BadgerDAO Founder Proposes Ethereum Layer-2 Utilizing Bitcoin for Gas Fees
Developers in the crypto space are actively working to enhance Bitcoin’s functionality by integrating it with layer-2 solutions that leverage Ethereum. One such initiative is Corn, a project spearheaded by Chris Spadafora, the founder of BadgerDAO.
Corn aims to utilize Bitcoin for transaction fees, with Spadafora highlighting its potential to breathe life into Bitcoin and expand its utility beyond being a mere “pet rock.” In the realm of cryptocurrencies, “gas” refers to the fees required for transactions on blockchain networks like Ethereum and Solana. Layer-2 solutions, such as Corn, are built atop existing blockchains like Ethereum and Bitcoin’s Lightning Network.
Spadafora emphasized the importance of making Bitcoin more accessible and usable, stating, “It’s still a pet rock, it’s in this cage, and we need to get it out of there.” To achieve this goal, Corn has introduced BTCN, a tokenized Bitcoin variant backed 1:1 by native Bitcoin. This novel approach offers Bitcoin holders the flexibility to tokenize their assets for decentralized ecosystems like Ethereum, providing various custodial and usage options.
Unlike other wrapped Bitcoin versions that rely on centralized intermediaries or decentralized protocols, BTCN offers Bitcoin holders autonomy in how their assets are managed within diverse applications. Spadafora highlighted the desire to retain exposure to Bitcoin while actively participating in the DeFi ecosystem, enabling experimentation with new possibilities.
Corn recently secured a $6.7 million investment round led by Polychain Capital to support the launch of its ecosystem. Notable participants in this fundraising round include Binance Labs, Framework Ventures, OKX Ventures, as well as industry figures like Polygon’s Sandeep Nailwal and Taproot Wizards’ Udi Wertheimer.
The project’s innovative approach and strategic partnerships underscore the growing interest and activity surrounding Bitcoin DeFi, signaling a shift towards broader adoption and integration within the cryptocurrency landscape.
