (PoL) consensus model. This unique architecture enables Berachain to swiftly adopt Ethereum upgrades, such as Dencun, while utilizing unmodified EVM clients like Geth and Nethermind. By aligning the incentives of validators, protocols, and liquidity providers, PoL enhances both network security and liquidity efficiency.
Originally launched as the NFT project Bong Bears, Berachain has since evolved into a formidable player in the blockchain space.
How Does Proof Of Liquidity Work?
Proof of Liquidity (PoL) is a unique consensus mechanism that sets Berachain apart from traditional systems like Proof of Stake (PoS). In PoL, participants are rewarded not only for securing the network but also for providing liquidity. Let’s break it down.
With Proof of Stake (PoS), validators stake tokens to validate transactions and help secure the network. In return, they earn rewards based on their staked assets. However, Proof of Liquidity (PoL) introduces a new dynamic. Validators not only stake tokens but also contribute liquidity to decentralized exchanges (DEXs) and liquidity pools. Rather than just locking up tokens, PoL validators actively use their assets to facilitate trades within the network. This dual function makes Berachain more efficient while maintaining security. Validators earn rewards both from their staking efforts and from trading fees generated by the liquidity they provide. For more information about Berachain, please refer to the official documentation here
Understanding the Functions of Berachain’s Tokens
Berachain operates on a tri-token system consisting of $BERA, $BGT, and $HONEY:
$BERA: Serves as the gas token for transactions.
$BGT: Functions as the governance token.
$HONEY: Acts as the native stablecoin.
Built on the BeaconKit framework and utilizing CometBFT consensus, Berachain offers both modularity and scalability. This makes it an ideal platform for developers seeking low-cost and high-speed blockspace for their applications.
Discover New NFT Collections
Discover exciting new and emerging NFT collections on Berachain. Easily navigate through collections by using the search bar, browsing featured collections in the carousel, or exploring the latest volume trends in the popular collections section
To start collecting NFTs on Berachain, visit Magic Eden’s EVM marketplace by simply navigating to https://magiceden.io/berachain
Please note that US users will be redirected to https://magiceden.us/berachain
How To Add Berachain To Your EVM wallet?
To add this network, simply connect to Magic Eden, select ‘Berachain,' and sign in. For an example using MetaMask.
Please note: Berachain is not currently supported in the Magic Eden wallet.
Alternatively, you can manually add Berachain using the following method:
Click Add a network manually from your Metamask wallet, and enter:
Network name: Berachain Mainnet
Network URL: https://rpc.berachain.com/
Chain ID: 80094
Currency symbol: BERA
Block explorer URL: https://berascan.com/
Once that is done, click approve and you will be good to go!
Bridging funds to Berachain
If you want to bridge to Berachain, we recommend using Berachain's token bridge. For detailed instructions, follow the prompts on their site.
Note: Magic Eden does not endorse or verify third-party bridge services. Please perform your own due diligence.
Ready to explore Berachain on Magic Eden?
You can now explore Berachain on our EVM marketplace!
If you have any questions, feel free to reach out to our support team. Simply open a ticket by using the chat widget.