Corn, an Ethereum Layer-2 network that uses hybrid tokenized Bitcoins (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 private 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 unites users, applications and token holders in a cohesive and mutually beneficial ecosystem.
The network’s launch comes in response to challenges faced by other decentralized networks, which often struggle to align their participants. This misalignment can lead to problems such as insufficient long-term liquidity, limited token utility, and a lack of dedicated developers.
To address these challenges, Corn intends to ensure sustainable returns for users, maintain liquidity, and increase utility for token holders.
Corn’s founder Spadaboom emphasized the project’s goal of empowering applications and thereby attracting and retaining developers to the platform. He explained:
“By aligning network participants through the power of super yield farming, ensuring fundamental token utility, and putting Bitcoin in the driver’s seat, Corn is definitely not just another vanilla chain launch.”
Corn also takes inspiration from Curve’s veTokenomics and offers CORN tokens as an incentive for users and developers. Those who engage with the app receive incentives, while CORN stakers, known as popCORN, have a say in how these incentives are distributed.
Bitcoin
Corn aims to give users the ability to leverage “digital gold” for the long term by deploying a tokenized version of Bitcoin called BTCN.
It states:
“BTCN is our hybrid tokenized Bitcoin that is backed 1:1 by native BTC and is not tied 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 a variety of ways while maintaining control over their custody, unlocking the potential of their otherwise untapped digital assets.
