What is Berachain?
Berachain is an EVM-compatible Layer 1 network built on the modular framework BeaconKit. It uses the Proof of Liquidity (PoL) consensus mechanism, designed to align the interests of ecosystem participants through network incentives and enhance the security of both the application layer and the network.
As of February 26, according to DefiLlama, Berachain's TVL (Total Value Locked) has reached $3.26 billion, ranking sixth behind Ethereum, Solana, Bitcoin, BSC, and TRON. Berachain has formed a DeFi ecosystem covering scenarios such as trading, lending, and derivatives, including Kodiak, Dolomite, Infrared Finance, etc.
How It Works
Proof of Liquidity (PoL)
Berachain's Proof of Liquidity (PoL) is a new economic mechanism that adopts a dual-token model:
- BERA – The native token for gas fees and staking. Validators stake BERA to secure the network and participate in consensus, with higher stakes increasing their chances of proposing blocks.
- BGT – The governance token earned by providing liquidity. BGT can be used for governance, boosting rewards, or staking in reward vaults to earn more BGT. Validators distribute BGT to reward vaults, which ultimately incentivize liquidity providers.
BeaconKit Framework
BeaconKit is a modular consensus layer designed for Ethereum-based blockchains. By separating the consensus algorithm from the execution environment, it allows the chain to run more efficiently and flexibly. It also supports various scaling features, such as custom block builders and data availability layers, to improve transaction confirmation speed and network efficiency.
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How to use Berachain with imToken?
Creating a Berachain account
To create a Berachain account, navigate to "My Profile" -> "Manage wallets" -> "Add", select the "Berachain" network, and confirm. Then, return to the wallet homepage to access your newly created Berachain account.
Receiving and transferring funds
In the Berachain account, you can click "Transfer" or "Receive" and then perform the corresponding operation.
Receiving
Click "Receive ", share the QR code or copy the address and send it to the other party.
Transferring
Click "Transfer", set the type and amount of token you want to transfer, enter the recipient's address, and then click "Next".
Note: Before making a transfer, please ensure that your account has sufficient BERA to cover the miner fee.
Experiencing Berachain’s ecosystem on imToken
Click "DApp" on the account homepage to view and experience recent popular DApps on Berachain.
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For best security on large amounts of crypto, consider our hardware wallet, imKey. imKey also allows users to use the Berachain wallet.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.