BERA（BERA）代幣經濟學

Berachain introduces a novel tokenomics model centered around its Proof-of-Liquidity (PoL) consensus, combining elements of DeFi, governance, and staking to align incentives for users, validators, and liquidity providers. Below is a comprehensive breakdown of the token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

Token Overview

• BERA: Native gas token for transaction fees and network operations.
• BGT (Bera Governance Token): Non-transferable governance token, can be burned 1:1 for BERA.

Issuance Mechanism

• Proof-of-Liquidity (PoL):
  • Validators must stake BERA to propose blocks.
  • Users delegate BGT to validators, increasing their reward emissions.
  • Validator rewards are distributed from a central Rewards Vault, proportional to the amount staked and delegated.
  • BGT is routed through liquidity pools (DEX Pool A/B), incentivizing liquidity provision.
  • Future BGT inflation (block rewards) is managed via the x/berachef module, with a bribe mechanism (x/bribe) to further incentivize delegates.

Allocation Mechanism

Unlocks are typically instant for the first portion after the cliff, then distributed linearly (monthly) over 24 months.

Usage and Incentive Mechanism

• Staking & Delegation:
  • Users delegate BGT to validators, who in turn stake BERA to secure the network.
  • Delegators and validators receive rewards from the Rewards Vault, proportional to their stake and delegation.
• Liquidity Provision:
  • BGT is routed to DEX pools, incentivizing liquidity providers and integrating DeFi yields with network security.
• Bribe Mechanism:
  • Additional incentives (bribes) can be sent to delegates, further aligning user participation with network health.
• Governance:
  • BGT holders participate in governance, influencing protocol upgrades and reward distribution.
• Burn Mechanism:
  • BGT can be burned 1:1 for BERA, providing a deflationary pressure and utility for governance tokens.

Locking and Unlocking Mechanism

• Cliff and Linear Vesting:
  • Most allocations (Ecosystem, Community, Contributors, Investors) have a 1-year cliff, after which 1/6th is released instantly, and the remainder vests linearly over 24 months.
• Airdrop:
  • Airdrop allocations are distributed instantly and daily, with a portion unlocked immediately and the rest over a set period.
• No Unlocks in Recent Week:
  • As of the last week of July 2025, no new unlocks have occurred, indicating a period of stability in circulating supply.

Circulating Supply and Recent Trends

• Circulating Supply:
  • As of July 31, 2025, the circulating supply of BERA is approximately 122.1 million tokens, showing a steady increase over the past week.
• Futures Volume:
  • BERA futures trading volume has fluctuated between ~$24.6M and ~$74M daily in the last week, indicating active market participation.
• Revenue:
  • Daily protocol revenue remains modest, with occasional spikes, reflecting early-stage adoption and ongoing ecosystem development.

Summary Table: Berachain BERA Tokenomics

Additional Insights

• Innovative Design: Berachain’s PoL model is designed to maximize DeFi participation, decentralization, and sustainable incentives, drawing inspiration from veTokenomics (e.g., Curve) but with unique mechanisms to prevent dominance by a single liquid staking platform.
• Ecosystem Growth: Rapid TVL growth post-mainnet launch, with major protocols (BEX, Kodiak, Beraborrow, Dolomite) driving adoption and liquidity.
• Governance and Flexibility: The modular EVM architecture and governance token design allow for adaptable protocol upgrades and community-driven development.

For further details, see Berachain’s official documentation and ecosystem resources.