Berachain (BERA), a relatively new cryptocurrency, has experienced a massive price surge after Binance, the world’s largest crypto exchange, announced its support.
Binance’s Support Boosts BERA
Binance will add BERA to several of its services, including Binance Simple Earn, Buy Crypto, Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures. This move significantly increased BERA’s visibility and accessibility to a large number of traders.
What is Berachain and its Proof-of-Liquidity?
Berachain is a layer-1 blockchain that’s designed to be compatible with Ethereum’s Virtual Machine (EVM). Unlike many blockchains that use Proof-of-Stake (PoS), Berachain uses a Proof-of-Liquidity (PoL) consensus mechanism. PoL rewards validators for providing liquidity to the ecosystem, rather than simply for holding tokens. According to Berachain, this approach benefits users and applications more directly, promoting better price stability and network growth.
Price Surge and Retracement
The Binance listing sent BERA’s price soaring. It jumped from a low of $7.85 on February 5th to a high of $14.83 the following day—an impressive 89% increase. However, the price has since pulled back, currently trading around $9.22.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
