<img src="https://cryptoslate.com/wp-content/uploads/2024/08/funding-bitcoin.jpg” />
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 major corporate and individual investors including Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
The mission of corn
Corn aims to establish a network-wide “Crop Circle” that aligns users, applications, and token holders within a cohesive and mutually beneficial ecosystem.
The launch of the network comes as a response to the challenges faced by other decentralized networks, which often struggle to align their participants. This lack of alignment can lead to problems such as insufficient long-term liquidity, limited utility of tokens, and a lack of committed developers.
To address these challenges, Corn aims to ensure sustainable performance for users while maintaining liquidity and improving utility for token holders.
Corn founder Spadaboom highlighted the project's goal of empowering apps, thereby attracting and retaining developers on the platform. He explained:
“By aligning network participants through the power of Super Yield Farming, ensuring the fundamental utility of the token, and putting bitcoin in the driver’s seat, Corn is definitely not just another traditional chain launch.”
Corn is also inspired by Curve’s veTokenomics, which offers CORN tokens as incentives for users and developers. Those who interact with the app will receive incentives, while CORN stakers, known as popCORN, will have a say in the distribution of these incentives.
BTCN
Corn aims to give users the ability to use “digital gold” over the long term by leveraging a tokenized version of bitcoin known as BTCN.
It stated:
“BTCN is our tokenized hybrid bitcoin, backed 1:1 by native btc and not tied to a single centralized custodian or liaison solution. Instead, BTCN extends its minting rights to multiple trusted custodians, smart contracts, and/or liaison 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 digital assets that would otherwise lie dormant.
