Bear market, bear chain
Recently, Dogecoin’s demand increased because of its use in the Layer 1 blockchain, Dogechain, primarily used for trading meme coins with no value. Many similar chains propped up after Dogechain’s success. Berachain also sounded like a “shitcoin” casino, with many rebasing NFTs. And that is exactly what my colleague, Anthony, wrote about. However, there’s more to it.
The Berachain team aims to build a multichain DeFi ecosystem. Berachain will have the ability to link to multiple blockchains built with Cosmos and Ethereum tech. It will enable staking of tokens like ETH, AVAX, and stablecoins, providing liquidity for its DeFi applications and acting as validators to secure the chain.
Although the team hasn’t revealed details about the project’s early investors, they have hinted at a few angels like DCF God and Small Cap Scientist. Plus, DAOs on Ethereum, like OlympusDAO and TempleDAO, have partnered with Berachain to add their treasury assets to secure and earn from Berachain. It should give the project recognition and liquidity in early stages.
The ideal way to benefit from such an ecosystem is by being early. Participating in testnets has been one of the go-to methods for earning airdrop tokens. According to the team, testnet will go live in Q4 2022.
Honeylist is the project’s version of allowlist for giving testnet access. Since the way to getting on the Honeylist is ambiguous, buying Bong Bears and other related NFTs appears to be the only way to have an entry pass into the ecosystem.
The cheapest NFTs have a high cost of around $750. However, there will be an opportunity to cover part of the minting cost through a free NFT drop. While the ultimate goal is to attain airdrops of native Berachain tokens, early testnet access will likely make users eligible for airdrop of future projects on the network. Some projects working on Berachain are dAMM protocol and Bond Protocol, and have already gained significant traction.
The cheapest set of bears in the Berachain ecosystem. Source: Opensea.
There are six sets of bears in the Berachain NFT collection. Anthony talked about the rebasing in detail in his last mail. In short, it means that existing NFT holders get free NFTs from new collections
After five rebases since the initial collection’s launch, the total supply of Berachain NFTs across six collections is 4,391. The supply looks relatively small compared to other NFT projects, which points to a substantial share of rewards for each holder.
Another rebase is likely to happen soon. If you get in now, you should be able to recoup some costs by minting the new collection’s NFT for free and selling it.
The team has hinted that the final rebase of the Bong Bears ecosystem will distribute Berachain tokens to holders. People with Honeylist report that minting the last Bit Bears NFTs was one of the early privileges given to them. Once again, signaling the importance of holding the bear JPEGs.
In the end, Berachain looks to create a multichain hub for DeFi, and it has a fair chance of achieving its goals. The project still remains under the market’s radar, which gives you an opportunity to gain early exposure.