Berachain debuts on South Korean exchanges Upbit and Bithumb on February 6

Berachain, a new Layer-1 blockchain that leverages an Ethereum Virtual Machine-compatible architecture and operates on a Proof-of-Liquidity consensus mechanism, is making its debut on two of South Korea’s most popular cryptocurrency exchanges, Upbit and Bithumb, on February 6. The token associated with the blockchain, BERA, will be listed on both exchanges in conjunction with the launch of the Berachain mainnet, marking a significant milestone for the project.

Upbit, one of South Korea’s largest exchanges, will provide trading support for BERA against multiple trading pairs, including Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). However, Upbit has warned that the exact start time for trading may be subject to adjustments depending on whether there is sufficient liquidity for BERA to begin trading smoothly. In addition to Berachain, Upbit will also list Solana-based tokens, Jito (JTO) and Scroll (SCR), on February 6. This move has already had an impact on the price of the Scroll token, which saw a 15% increase in value following the announcement, although its price had only gained a modest 0.71% over the past week.

On Bithumb, another major South Korean exchange, BERA will be available for trading, but only in Korean Won markets. To ensure a smooth and orderly market opening, Bithumb has imposed a restriction on buy and sell orders for the first five minutes of trading, with a price limit ranging from less than 10% to more than 100% of the standard price. After the initial period, automatic orders will be permitted, allowing for more free-flowing market activity.

The Berachain project originally began as an NFT initiative called Bong Bears, but over time, it has evolved into a more comprehensive blockchain ecosystem. The team behind Berachain aims to push the boundaries of scalability and liquidity within the blockchain space by utilizing its unique Proof-of-Liquidity consensus model, which rewards liquidity providers and enhances the network’s scalability.

The Berachain mainnet and token launch represent an important development for the project as it enters the competitive Layer-1 blockchain market. Given the growing interest in DeFi protocols and scalable blockchain networks, Berachain’s debut in South Korea could signal a new wave of adoption for this emerging blockchain ecosystem.