PANews reported on March 4 that according to The Block, Berachain's liquid pledge protocol Infrared completed a $14 million Series A financing, led by Framework Ventures, with participation from Citizen X, Halo Capital, No Limit Holdings, NGC Ventures and Selini Capital. This round of financing was conducted using the SAFT (Simple Agreement for Future Tokens) model. After a $2.25 million strategic round led by Binance Labs and a $2.5 million seed round , Infrared's total financing has reached $18.75 million.
Infrared was incubated by the Berachain Foundation and launched two liquid staking tokens, iBGT and iBERA, which correspond to Berachain's governance token BGT and gas token BERA respectively. Currently, the protocol has a TVL of over $1.7 billion, making it the largest protocol in the Berachain ecosystem. The Berachain mainnet was officially launched in February, but due to controversy over the proportion of investors and internal holdings, the BERA token has fallen 57% since its issuance on February 6.
