Corn, an Ethereum Layer-2 community that makes use of hybrid tokenized Bitcoin (BTC) as fuel and affords Tremendous Yield to its customers, has launched after securing $6.7 million in seed funding led by Polychain Capital, in accordance with an Aug. 20 assertion shared with CryptoSlate.
The seed spherical additionally included notable company and particular person traders, together with Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Corn’s mission
Corn goals to ascertain a network-wide “Crop Circle” that aligns customers, functions, and token holders inside a cohesive and mutually helpful ecosystem.
The community’s launch is available in response to the challenges confronted by different decentralized networks, which frequently battle to align their contributors. This misalignment can lead to points comparable to inadequate long-term liquidity, restricted token utility, and an absence of dedicated builders.
To handle these challenges, Corn intends to make sure sustainable yield for customers, sustaining liquidity whereas enhancing utility for token holders.
Corn’s founder, Spadaboom, emphasised the challenge’s purpose to empower functions, thereby attracting and retaining builders on the platform. He defined:
“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 additionally attracts inspiration from Curve‘s veTokenomics, providing CORN tokens as incentives to customers and builders. Those that interact with the app will obtain incentives, whereas CORN stakers, often called popCORN, can have a say in distributing these incentives.
BTCN
Corn goals to present customers the flexibility to make the most of “digital gold” in the long run by leveraging a tokenized model of Bitcoin often called BTCN.
It said:
“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.”
Via Corn, Bitcoin holders can leverage their property in numerous methods whereas retaining management over their custody, unlocking the potential of their in any other case idle digital asset.
