Berachain Airdrop Ridiculed: Rug Pull Studio Nearly "Wiped Out"; Predeposit Mandatory 3-Month Vesting
Original Article Title: "Berachain Airdrop Inquiry Goes Live and Gets Drowned in Controversy, Who Actually Got the Tokens?"
Original Article Author: Asher, Odaily Planet Daily
Earlier this morning, the Berachain official announcement stated that the Airdrop Checker is now live (Airdrop Inquiry Link: https://checker.berachain.com/) and the BERA tokenomics have been launched. According to the official documentation, the official Berachain token BERA has an initial total token supply of 500,000,000 tokens, with no maximum token supply limit (approximately 10% annual inflation rate). The specific allocation breakdown is as follows:
· Initial Core Contributors: 84,000,000 BERA, accounting for 16.8% of the initial total supply, these tokens will be allocated to advisors and Big Bera Labs members;
· Investors: 171,500,000 BERA, accounting for 34.3% of the initial total supply, these tokens will be allocated to Berachain seed round, A round, and B round investors;
· Community: 244,500,000 BERA, accounting for 48.9% of the initial total supply, this token portion is further subdivided into three parts: 1) Airdrop, accounting for 15.8% of the initial total supply, including testnet users, Berachain NFT holders, ecosystem NFT holders, social supporters, ecosystem dApps, community builders, etc.; 2) Future community initiatives, accounting for 13.1% of the initial total supply, which will be specifically used for applications, developers, and users through incentive programs, grants, etc., and conducted through methods like snapshots; 3) Ecosystem and Research & Development, accounting for 20% of the initial total supply, where 9.5% of the BERA tokens will be unlocked at TGE for ecosystem growth, developer tools/infrastructure, liquidity provisioning, etc.
BERA Tokenomics
As of now, several centralized exchanges including Binance, OKX, Bybit, Bitget, and Korean exchanges Upbit and Bithumb have announced that BERA spot trading will go live at 9 PM Beijing time today. Additionally, it is worth noting that Binance will provide BERA Airdrop rewards to users who subscribed BNB to the SimpleEarn product between January 22 and January 26.
The Debut: Will Berachain Be the Next "Sky King" Project After Launching on Binance and Upbit? Below, Odaily Planet Daily takes everyone to understand Berachain, a new generation super L1 public chain defined by institutions as breaking the public chain liquidity dilemma.
Project Introduction: Highly Funded L1 Public Chain
Berachain is an EVM-compatible L1 public chain built on the Cosmos SDK, originating from the 2021 Bong Bears NFT series. The project was co-initiated by several key OGs active in the top DeFi community. Although the founding team has deep experience and keen market insights in the DeFi field, developing a public chain requires a lot of technical support. It was during this process that the Berachain team established contact with the Polaris team, focused on EVM compatibility development, and quickly formed a partnership. The two teams worked together to drive the development of Berachain, ultimately forming the current chain architecture.
Technically, Berachain will adopt the technical solutions provided by the Polaris team to build a high-performance EVM-compatible public chain based on the Cosmos architecture. In terms of mechanism design, Berachain has adopted a unique PoL (Proof of Liquidity) consensus mechanism to incentivize on-chain liquidity and promote the prosperity and development of the DeFi ecosystem, aiming to create a more efficient and vibrant decentralized financial platform.
According to ROOTDATA, Berachain has completed two rounds of funding, totaling $142 million, with details as follows:
· On April 20, 2023, Berachain announced the completion of a $42 million Series A funding round, led by Polychain Capital, with participation from OKX Ventures, Hack VC, Dao 5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, Dragonfly Capital former partners, Celestia founder Mustafa Al-Bassam, Tendermint co-founder Zaki Manian, and 20 other DeFi project founders;
· On April 12, 2024, Berachain announced the completion of a $100 million Series B funding round, led by the Abu Dhabi branch of Brevan Howard Digital and Framework Ventures, with participation from Polychain Capital, Hack VC, and Tribe Capital.
With its substantial funding background, the news of Berachain's token distribution immediately sparked heated discussions in various "Rug Pull" communities. Users who had previously participated in the interaction quickly went to check the amount of tokens they received, but what followed was a wave of resentment spreading across social media...
A Certain "Rug Pull Studio": Over 1 Million Addresses Participated in Testnet Interaction Only to Receive Just Over 1,000 BERA Tokens
In response to complaints from various communities about participating in Berachain's testnet interaction but not receiving the BERA token airdrop, Odaily Star Daily communicated with several "Rug Pull Studios." It was revealed that one studio complained that they interacted with over a million testnet addresses, but in the end, only received just over 1,000 BERA tokens airdropped. According to Whales Markets data, the pre-listing price of BERA tokens was around $8.8, which meant their earnings were only around $10,000, far below their expectations.
Pre-listing Price of BERA on Whales Markets
According to this interviewee's statement, many "Rug Pull Studios" experienced a "massacre" during Berachain's testnet interaction, participating in numerous testnet interactions but ultimately receiving fewer token shares than those holding BNB tokens. Therefore, many "Rug Pull whales" can be seen making posts on Platform X joking about how they "made peanuts" to express their dissatisfaction with the project's airdrop rules.
Not Only Missed Out on the Airdrop but Also Subjected to a 3-Month Lockup
Not only the "Rug Pull Party" who participated in the testnet interaction but also users who participated in Berachain's pre-deposit were not spared and encountered a "reverse rug." Many users reported that on the first day of opening the pre-deposit channel, they deposited funds despite the high Gas fees, but when checking today, they found that they didn't receive any tokens.
Even more frustrating, the official announcement stated that the withdrawal channel for pre-deposits will not open until three months after the mainnet launches (starting today). This has left many users extremely disappointed, feeling as if they have been "double-crossed".
Those willing to admit defeat can reclaim their previously deposited ETH. According to community feedback, if you are unwilling to wait for the official channel to redeem your pre-deposited ETH after the Berachain mainnet goes live in 3 months, you can currently exchange beraSTONE for ETH through an unofficial pool. Currently, 1 beraSTONE can be exchanged for approximately 0.98 WETH, resulting in a net loss of about 2% after excluding transaction fees.
(Using the OKX wallet as an example)
So, can Berachain, which launches tonight on Binance and Upbit, defy the dissatisfaction of the "hair-pulling party" and rise against the trend, or will it face a situation where there are no buyers, and the price peaks at the opening? Odaily Planet Daily will continue to report.
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