Berachain co-founder regrets selling too many BERA tokens to VCs and is working on a buy back

The co-founder of Berachain, Smokey The Bera, said that the developer team has sold too many Bera tokens for venture capital and is currently working to buy its supply.

Almost a month after the launch of the Berachain (He) MAINNET, Smokey the Bera co-founder appeared On the Podcast Unchain to talk about the regrets he had concerning the launch and allocation of the token supplies.

Smokey The Bera said that the Berachain team had sold too many tokens for venture capital before its launch.

“I think if I could go back and redo this. If the team could start at Ground Zero. We probably would not have sold as much of our [token] VC supplies, ”said Smokey in an interview clip shared on X.

The co-founder and chief of the executive said that a “vast majority” of the Bera tokens entered their seeded at the beginning of 2022, as well as their financing series. He admitted that at the time, the team could not have predicted the size of the project.

On February 11, Berachain knew backlash After his Layer 1 Launch as traders complained about the project air allowances, tokenomics and the negotiation activity of initiates. Analysts discovered problems concerning the distribution structure of the token, in particular the way in which the first investors and the initiates were able to take advantage of the advantages of the network implementation mechanism.

Consequently, Smokey said that his team is currently working on “non -trivially trivially bought portions” of the Bera of VCS tokens to minimize the dilution of the tokens experienced by the Berachain community.

“We have totally sold too much to VCS and our goal is now to make sure that we do overtime correctly in the light,” said Smokey.

At the time of the press, Bera increased by almost 15% at a price of $ 7.18 in the last 24 hours of negotiation. Last week, the token dropped by almost 1%. Bera’s circulating token supply is currently being 107 million tokens, while waiting for its total supply is more than 500 million tokens.

Berachain’s native token has reached a market capitalization of more than $ 750 million and an entirely diluted assessment of almost $ 3.5 billion. In the past 24 hours, the token has seen an increase of 29.7% of its daily negotiation volume at $ 325 million.

Berachain simultaneously launched his main token and the native token on February 6. The token experienced an explosive start on the market, reaching a summit of almost $ 15 on the launch day. It has since fallen from the summit, its price falling more than half of its initial state -of -the -art price.