Ethereum L2 Corn Launches with $6.7M Seed Funding, Integrates Bitcoin-Backed Gas
Corn, an Ethereum Layer-2 network that uses hybrid tokenized Bitcoin (BTC) as gas and provides Super Yield to users, launched on August 20 after securing $6.7 million in seed funding led by Polychain Capital. CryptoSlate.
The seed round also included notable corporate and individual investors including Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
The mission of corn
Corn aims to build 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 in response to challenges faced by other decentralized networks, which often struggle to align participants. This misalignment can result in problems such as lack of long-term liquidity, limited token utility, and a lack of dedicated developers.
To address these challenges, Corn seeks to ensure sustainable returns for users, improve utility for token holders, and maintain liquidity.
Corn founder Spadaboom emphasized that the goal of the project is to strengthen the application and attract and retain developers on the platform. He explained:
“By aligning network participants through the power of Super Yield Farming, ensuring native 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 by offering CORN tokens as incentives to users and developers. Those who participate in 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 provide users with the ability to tap into long-term “digital gold” by leveraging a tokenized version of Bitcoin known as BTCN.
It is stated as follows:
“BTCN is a hybrid tokenized Bitcoin backed 1:1 by native BTC and is not tied to a single central custodian or bridging solution. Instead, BTCN extends mining rights to multiple trusted custodians, smart contracts, and/or bridging protocols.”
Corn allows Bitcoin holders to unleash the potential of previously idle digital assets by gaining control over their custody while leveraging their holdings in a variety of ways.
