Bloomberg reports that Berachain, a Cayman Island-based company creating a high-performance blockchain for financial applications that is compatible with Ethereum, has raised $69 million in funding.
Lead investors in the round, Framework Ventures and Brevan Howard Digital, valued the company at $1.5 billion.
The money will be used by the business to keep growing both its operations and its growth initiatives.
Based on Proof-of-Liquidity consensus, Berachain is a high-performance blockchain that is compatible with EVMs. A unique consensus technique called Proof-of-Liquidity seeks to harmonize network incentives and foster mutual benefit between the ecosystem of projects and Berachain validators. Polaris, a high-performance blockchain framework for creating EVM-compatible chains on top of the CometBFT consensus engine, is the foundation upon which Berachain’s technology is based.
Concerning Berachain
A new Layer 1 blockchain with a DeFi focus called Berachain aims to better match app developers and validators with applications that are built on the network.
This chain has built-in DeFi capabilities and is interoperable with Ethereum Virtual Machines (EVMs) thanks to the Cosmos SDK.
Berachain’s staking token, which is fueled by a unique consensus technique known as Proof-of-Liquidity, can only be acquired by lending liquidity to various network apps.
The chain is launching with several exclusive features and proprietary tools, such as three native tokens, a specially designed EVM named Polaris, and liquidity pools driven by validators.
