What are Bera, BGT And Honey.

June 29, 2024/in Berachain /by John Ming

Overview Of Berachain

Berachain is a high-performance, EVM-compatible Layer 1 blockchain known for its unique Proof-of-Liquidity consensus mechanism. Built on the Polaris framework and using the Comet BFT consensus engine, Berachain creates a synergistic environment between validators and its ecosystem.

Berachain tokens

$BERA

The $BERA token serves two main purposes on the Berachain network:

Activating validator nodes by staking: The economic worth of all $BERA tokens staked adds up to build the security of the chain.
Purchasing transactions on the blockchain ($BERA, also known as the “gas token”).

How to get $BERA

Testnet $BERA tokens are offered through various Berachain faucet

$BGT

The only way to obtain $BGT is to offer liquidity in PoL-eligible assets, such as liquidity on Bex. $BGT is not transferable.

Earning $BGT

Depositing funds for an LP pair that generates $BGT emissions in the native Bex.
$HONEY borrowed for Bend.

What can you do with $BGT

Governance

$BGT holders are responsible for a wide variety of ecosystem decisions, discussed in governance.

Burning for $BERA

$BGT can be burned 1:1 for $BERA. This is a one-way function, and $BERA cannot be converted into $BGT.

$HONEY

$HONEY is Berachain’s native stablecoin, designed to provide a stable and reliable means of exchange within the Berachain ecosystem and beyond.

How to Get $HONEY?

$HONEY can minted by depositing whitelisted collateral into the a vault, and minting $HONEY against that collateral.

The minting rates of $HONEY are configurable by $BGT governance for each different collateral.

Lending – Bend

Bend uses $HONEY by letting users add to the bend’s $HONEY liquidity pool and it earns interest on it by supplying.
For users that supply their $HONEY, they receive an equivalent token
$HONEY is the only asset that Bend accepts to earn an interest on.

Perpetual Futures – Berps

Berps uses $HONEY as the base token for all trading collateral, payouts, and deposits.
$HONEY holders can passively earn by providing trading liquidity in the $bHONEY vault

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