BEX (Bera) – Exchange Review

Home on Berachain

BEX serves as the decentralized exchange front-end for Berachain’s blockchain. It allows users to swap tokens via pools built on the Proof-of-Liquidity model that ties liquidity to network security. BEX integrates with vaults where liquidity providers can earn BGT incentives. It is a core piece of Berachain’s on-chain activity.

How it works

BEX runs entirely on-chain without order books or custodians. Traders connect wallets, choose pools, and swap assets such as BERA, WBERA, and HONEY. Liquidity providers deposit tokens into pools, receive LP tokens, and can stake them in vaults to earn BGT emissions. The design links liquidity provision directly to Berachain’s validator set, making it part of the chain’s security model.

Activity and liquidity

Despite its central role in the ecosystem, daily activity remains modest:

• Reported daily volume hovers around a few million dollars.
  
• Liquidity is concentrated in a handful of pools (notably HONEY/WBERA).
  
• Many smaller pairs see almost no movement.
  

This concentration leaves BEX functional but fragile compared to mature multi-chain DEXs.

Governance and trust

BEX relies on Berachain validators to whitelist pools for BGT rewards. Users always hold custody of their assets, reducing counterparty risk, but also taking on full exposure to contract risks. Transparency is strong at the protocol level, yet:

• No widely published audits exist.
  
• Community participation in governance is still thin.
  

For cautious investors, this low participation and lack of audits may raise concerns.

Ecosystem and supported tokens

BEX supports only Berachain-native SPL tokens and a limited set of wrapped assets:

• BERA, WBERA, HONEY
  
• Wrapped tokens like WETH and WBTC bridged to Berachain
  

There are no fiat rails, no cross-chain swaps, and BEX has no native token of its own. Incentives are distributed solely through BGT.

Interface and user experience

The interface is deliberately minimal:

• Connect wallet, choose pool, set slippage, confirm swap.
  
• No mobile app.
  
• Limited analytics and charting tools.
  
• Extra steps required for liquidity providers to use reward vaults.
  

For experienced DeFi users, this simplicity works. For newcomers, the lack of guidance or UX polish may be a barrier.

Pros and cons

Pros

• Fully on-chain, decentralized, non-custodial.
  
• Integrated with Berachain’s Proof-of-Liquidity model.
  
• Simple design for basic swaps and liquidity farming.
  
• Direct incentives via BGT emissions.
  

Cons

• Very low trading volume and thin liquidity outside core pools.
  
• No fiat support, cross-chain swaps, or multi-network reach.
  
• No native token or independent incentive model.
  
• Missing audits and limited community governance.
  
• Bare-bones interface, no mobile app, limited analytics.
  

Final verdict

BEX (also known as BeraSwap) is the official DEX of Berachain, built to showcase Proof-of-Liquidity and reward early liquidity providers. For developers, early adopters, and ecosystem participants, it offers a straightforward way to trade and test strategies.

But with low volumes, limited assets, and few user-facing features, it remains a niche, early-stage product. For global traders seeking deep liquidity or advanced tools, BEX is not yet a serious option. For now, it’s best viewed as an ecosystem experiment rather than a mature exchange.