Berachain的流动性（POL）机制：设计，影响和策略

本文将为您提供最全面的POL概述及其对生态系统的潜在影响，尤其是BERA的价格。

Author: DeFi_Cheetah, former Binance researcher

作者：defi_cheetah，前Binance研究员

Compiled by: zhouzhou, BlockBeats

编译者：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.

编者注：本文将为您提供最全面的POL概述及其对生态系统的潜在影响，尤其是BERA的价格。该内容涵盖了基本机制，通货膨胀排放计划，代币经济模型以及关键策略（或提示），以吸收通货膨胀压力。 Berachain的POL机制通过流动性激励措施和授权奖励促进生态增长，创造积极的周期和资本效率，并通过IBGT和IBERA提供流动性和积分奖励，以促进Defi生态系统的复兴。

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

以下是原始内容（为了更容易阅读和理解，原始内容已重新组织）：

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的流动性证明机制旨在解决传统验证（POS）区块链共识机制的激励不匹配问题。在POS机制下，用户需要锁定资产以获得积分奖励，但这会导致激励不匹配，因为DEFI项目还需要资产和流动性，这最终导致他们与POS机制的直接竞争。 POL重新设计了激励机制，以便它可以在改善网络安全性和权力下放化的同时促进Defi活动，而不是仅依靠资产锁定。

Basic Mechanism

基本机制

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

Berachain生态系统中有两个核心资产：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的比例赎回（或破坏）BERA，但更重要的是，Bera不能转换回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.

与传统的POS不同，在传统的POS机制中，通过验证交易直接从区块链中奖励了验证者，而将授权者委派给验证者的用户也获得了与股份数量成比例的奖励。在Berachain中，验证者将获得BGT（BlockRewardController合同授权分销商Smart Contract to Mint和分发BGT）。但是，他们必须立即将大部分BGT分配给白名单的Dapps的奖励库。

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.

然后，协议通过贿赂（通常是协议的天然令牌）竞争这些验证者的BGT，并与贿赂的激励率与1 BGT的排放有关。贿赂越有吸引力，验证者越有可能将BGT引导到提供最高回报的DAPP奖励保险库。

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，用户可以在本地DEX的某些流动性库中提供流动性，以赚取LP交易费用。然后，通过将LP代币存入特定交易对的DEX奖励库中，用户可以在LP费用收入中获得额外的BGT发行奖励。

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奖励后，用户可以选择将BGT委派给验证者或Stakes Bera。随着BGT授予的增加数量，验证器的BGT排放将增加。

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

由于POL现在已经存在，因此，白拱顶的拱顶数量已大大增加。

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.

关于BGT代表团，验证者可以积极或被动地决定将BGT发布到哪些奖励金库，具体取决于DAPP提供的贿赂金额。作为代表们，用户可以根据验证者的策略和他们期望为代表们赚取的贿赂选择委派。因此，可以为代表带来最大收益的验证者更有可能获得更多BGT代表团。

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.

关于贝拉（Bera）的积分，Stakers为验证者的自键做出了贡献，因此获得了验证者赢得的BGT和BERA的一部分。

Block Production and BGT Release

阻止生产和BGT发布

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.

验证选择标准：只有最高BERA股份的前69个验证器才有资格获得阻滞生产（最低250kbera，最大10MBERA），并且它们的块生产概率与BERA固定数量成正比，但这不会影响从奖励Treasury中释放的BGT的数量。

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

BGT释放每个块：此部分至关重要，因为BERA的锁定取决于公式的设计方式。

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

BGT的发布包括两个部分：基础排放和奖励保险库排放。

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

基本版本：固定金额（当前0.5 bgt）直接支付给了签给该块的验证者。

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

奖励国库发布：此部分高度依赖于“增强”，即验证者获得的BGT代表团的比例