VICTORIA, SEYCHELLES, April 20th, 2023 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced a strategic investment in Cosmos-based DeFi Layer 1 blockchain Berachain. The round is led by Polychain Capital, with participation from Hack VC, dao5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, the former partners at Dragonfly Capital’s liquid assets fund (now Brevan Howard) , Mustafa Al-Bassam, founder of Celestia, Zaki Manian co-founder of Tendermint, and over two dozen other DeFi founders.
Berachain is a Layer 1 blockchain developed on the Cosmos SDK, which is EVM-compatible and exhibits high performance. Its unique Proof of Liquidity consensus allows users to stake a collection of blue-chip digital assets that not only enhance the security of the blockchain but also offer liquidity on its native decentralized spot and perpetual exchanges, coupled with its native stablecoin $HONEY. By staking ambient assets, users, protocols, DAOs, and institutions can earn block rewards and network fees while supporting the development of a comprehensive DeFi liquidity pool. The Berachain ecosystem has already secured over $250 Million USD in TVL commitments and plans to launch a public incentivized testnet in the coming weeks.
Berachain has introduced a unique tri-token system comprising of BERA, the native gas token, HONEY, the aforementioned native stablecoin, and BGT, the non-transferrable “Bera Governance Token”. Users can earn BGT over time by staking BERA or other permissioned tokens, which allows users to receive HONEY generated by the underlying chain architecture as a reward for their participation in governance. The team aims to create a valuable asset for long-term supporters of the ecosystem by linking the tokenomics of both BERA and BGT tokens to the base layer of the chain and directing fees to stakers, while also addressing the issues faced by tokenized governance in the DeFi 2.0 era.
“Proof of liquidity is the first primitive aligning incentives between liquidity and security at the protocol level. Berachain has a unique opportunity to become the protocol with the greatest total accessible liquidity of any chain in existence — drawing in capital across the EVM and Cosmos ecosystems and enabling a range of trading activities while contributing to network security. If executed correctly, we’ll have built a protocol with the depth and velocity of capital of an off-chain solution combined with the transparency and customizable nature of an on-chain ecosystem.” said Smokey, founder of Berachain.
Jeff Ren, Partner of OKX Ventures, said:”Berachain is working towards creating a more accessible, inclusive, and decentralized financial system for everyone. The proof of liquidity mechanism is an innovation in DeFi that provides incentives to liquidity and security from the chain level. As OKX Ventures always embraces the future of decentralized development, we will provide holistic support to Berachain’s development in terms of capital, resources and ecosystem empowerment.”
About the Berachain Foundation:
The Berachain Foundation is the core contributor to the Berachain blockchain. Berachain is an EVM-equivalent layer-one blockchain built using the Cosmos SDK, working to build the deepest liquidity in DeFi.
About OKX Ventures
OKX Ventures is the investment arm of leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users.
OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX visit: okx.com
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