Berachain, a new Layer 1 blockchain project, has raised $42 million in a token round led by Polychain Capital.
Berachain has been under development since late 2021 and began raising for the round
The project aims to allow users to stake tokens while providing liquidity to DeFi protocols in parallel. The Berachain network is being built on the Cosmos SDK, using a"proof of liquidity" consensus mechanism, and will be compatible with the Ethereum Virtual Machine . Currently available as a development network , Berachain is expected to release a public incentivized testnet in the coming weeks and potentially a mainnet later this year, according to Smokey the Bera.
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