Berachain Gains Momentum: New Testnet Activities
Berachain's testnet is swiftly gaining traction, now enabling users to earn their initial income through various activities.
Even though Berachain is currently only available in a testnet (as we've discussed in a previous article), its ecosystem has rapidly filled with projects featuring both fungible tokens and NFTs.
With more projects launching on Berachain by the day, the team regularly announces new giveaways for the community.
Let's delve into Berachain's new activities and examine earning opportunities within the testnet phase.
Berachain Testnet Statistics
The activity in the Berachain Artio testnet continues to rise. As of this article's writing, the number of users on the blockchain is close to 1 million (according to data from artio.beratrail.io), with the network handling over 10 million transactions weekly and around 1.2 million daily.
Testnet usage statistics for Berachain Artio. Source: artio.beratrail.io
A key objective in the testnet, as detailed in our previous article, involves mining the BGT token. Tokens are awarded for participating in activities like liquidity farming, staking HONEY tokens in a lending protocol, and engaging in trades on decentralized exchanges within the ecosystem. BGT Station reports that users have mined and delegated more than 100 million BGT, and the blockchain is currently in its 16th epoch (each epoch lasts about 10 days).
Mining and delegation statistics for BGT. Source: artio.station.berachain.com
Of particular interest is how actual users engage with Berachain's projects. For instance, Ramen Finance, poised to be a launchpad within the Berachain network, hosted a mint for its Hungrybera NFTs. These tokens were available for minting by both Berachain NFT owners and testnet users.
The lottery saw registration from 272,000 testnet participants, highlighting the project community's vibrant activity and demonstrating genuine interest in the ecosystem's offerings.
Results of the Hungrybera mint lottery hosted by Ramen Finance. Source: hungrybera.ramen.finance
Berachain Ecosystem. Honey Jar
In addition to the primary Berachain ecosystem showcased on its official website, essential for BGT mining, a plethora of projects have been developed that are either directly or indirectly linked to the blockchain. Among them is the quest platform Honey Jar.
This platform allows users to engage in a variety of activities, such as:
- Earning badges for activities within Berachain;
- Claiming test BERA tokens proportional to the number of badges earned;
- Minting themed NFTs like Ooga Booga Ticket or Hapey Balentines Bay;
- Completing social quests to participate in further Berachain projects.
Homepage of Honey Jar on Berachain. Source: faucet.0xhoneyjar.xyz
Activities on Honey Jar require no real money investment and are primarily accomplished through social interactions (like following on social media platforms, retweeting, etc.). Participants also need to have a certain amount of BERA in their wallet to pay for transaction fees (BERA can be acquired through the official faucet).
Honey Jar's team keeps their community updated with announcements about partnerships and new crypto projects on their X (Twitter).
Currently, two main NFT collections exist on Berachain:
- Bong Bears, including so-called Rebases – 5 similar collections priced lower than the main collection. Rebases include The Bond Bears, The Boo Bears, The Baby Bears, The Band Bears, and Bit Bears by Berachain. The minimum price for an NFT is 5 ETH, with a maximum of around 7,000 ETH.
Bong Bears NFTs on Berachain (including Rebases). Source: opensea.io
- Honeycomb, featuring a collection of honeycomb-shaped NFTs, consists of 16,400 NFTs with a minimum price of 0.37 ETH (about $1000).
Honeycomb NFTs on Berachain. Source: opensea.io
First Retroactive Airdrops on Berachain (Ooga Booga, PLUG, and Ramen Finance NFTs)
Although Berachain's official mainnet has yet to launch, the project already enables users to earn. Holders of various NFTs, including Ooga Booga Ticket, Bong Bears (and Rebases), and Honeycomb, among others, can participate in token raffles, NFT mints, and other potentially income-generating events. Recent airdrops on Berachain include:
- PLUG Token. NFT holders received between $500 to $3000 in PLUG tokens per wallet;
- Holders of Honeycomb and Bong Bears (and Rebases) had the opportunity to mint 2 Hungrybera NFTs, with each mint costing 0.06 ETH per NFT. At the time of writing, the minimum price for these tokens on OpenSea exceeds 0.15 ETH;
- The minting of new NFTs, including Pudgy Penguins, has been announced.
Should You Buy Berachain NFTs?
Looking at the NFT pricing on OpenSea, all collections show stable high trading volumes and minimal volatility. For example, at the time of our initial article, Bit Bears were valued at 6 ETH. However, with ETH being 20% less expensive back then, the dollar equivalent of the token price has remained nearly unchanged. The situation was similar for Honeycomb, which has mostly traded at around 0.4 ETH.
Considering the potential of upcoming retroactive airdrops, owning NFTs from Berachain seems to be a sound investment, as long as it fits within your risk management plan.
Final Words
Berachain is swiftly gaining traction, with its network's mainnet launch anticipated in the first half of 2024. The project offers a wide array of activities for both novices with limited starting capital and seasoned airdrop hunters.
