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 August 20 release shared with CryptoSlate.
The funding round also included notable institutional 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 into a cohesive and mutually beneficial ecosystem.
The launch of the network is a response to challenges faced by other decentralized networks, which often struggle to align their participants. This misalignment can lead to issues such as insufficient long-term liquidity, limited token utility, and a lack of committed developers.
To address these challenges, Corn aims to ensure sustainable returns for users, maintaining liquidity while improving utility for token holders.
Corn founder Spadaboom highlighted the project’s goal of making apps more performant, thereby attracting and retaining developers on the platform. He explained:
“By aligning network participants through the power of Super Yield Farming, securing the fundamental utility of tokens, and putting Bitcoin in the driver’s seat, Corn is certainly not just another vanilla chain launch.”
Corn also takes 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 the distribution of these incentives.
BTCN
Corn aims to give users the ability to use “digital gold” in the long term by mining a tokenized version of Bitcoin known as BTCN.
It stated:
“BTCN is our tokenized hybrid Bitcoin, 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.”
With Corn, Bitcoin holders can leverage their assets in a variety of ways while maintaining control over their custody, unlocking the potential of their otherwise dormant digital asset.
