Berachain的流動性（POL）機制：設計，影響和策略

本文將為您提供最全面的POL概述及其對生態系統的潛在影響，尤其是BERA的價格。

Author: DeFi_Cheetah, former Binance researcher

作者：defi_cheetah，前Binance研究員

Compiled by: zhouzhou, BlockBeats

編譯者：khouzhou，blockbeats

Editor's Note: This article will provide you with the most comprehensive overview of POL and its potential impact on the ecosystem, especially the price of BERA. The content covers basic mechanisms, inflation emission plans, token economic models, and key strategies (or tips) for absorbing inflationary pressure. Berachain's PoL mechanism promotes ecological growth through liquidity incentives and delegation rewards, creates a positive cycle and capital efficiency, and provides liquidity and staking rewards through iBGT and iBERA to promote the revival of the DeFi ecosystem.

編者註：本文將為您提供最全面的POL概述及其對生態系統的潛在影響，尤其是BERA的價格。該內容涵蓋了基本機制，通貨膨脹排放計劃，代幣經濟模型以及關鍵策略（或提示），以吸收通貨膨脹壓力。 Berachain的POL機制通過流動性激勵措施和授權獎勵促進生態增長，創造積極的周期和資本效率，並通過IBGT和IBERA提供流動性和積分獎勵，以促進Defi生態系統的複興。

The following is the original content (for easier reading and understanding, the original content has been reorganized):

以下是原始內容（為了更容易閱讀和理解，原始內容已重新組織）：

Berachain's liquidity proof mechanism is designed to solve the incentive mismatch problem of consensus mechanism in traditional proof-of-stake (PoS) blockchains. Under the PoS mechanism, users need to lock assets to obtain staking rewards, but this leads to incentive mismatch because DeFi projects also need assets and liquidity, which ultimately leads to their direct competition with the PoS mechanism. PoL redesigns the incentive mechanism so that it can promote DeFi activities while improving network security and decentralization, rather than relying solely on asset locking.

Berachain的流動性證明機制旨在解決傳統驗證（POS）區塊鏈共識機制的激勵不匹配問題。在POS機制下，用戶需要鎖定資產以獲得積分獎勵，但這會導致激勵不匹配，因為DEFI項目還需要資產和流動性，這最終導致他們與POS機制的直接競爭。 POL重新設計了激勵機制，以便它可以在改善網絡安全性和權力下放化的同時促進Defi活動，而不是僅依靠資產鎖定。

Basic Mechanism

基本機制

There are two core native assets in the Berachain ecosystem: BERA and BGT:

Berachain生態系統中有兩個核心資產：Bera和BGT：

BGT can be redeemed (or destroyed) for BERA at a 1:1 ratio, but more importantly, BERA cannot be converted back to BGT.

BGT可以以1：1的比例贖回（或破壞）BERA，但更重要的是，Bera不能轉換回BGT。

Unlike traditional PoS, in the traditional PoS mechanism, validators are rewarded directly from the blockchain by verifying transactions, and users who delegate to validators also receive rewards in proportion to the amount of stake. In Berachain, validators receive BGT (BlockRewardController contract authorizes Distributor smart contract to mint and distribute BGT). However, they must immediately allocate most of the BGT to the reward vaults of whitelisted DApps.

與傳統的POS不同，在傳統的POS機制中，通過驗證交易直接從區塊鏈中獎勵了驗證者，而將授權者委派給驗證者的用戶也獲得了與股份數量成比例的獎勵。在Berachain中，驗證者將獲得BGT（BlockRewardController合同授權分銷商Smart Contract to Mint和分發BGT）。但是，他們必須立即將大部分BGT分配給白名單的Dapps的獎勵庫。

Protocols then compete for these validators’ BGTs through bribes (usually the protocol’s native token), with the incentive rate for bribes being related to the emission of 1 BGT. The more attractive the bribe, the more likely the validator will direct BGT to the DApp reward vault that offers the highest return.

然後，協議通過賄賂（通常是協議的天然令牌）競爭這些驗證者的BGT，並與賄賂的激勵率與1 BGT的排放有關。賄賂越有吸引力，驗證者越有可能將BGT引導到提供最高回報的DAPP獎勵保險庫。

For example, users can provide liquidity in certain liquidity pools of native DEX to earn LP transaction fees. Then, by depositing LP tokens into the DEX reward vault of a specific trading pair, users can receive additional BGT issuance rewards on top of the LP fee income.

例如，用戶可以在本地DEX的某些流動性庫中提供流動性，以賺取LP交易費用。然後，通過將LP代幣存入特定交易對的DEX獎勵庫中，用戶可以在LP費用收入中獲得額外的BGT發行獎勵。

After receiving BGT rewards, users can choose to delegate BGT to validators or stake BERA. The BGT emission of validators will increase as the number of BGT delegated increases.

收到BGT獎勵後，用戶可以選擇將BGT委派給驗證者或Stakes Bera。隨著BGT授予的增加數量，驗證器的BGT排放將增加。

Since POL is now live, the number of whitelisted vaults has increased significantly.

由於POL現在已經存在，因此，白拱頂的拱頂數量已大大增加。

Regarding BGT delegation, validators can actively or passively decide which reward vaults to direct the release of BGT to, depending on the amount of bribes offered by the dapp. As a delegator, users can choose to delegate based on the validator's strategy and the bribes they expect to earn for the delegator. Therefore, validators who can bring the most benefits to delegators are more likely to receive more BGT delegation.

關於BGT代表團，驗證者可以積極或被動地決定將BGT發佈到哪些獎勵金庫，具體取決於DAPP提供的賄賂金額。作為代表們，用戶可以根據驗證者的策略和他們期望為代表們賺取的賄賂選擇委派。因此，可以為代錶帶來最大收益的驗證者更有可能獲得更多BGT代表團。

Regarding BERA staking, stakers contribute to the validator’s self-bond and therefore receive a portion of the BGT and BERA earned by the validator.

關於貝拉（Bera）的積分，Stakers為驗證者的自鍵做出了貢獻，因此獲得了驗證者贏得的BGT和BERA的一部分。

Block Production and BGT Release

阻止生產和BGT發布

Validator selection criteria: Only the top 69 validators with the highest BERA stake are eligible for block production (minimum 250kBERA, maximum 10MBERA), and their block production probability is proportional to the amount of BERA staked, but this will not affect the amount of BGT released from the reward treasury.

驗證選擇標準：只有最高BERA股份的前69個驗證器才有資格獲得阻滯生產（最低250kbera，最大10MBERA），並且它們的塊生產概率與BERA固定數量成正比，但這不會影響從獎勵Treasury中釋放的BGT的數量。

BGT release per block: This part is crucial because the lockup of BERA depends on how the formula is designed.

BGT釋放每個塊：此部分至關重要，因為BERA的鎖定取決於公式的設計方式。

The release of BGT consists of two parts: Base Emission and Reward Vault Emission.

BGT的發布包括兩個部分：基礎排放和獎勵保險庫排放。

Base Release: A fixed amount (currently 0.5 BGT) paid directly to the validator who gave the block.

基本版本：固定金額（當前0.5 bgt）直接支付給了簽給該塊的驗證者。

Reward Treasury Release: This part is highly dependent on the "boost", that is, the proportion of BGT delegations obtained by a validator to the

獎勵國庫發布：此部分高度依賴於“增強”，即驗證者獲得的BGT代表團的比例