After the airdrop query went live on Berachain, it was flooded with complaints. Who exactly received the tokens?

Author: Asher, Odaily Planet Daily

In the early hours of today, Berachain officially announced that the airdrop checker is now online (airdrop query link: https://checker.berachain.com/) and launched the BERA token economic model. According to the official documentation, the official token of Berachain, BERA, has an initial total supply of 500,000,000 tokens, with no upper limit on the maximum supply (an annual inflation rate of about 10%). The specific allocation ratios are as follows:

• Initial core contributors: 84,000,000 BERA, accounting for 16.8% of the initial total supply. This portion of tokens will be allocated to advisors and members of Big Bera Labs;
• Investors: 171,500,000 BERA, accounting for 34.3% of the initial total supply. This portion of tokens will be allocated to Berachain seed round, Series A, and Series B investors;
• Community: 244,500,000 BERA, accounting for 48.9% of the initial total supply. This portion of tokens is 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 snapshots; 3) Ecosystem and R&D, accounting for 20% of the initial total supply, with 9.5% of BERA tokens unlocked at TGE for ecosystem growth, developer tools/infrastructure, liquidity allocation, etc.

BERA Token Economic Model

As of now, several centralized exchanges, including Binance, OKX, Bybit, Bitget, and South Korean exchanges Upbit and Bithumb, have announced that BERA spot trading will go live at 9 PM Beijing time today. Additionally, it is worth mentioning that Binance will provide BERA airdrop rewards for users who subscribe BNB to the SimpleEarn product between January 22 and January 26.

With its launch on Binance and Upbit, will Berachain become the next "king-level" project? Below, Odaily Planet Daily takes you to understand this project, defined by institutions as breaking the liquidity dilemma of public chains, a new generation of super L1 public chains.

Project Introduction: Highly Funded L1 Public Chain

Berachain is an L1 public chain compatible with the Ethereum Virtual Machine (EVM), built on the Cosmos SDK, originating from the Bong Bears NFT series in 2021. The project was initially co-founded by several active OGs in top DeFi communities. Although the founding team has deep experience and keen market insight in the DeFi field, developing a public chain requires substantial technical support. It was during this process that the Berachain team established contact with the Polaris team, which focuses on EVM compatibility development, and quickly reached a collaboration. The two teams worked together to promote the development of Berachain, ultimately forming the current public chain architecture.

On the technical level, Berachain will adopt the technical solutions provided by the Polaris team to create a high-performance public chain compatible with EVM, built on the Cosmos architecture. In terms of mechanism design, Berachain employs a unique PoL (Proof of Liquidity) consensus mechanism to promote the prosperity and development of the DeFi ecosystem by incentivizing on-chain liquidity, aiming to create a more efficient and vibrant decentralized financial platform.

According to ROOTDATA, Berachain has completed two rounds of financing, totaling $142 million, with specific information as follows:

• On April 20, 2023, Berachain announced the completion of a $42 million Series A financing, led by Polychain Capital, with participation from OKX Ventures, Hack VC, Dao 5, Tribe Capital, Shima Capital, Robot Ventures, Goldentree Asset Management, former partners of Dragonfly Capital, 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 financing, co-led by the Abu Dhabi branch of Brevan Howard Digital and Framework Ventures, with participation from institutions such as Polychain Capital, Hack VC, and Tribe Capital.

With its substantial financing background, the news of the BERA token query immediately sparked heated discussions in various "profit-seeking" communities. Users who previously interacted with the project rushed to check the number of tokens they received, but various grievances soon spread across social media…

A Certain "Profit-Seeking Studio": Over 1 Million Addresses Participated in Testnet Interaction but Only Received Over 1,000 BERA Tokens

In response to complaints from various communities about participating in Berachain testnet interactions but not receiving BERA token airdrops, Odaily Planet Daily communicated with several "profit-seeking studios." One studio complained that they interacted with over 1 million testnet addresses, yet ultimately only received over 1,000 BERA tokens in airdrops. According to Whales Markets data, the pre-market price of BERA tokens is about $8.8, meaning their earnings are only around $10,000, far below their expectations.

Pre-market price of BERA on Whales Markets

According to the interviewee, many "profit-seeking studios" experienced a "wipeout" phenomenon during the Berachain testnet interactions, participating in numerous testnet interactions but ultimately receiving fewer tokens than their BNB holdings. Therefore, many "profit-seeking big players" have taken to the X platform to mock themselves for "earning nothing" to express their dissatisfaction with the project's airdrop rules.

Not Only Did They Not Receive Airdrops, but They Also Have to Lock Up for 3 Months

Not only the "profit-seeking" participants in the testnet, but even users who participated in Berachain's pre-deposit were not spared and encountered "reverse profit-seeking." Many users reported that on the first day of opening the pre-deposit channel, they deposited funds while facing high gas fees, only to find that they had not received a single token when checking today.

What is even more frustrating is that the official announcement stated that the withdrawal channel for pre-deposits will only open three months after the mainnet launch (i.e., starting today), which has left many users extremely disappointed, feeling as if they have "lost both the lady and the soldiers."

If they accept the loss, they can recover the ETH they previously deposited. According to community feedback, if users do not want to wait for three months after the Berachain mainnet launch to redeem their previously deposited ETH through the official channel, they can currently exchange beraSTONE for ETH through unofficial pools. Currently, 1 beraSTONE can be exchanged for about 0.98 WETH, resulting in a net loss of about 2% after excluding transaction fees for exchanging back to ETH.

(Demonstration using OKX wallet)

So, will Berachain, which is launching on Binance and Upbit, be able to rise against the tide of dissatisfaction from "profit-seeking" participants tonight, or will it face a situation where no one is willing to buy in, opening at a high point?