A rival of top altcoin Ethereum (ETH<\/a>) is seeing a rise in price after abruptly gaining support from Binance, the world\u2019s largest crypto exchange platform by volume.<\/p>\n In a new announcement, Binance says<\/a> it will be adding support for Berachain (BERA<\/a>), an Ethereum Virtual Machine (EVM)-identical layer-1 blockchain that uses a proof-of-liquidity (PoL) consensus mechanism.<\/p>\n \u201cBinance is excited to announce that Berachain will be added to Binance Simple Earn, \u2018Buy Crypto,\u2019 Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures.\u201d <\/em><\/p>\n A PoL consensus mechanism rewards validators for providing liquidity to a blockchain\u2019s ecosystem rather than a traditional proof-of-stake (PoS) system, which incentivizes staking tokens.<\/p>\n As stated<\/a> on Berachain\u2019s official webpage,<\/p>\n \u201cProof-of-Liquidity radically changes the way L1 economics are structured, prioritizing users and applications over validator rewards at baseline. <\/em><\/p>\n Network incentives go towards enriching ecosystem liquidity, contributing to efficient trading, price stability, securing the chain, and increasing the network\/user growth. PoL strongly align the incentives of network participants (validators, protocols, users) and contributes to the overall long-term health of the chain.\u201d<\/em><\/p>\n News of the addition sent BERA flying, as the digital asset went from a February 5th low of $7.85 to a peak of $14.83 a day later, a gain of 89%. BERA has since retraced and is trading for $9.22 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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