Ethereum L2 Corn launches with $6.7 million in seed funding, integrates Bitcoin-backed gas Ethereum L2 Corn launches with $6.7 million in seed funding, integrates Bitcoin-backed gas
Corn aims to give users the ability to utilize "digital gold" in the long term by leveraging a tokenized version of Bitcoin known as BTCN.
2 min read
Updated: Aug. 20, 2024 at 7:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Corn, an Ethereum Layer-2 network that uses hybrid tokenized Bitcoin (BTC) as gas and offers Super Yield to its users, has launched after securing $6.7 million in seed funding led by Polychain Capital, according to an Aug. 20 statement shared with CryptoSlate.
The seed round also included notable corporate and individual investors, including Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Corn’s mission
Corn aims to establish a network-wide “Crop Circle” that aligns users, applications, and token holders within a cohesive and mutually beneficial ecosystem.
The network’s launch comes in response to the challenges faced by other decentralized networks, which often struggle to align their participants. This misalignment can result in issues such as insufficient long-term liquidity, limited token utility, and a lack of committed developers.
To address these challenges, Corn intends to ensure sustainable yield for users, maintaining liquidity while enhancing utility for token holders.
Corn’s founder, Spadaboom, emphasized the project’s goal to empower applications, thereby attracting and retaining developers on the platform. He explained:
“By aligning network participants through the power of Super Yield Farming, ensuring foundational token utility, and putting Bitcoin in the driver seat, Corn is definitely not just another vanilla chain launch.”
Corn also draws inspiration from Curve‘s veTokenomics, offering CORN tokens as incentives to users and developers. Those who engage with the app will receive incentives, while CORN stakers, known as popCORN, will have a say in distributing these incentives.
BTCN
Corn aims to give users the ability to utilize “digital gold” in the long term by leveraging a tokenized version of Bitcoin known as BTCN.
It stated:
“BTCN is our hybrid tokenized Bitcoin, backed 1:1 by native BTC, and not bound to a single centralized custodian or bridging solution. Instead, BTCN extends its minting rights to multiple trusted custodians, smart contracts, and/or bridging protocols.”
Through Corn, Bitcoin holders can leverage their assets in various ways while retaining control over their custody, unlocking the potential of their otherwise idle digital asset.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,241.25
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Polygon
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Sandeep Nailwal is the co-founder of the Polygon Network.