Berally is a social trading platform built on Berachain, a cutting-edge blockchain ecosystem known for its innovative decentralized finance (DeFi) tools. Berally focuses on improving capital efficiency and collaboration among investors by allowing them to pool resources, follow expert traders, and share alpha (exclusive insights). Unlike traditional platforms, Berally emphasizes transparency, user autonomy, and community-driven decision-making.
Key Features
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Social Trading with a DeFi Twist: Berally introduces a unique take on social trading by integrating it fully into the DeFi space. Users can create or join “Pots,” which are on-chain vaults managed by experienced traders or asset managers. These Pots allow users to invest passively, relying on the skills of managers to grow their capital.
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Pots: The Pots are a core feature of Berally. Investors can deposit their assets into these Pots, receive Pot tokens representing their share, and withdraw at any time (post-lock period). Pot managers can trade across various venues within the Berachain ecosystem, including Beradrome for liquidity provision, OogaBooga for trading, and MarginalFi for leverage.
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Pass Tokens: Berally introduces Pass Tokens, which act as social tokens tied to individual traders or asset managers. These tokens grant access to exclusive investment groups, allowing users to follow the strategies of top traders. The price of Pass tokens follows a unique curve, where the supply impacts its value. This allows for dynamic pricing and an incentive structure that rewards popularity and performance.
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Governance and Revenue Sharing: Berally uses a dual-token system consisting of $BRLY and $revBRLY. While $BRLY serves as the main token for activities and platform features, $revBRLY represents a time-locked $BRLY position that grants governance rights. Holders of $revBRLY can vote on platform incentives and governance issues. In addition, 80% of the platform’s revenue is distributed to $revBRLY lockers in the form of $HONEY and $BERA tokens.
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Transparent and Secure: One of Berally’s key selling points is the transparency and security of funds. All actions are performed on-chain, and funds deposited into Pots remain within smart contracts, ensuring they cannot be mismanaged by Pot managers. Additionally, the platform has undergone audits to ensure the safekeeping of user assets.
Problems Addressed
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Complexity in On-Chain Investing: For new or average investors, DeFi can be complicated. Berally simplifies the process by allowing users to follow expert traders, turning what could be a challenging process into a passive income opportunity.
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Lack of Flexibility in Traditional Copy Trading: On centralized exchanges (CEXs), users often don’t have control over what assets they trade. Berally fixes this by allowing traders to trade any assets available on Berachain, providing much more flexibility and choice.
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Broken Social Trading: Many existing social trading platforms are dominated by influencers who may not have the best track record. Berally flips this by focusing on real traders and offering transparent, on-chain performance metrics for asset managers.
Tokenomics
- $BRLY: The main platform token used to access premium features, pay fees, and participate in governance.
- $revBRLY: A time-locked token that allows holders to vote on platform incentives and governance. It also earns dividends from platform revenue, making it attractive for long-term holders.
