Figment has been active on Berachain’s testnets for over a year, and with Berachain now live on mainnet we’re thrilled to continue to provide best-in-class validation services in a live environment. Ready to stake BERA or BGT? Reach out to our team today.
What is Berachain?
Berachain is an EVM-compatible Layer 1 that uses Proof-of-Liquidity consensus, a fundamentally new approach to securing the network that aligns incentives between users, validators, and applications.
Of Berachain’s three native assets ($HONEY, $BERA, and $BGT), two of these play an integral role in proof of liquidity. BERA, the network’s gas token, is staked directly to validators for the right to secure the network. BGT, Berachain’s governance and delegation token, can only be acquired by providing liquidity to governance-approved applications. BGT holders can then either delegate their BGT to validators or burn BGT to receive BERA at a 1:1 ratio.
As validators produce blocks, they direct a majority of their BGT emissions to liquidity providers for applications of their choice. Applications compete for BGT emissions by offering token Incentives to validators and their delegates. This system creates an incentive flywheel between validators, users, and applications, driving BGT (and as a consequence, liquidity) to the applications who are most willing and most able to pay for it. To learn more about Proof of Liquidity, you can read our article here where we take a deep dive into Berachain’s proof of liquidity consensus.
The Berachain Boyco program allows upcoming Berachain dApps to incentivize pre-deposits, with over 3 billion dollars of deposits from over 145K unique addresses over the past month.
Figments Involvement
At Figment, we’re thrilled to see Berachain go live on mainnet. With its novel Proof of Liquidity consensus mechanism, diverse ecosystem of apps, diehard community, and over three billion dollars in pre-launch deposits, Berachain is set to be one of the most exciting new network launches of the year.
If you’re interested in staking your BERA or BGT with Figment, schedule a meeting with us.
