BeraFI, the first project built on the controversial Berachain, is live, with BERAFI token trading on Uniswap, Kodiak, MEXC, and most recently, WEEX.
BeraFi (BERAFI) launched on Feb.13 at 14:00 UTC with listings on Uniswap, Kodiak, and MEXC. The token debuted at a price of $0.000845 with a total supply of 800 million. Following launch, the price surged to $0.00316, representing a 273% pump. However, it has since come down to $0.001684, down by almost 50% from its peak, according to CoinGecko. Today, on Feb. 14, BeraFi was also listed on WEEX.
BeraFi is built on Berachain, a layer 1 blockchain that launched on Feb. 6 and gained a lot of hype not only for its innovative consensus mechanism, but also for the concerns over its tokenomics and insider trading. Specifically, analysts uncovered issues in the tokenomics, particularly benefiting early investors and insiders.
You might also like: Berachain faces backlash over airdrop controversy and insider dumping concerns
Nevertheless, the announcement of BeraFi, the first-ever project built on Berachain, has sparked excitement due to its innovative approach to DeFI. Specifically, BeraFi doesn’t have manual gas fees for users as they are fully sponsored by the platform. Moreover, BeraFi aggregates liquidity across various Berachain DEXes, ensuring traders get the best possible prices for their swaps and enabling trading with minimal slippage. Users can also sign in with their social provider and start trading, without having to set up wallets or private keys. The BERAFI token is used for governance, liquidity incentives, and a buyback mechanism to drive ecosystem growth.
You might also like: Cryptocurrencies to watch this week: Aptos, Tapswap, Berachain
