Berps & $HONEY
$HONEY is Berachain's native stablecoin. It is an standard ERC20 Token and represents the equivalent of 1 $USDC.
How Does Berps Use $HONEY?
Vault Liquidity Providers deposit $HONEY, which stores the cumulative sum in the Berps Vault. This allows traders to borrow from the Vault to create and settle trades.
For users that deposit their $HONEY, they receive a corresponding token amount of $bHONEY.
If a trader gets liquidated in $HONEY, that amount is distributed to the $bHONEY Vault (minus a small fee to the liquidator) and a small percentage of that liquiditation goes to the foundation.
$HONEY is the only asset that Berps accepts to place a trade.
Where Can I Get $HONEY?
$HONEY can be swapped for other assets through Berachain Honey Swap or the Beracahin BEX.
Additional means to buy $HONEY are coming soon, and users can use Berachain's canonical bridge (LayerZero) to bridge over assets.