As was noted in the recent article about April Oracle, there have been a plethora of oracle projects aiming to become the “Chainlink of Binance Smart Chain.” One of the most promising and established (at least in terms of name recognition) contenders is Berry Data, which describes itself more generally as being “committed to becoming the most widely used oracle on BSC.” Though it may have initially sought to emulate other successful oracles, Berry Data has since cultivated its own identity and distinctive ecosystem.
Berry Data’s governance tokens are referred to as Berry Tributes (BRY). The website lists four main use cases for these tokens:
Voting on Governance Issues
This one is fairly standard and self-explanatory. Important decisions related to the platform will be voted on by token holders.
Paying For Data Feeds
Berry Data’s data as well as access to live data streams and specific data.
Validating Data Through Staking
Berry Tributes can be staked. This helps to facilitate validation of existing oracles, scrapers, methodologies, etc.
Building the Berry Ecosystem
Berry Data claims they have a 24 percent ecosystem fund. Basically this is just money that will be used by the team for technological development, partnerships etc. I’m assuming that marketing falls into this category as well. A more detailed breakdown of this fund can be found on Token Distribution and Vesting section of the whitepaper.
Along with an attractively low max supply of just 12,500,000, this project has one of the most impressive tokenomics models I’ve encountered. On paper at least, it’s structured to incentivize holding and maximize value. This is actually pretty refreshing since most projects seem to go out of their way to screw holders.
However, merely holding Berry Tributes can potentially be fruitful as there are farming opportunities galore for this currency:
With these kinds of mouthwatering thrills and APRs at your fingertips, this might as well be Knott’s Berry Farm. That’s without even considering the roller coaster price action of the Berry Tributes themselves. I don’t really like to talk about coin prices too much on here. I typically leave that kind of analysis to chart fetishists and would prefer to focus on the abstract, aesthetic and substantive aspects of the projects themselves, but it’s worth noting that Berry Data recently experienced a meteoric rise, with the price of Berry Tributes reaching a juicy $40(!) back in February before abruptly bursting and rapidly cascading down to a bottom-of-the-barrel low of $1.46. Currently, it appears to have stabilized and is hovering at around the 2 dollar mark. Though the price of Berry Tributes may have reached premature highs in its wild run, there’s no reason to believe it will not rise from the bargain basement levels it’s available at now. None of this should be considered financial advice though. DYOR, and make up your own mind.
After all, the project boasts an impressive list of partnerships (PancakeSwap, Certik, Alpaca Finance, just to name a few). Berry Data is also still in active development. A couple of months ago their oracle only included data feeds for handful of coins. As of this writing, there are nearly 20, with new ones being added all the time. It’s a beautiful sight. The market cap is also only 6 million, which leaves plenty of room in the greenhouse for this seedling to re-grow. Understandably, those who bought at the top may have been left with a bitter taste, and there’s a lot of negative going around from investors who have soured on the project. What ultimately matters though, is where Berry Data has the potential to go from where it is now.
Interestingly, despite being the currently on BSC and identity heavily networked in with other Binance Smart Chain projects, Berry plans to launch mainnet on Ethereum in Q3 of this year. The expansion should make for some exciting cross chain action. I know that technically winter is still pretty far off, but hopefully the Berry bears have gone into early hibernation.
If you enjoyed this article, feel free to donate some BRY tokens: