اقتصاد توکنی BERA (BERA)

Berachain, a Layer-1 blockchain built on the Cosmos SDK with an EVM-compatible environment, utilizes a unique Proof-of-Liquidity (PoL) consensus mechanism. This system is designed to align network security directly with on-chain liquidity provision, employing a tri-token model consisting of BERA (gas token), BGT (governance token), and HONEY (native stablecoin).

Issuance Mechanism

Berachain's issuance mechanism is centered around the Proof-of-Liquidity (PoL) consensus model, which rewards liquidity providers (LPs) rather than pure stakers, aiming to increase capital efficiency.

• Dual Token System: The system relies on two primary tokens:
  • BERA (Gas Token): Used to pay transaction fees on the network. BERA can be created by irreversibly burning an equal amount of BGT (1:1 ratio).
  • BGT (Bera Governance Token): A non-transferable token that serves as both the governance token and the proof-of-stake security token.
• BGT Emissions: BGT is earned via emissions distributed to users who provide liquidity in selected pools. The amount of BGT emissions routed to specific liquidity pools on native DeFi protocols (such as the DEX, perpetuals exchange, and money market) is dictated by staked BGT.
• Validator Role in Emissions: Validators, who receive delegated BGT, produce blocks and set the amount of BGT emissions earned by various DeFi pools. They route future BGT inflation (rewards from block production) through a module called x/berachef.

Allocation Mechanism

The initial allocation of the BERA token at Genesis was set at 500 million BERA tokens, distributed across several categories:

The community allocation is further broken down:

• Airdrop: 15.8%
• Community Initiatives: 13.1%
• Ecosystem R&D: 20.0%

Usage and Incentive Mechanism

The tokenomics are structured to incentivize liquidity and network security simultaneously through the PoL model, which is similar to the veTokenomics popularized by Curve.

Token Utility

Incentive Mechanisms

1. Proof-of-Liquidity (PoL): This mechanism ensures that securing the network also contributes to its liquidity. Liquidity providers (LPs) to core DeFi protocols are rewarded with BGT emissions.
2. Governance Power and Emissions Direction: BGT holders delegate their tokens to validators. The amount of BGT delegated to a validator determines the portion of BGT emissions that validator controls. Validators then direct these emissions to specific liquidity pools, creating a competitive environment where protocols compete for liquidity by offering attractive incentives.
3. Bribe Mechanism: A "bribe" market is established where prospective pools can incentivize liquidity by paying BGT holders to direct emissions to their pool. This mechanism helps validators attract more delegators, enhancing network security and decentralization.
4. Validator Rewards: Validators proposing a new block earn three types of rewards:
   • BGT Inflation (emissions).
   • Trading Fees (a percentage of the fee, with the rest distributed to delegators).
   • Gas Fees (paid by users for chain usage).
5. Value Capture: The blockchain itself captures value by retaining fees from swapping between USDC and HONEY (peg stability fees) and fees generated by the Berps perpetual DEX.

Locking Mechanism and Unlocking Schedule

Locking Mechanism

• BGT Non-Transferability: The BGT governance token is non-transferable (i.e., cannot be traded). This mechanism forces the market value associated with the chain's security to be reflected in the tradable BERA token, as BGT can be burned 1:1 to obtain BERA.
• Delegation Security: Delegators of BGT no longer face the risk of slashing, which increases security and stability for participants.

Unlocking Time (BERA)

While specific vesting schedules for all allocation categories (investors, core contributors) are not fully detailed, the data provides a schedule for future BERA token unlocks, indicating a long-term vesting period.

For the BERA token, significant monthly unlocks are scheduled starting in mid-2027 and continuing into 2028. These unlocks represent a substantial percentage of the circulating supply at the time of the event.

The following table details the largest scheduled BERA unlocks:

Note: The data indicates that each of these monthly unlocks represents an increase of approximately 10.1% to the circulating supply, which is considered a large unlock event.

Additionally, for certain ecosystem vaults, withdrawals are enabled 3 months after the Berachain mainnet launch.