Berachain: A Fast-Growing Layer-1 Network

Berachain, the fast-growing layer-1 network, is performing well as its token rises and its decentralized finance ecosystem booms.

Price Surge

The price of Berachain (BERA) rose to $8.60 on Thursday, which is a 60% increase from its lowest point in March.

Rising DeFi Ecosystem

This ongoing surge correlates with growth in the network. For example, the decentralized exchange (DeX) industry has seen protocols built on Berachain gaining popularity. According to DeFi Llama data, the weekly volume of these protocols surged by 105%, reaching $519 million. Consequently, the cumulative volume handled by the network now stands at $2.17 billion. Much of this activity is driven by BEX, which processed $364 million in the past week.

Volumes on other DeXs within the Berachain ecosystem, such as Kodiak, Bulla Exchange, and Amped Finance, also increased by over 100%.

Total Value Locked (TVL) Growth

Berachain’s total value locked in DeFi is rising, making it the seventh-largest chain in the cryptocurrency space. TVL has jumped by 40% in the last 30 days, reaching $2.94 billion, while its stablecoin market cap has crossed the $2 billion milestone.

Unlike other large chains such as Solana (SOL), Ethereum (ETH), and Tron (TRX), which have seen their TVL drop by over 20% in the past month, Berachain is experiencing significant growth. The surge in BERA’s price followed the launch of a proof of liquidity feature that decentralizes governance.

BERA Price Analysis

The two-hour price chart indicates that Berachain’s price has been on a steady uptrend in recent days, climbing from a low of $5.2830 to a high of $9.50, and remains slightly above the 50-period moving average.

Importantly, the token has formed a cup and handle pattern, with an upper side at $9.16. The recent pullback has created the handle portion of this pattern, which had a depth of 38%. This suggests a potential upward move to $12.60, approximately 50% above the current level.

Conclusion

Berachain is firmly establishing itself in the DeFi market, showing strong growth as its token and ecosystem thrive amid broader market challenges.