BERA (BERA) טוקנומיקה

Berachain, a Layer-1 blockchain built on the Cosmos SDK with an EVM-compatible environment, utilizes a novel consensus mechanism called Proof-of-Liquidity (PoL). This mechanism is designed to align network security directly with on-chain liquidity provision, addressing the capital inefficiency often seen in traditional Proof-of-Stake (PoS) systems.

The Berachain ecosystem operates on a tri-token system consisting of:

1. BERA: The native gas and staking token.
2. BGT (Bera Governance Token): The non-transferable governance and security token.
3. HONEY: The native stablecoin, pegged to USDC.

Issuance and Incentive Mechanism

Berachain's tokenomics are centered around incentivizing liquidity providers (LPs) rather than pure stakers, which is the core innovation of the Proof-of-Liquidity model.

Proof-of-Liquidity (PoL) Consensus

The PoL model integrates liquidity provision directly into the consensus mechanism. Instead of rewarding stakers with token emissions, Berachain rewards LPs to core DeFi protocols and pools. This ensures that the capital used to secure the network is simultaneously contributing to its on-chain liquidity and Total Value Locked (TVL).

BGT Emission and Distribution

• Earning BGT: Users earn the non-transferable BGT by providing liquidity to selected native DeFi protocols on Berachain, such as the native decentralized exchange (BEX), perpetuals exchange (Berps), and money market (Bend).
• Directing Emissions: Staked BGT dictates the portion of BGT emissions that are routed to specific liquidity pools. This mechanism is similar to the veTokenomics model popularized by Curve.
• Validator Role: Users delegate their BGT to validators. Validators, in turn, produce blocks and use their delegated BGT to set the amount of BGT emissions earned by various DeFi pools via a module called x/berachef.
• Validator Rewards: Validators proposing a new block earn three types of rewards:
  1. BGT Inflation (emissions).
  2. A percentage of the trading fees, with the remainder distributed to their delegators.
  3. Gas fees paid by users for chain usage.

Bribe Mechanism

A bribing market is established where prospective liquidity pools can incentivize BGT holders to direct emissions toward their pool. This mechanism, labeled x/bribe, sends incentives back to the BGT delegators, encouraging competition among protocols for liquidity and enhancing network security and decentralization by attracting more delegators.

Allocation Mechanism

The initial total supply of BERA tokens at Genesis was 500 million. The allocation breakdown is as follows:

The airdrop is targeted at testnet users, participants in liquidity initiatives, social media contributors, and NFT holders, with a specific 2% allocation reserved for BNB holders on Binance.

Usage and Utility of Native Tokens

The Berachain ecosystem utilizes three native tokens, each with distinct functions:

The non-transferable nature of BGT means that all market value associated with the chain's security is channeled into the tradable BERA token, which is deposited into DeFi pools, thereby boosting the chain's TVL.

Locking Mechanism

The primary locking mechanism revolves around the BGT token and its role in the PoL consensus:

• BGT Non-Transferability: BGT is inherently non-transferable (cannot be traded on exchanges). It can only be earned through liquidity provision and is used for delegation to validators to secure the network and direct BGT emissions to specific pools.
• Delegation for Security: Users delegate their BGT to validators to participate in the consensus process. This delegation acts as the staking mechanism for network security. Delegators of BGT do not face the risk of slashing, which enhances security and stability for participants.
• BERA Creation: BERA is created by irreversibly burning an equal amount of BGT. This mechanism links the supply of the gas token to the governance token, providing a deflationary pressure on BGT.

For certain ecosystem initiatives, such as the uniBTC Berachain Vault, withdrawals are subject to a lock-up period. For this specific vault, withdrawals will be enabled 3 months after the Berachain mainnet launch.

Unlocking Time (BERA)

The BERA token has a structured unlock schedule for its initial allocation. The following table details the upcoming unlock events for the BERA token:

The largest single unlock event is scheduled for February 6, 2026, releasing over 55 million BERA tokens, which represents a significant 40.70% increase to the circulating supply at that time. Subsequent monthly unlocks are substantial, each adding 9.75% to the circulating supply. Historically, large unlocks (over 5% of circulating supply) have been associated with significant negative excess returns in the market, with the most substantial underperformance occurring in the 7-day period around the unlock date.