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Berachain Raises $42 Million to Launch Yet Another Layer 1 Blockchain

Bear-themed crypto project Berachain, run by pseudonymous co-founders Homme Bera, Dev Bear, Papa Bear and Smokey the Bera, has raised $42m to launch a new Layer 1 blockchain. Polychain Capital led the funding, with Hack VC, Shima Capital, Robot Ventures, Goldentree Asset Management and others participating. Berachain has a tri-token system and aims to allow users to stake tokens while providing liquidity to DeFi protocols simultaneously. The network is being built on the Cosmos SDK, using a "proof of liquidity" consensus mechanism, and will be compatible with the Ethereum Virtual Machine (EVM). Berachain is expected to release a public incentivized testnet in the coming weeks and potentially a mainnet later this year.

(By Yogita Khatri)

Layer 1 Blockchain
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