Berachain Testnet: A Comprehensive Guide
Berachain, a Layer 1 crypto project featuring a Proof-of-Liquidity consensus algorithm, has recently launched its testnet. This opens up exciting testing opportunities for crypto enthusiasts.
Berachain stands as a robust crypto network, boasting three native tokens: BERA, HONEY, and BGT. Participation in the Berachain testnet is open to everyone, offering a free and potentially lucrative experience. To aid users, we've crafted a detailed guide to navigating this testnet.
Introducing Berachain
Originally conceived as a bear-themed NFT collection released as a meme, Berachain has evolved significantly. Currently, six collections are actively traded on OpenSea, with the minimum price of a single token exceeding 0.2 ETH (equivalent to about $1000 at the time of writing).
The Bears (NFTs on Berachain) have soared in popularity: a single bear NFT is now purchasable for upwards of 6 ETH, with the highest-priced NFT fetching 694 ETH, equivalent to $1.6 million. This meteoric rise in their own collections spurred Berachain's anonymous creators to develop their own blockchain.
The Priciest NFTs from the Berachain Project. Source: pro.opensea.io
Data from the analytical resource Cryptorank shows that on April 20, 2023, Berachain garnered $43 million in investments from leading crypto funds like Polychain Capital, Shima Capital, Tribe Capital, Robot Ventures, among others. The latest investment round pegged the project's valuation at $420 million. However, this round occurred almost a year ago, leaving some investment activities under wraps.
Investments in the Berachain Cryptocurrency Project. Source: Cryptorank.io
Testnet Guide
As of the end of January 2024, the blockchain operates in a testnet mode. While there hasn’t been an official announcement of rewards for testnet participation, many influencers close to the project team have hinted at a possible future airdrop for testnet users.
To engage in testnet activities, you need to:
- Add the Berachain Artio network to your Metamask wallet, which can be done by connecting to the Chainlist website;
- BERA tokens are used to pay fees in Berachain and can be claimed every 8 hours from the official faucet;
- Once you have some BERA, part of it should be converted into HONEY — the second native token (out of three in the network). This can be done using the BEX Berachain.
The primary objective of the testnet is to accumulate BGT coins. This third native token cannot be purchased but can be earned through several methods:
- Trading on the Berps futures platform;
- Placing assets in one of two liquidity pools on BEX Berachain: SDG/HONEY and WBERA/HONEY;
- Depositing HONEY tokens in the Bend lending protocol.
Earning BGT is challenging. While BERA tokens can be claimed three times daily at no cost, all activities have a small percentage yield, so continuous claiming of BERA tokens and adding liquidity to pools is necessary.
Social tasks within the testnet include:
- Being active in the project's Discord and obtaining the Bera Cub role;
- Completing quests from Berachain on the Galxe platform.
Berachain NFTs: A Smart Investment?
Currently, the cheapest NFTs on Berachain are OOGA BOOGA TICKETS, with a minimum price of 0.2 ETH (whereas the price of the first “bear” exceeds 6 ETH).
The crypto community is confident that owning a Bit Bears NFT collection will positively impact both potential airdrops and future access to token sales (a mechanism similar to that used by Memeland's MEME token). This belief is reflected in the market: for example, the price of 1 token at the time of writing is 6 ETH, up from less than 1 ETH six months ago. (подібна механіка була реалізована з токеном MEME від Memeland).
Bit Bears NFT Collection on Berachain. Source: pro.opensea.io
Whether to invest in these assets is a decision each individual must make for themselves.
In Summary
Berachain is an exciting crypto project with three native tokens: BERA (used for commission payments), HONEY (for liquidity operations), and BGT (a governance coin earned exclusively through network activity). The project has an intriguing algorithm and suits both users with modest crypto deposits and those ready to invest in alternative, extravagant assets (note: this is not financial advice).
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