Ethereum Layer 2 Solution Secures $6.7M Seed Funding, Incorporates Bitcoin-Backed Gas
Corn, a new Ethereum Layer-2 network that utilizes hybrid tokenized Bitcoin (BTC) as gas and provides Super Yield to its users, has been launched following a successful seed funding round that raised $6.7 million, led by Polychain Capital. This information was disclosed in a statement shared with CryptoSlate on August 20.
The funding round also saw participation from prominent corporate and individual investors, including Binance Labs, Framework Ventures, and Sandeep Nailwal, co-founder of Polygon.
The primary objective of Corn is to create a network-wide “Crop Circle” that aligns users, applications, and token holders in a cohesive and mutually beneficial ecosystem. This launch was prompted by the common challenges faced by decentralized networks, such as the difficulty in aligning participants, which can lead to issues like inadequate long-term liquidity, limited token utility, and a shortage of committed developers.
To tackle these challenges, Corn aims to ensure sustainable yield for users, maintain liquidity, and enhance utility for token holders. The founder of Corn, Spadaboom, highlighted the project’s focus on empowering applications to attract and retain developers on the platform. He emphasized that Corn is not just another typical chain launch but a platform that aligns network participants through Super Yield Farming, ensures foundational token utility, and positions Bitcoin at the forefront.
Drawing inspiration from Curve’s veTokenomics, Corn offers CORN tokens as incentives to users and developers. Users engaging with the app will receive incentives, while CORN stakers, referred to as popCORN, will have a role in distributing these incentives.
One of Corn’s key features is BTCN, which aims to enable users to utilize “digital gold” in the long term by leveraging a tokenized version of Bitcoin known as BTCN. This hybrid tokenized Bitcoin is backed 1:1 by native BTC and is not tied to a single centralized custodian or bridging solution. BTCN extends its minting rights to multiple trusted custodians, smart contracts, and bridging protocols. Through Corn, Bitcoin holders can leverage their assets in various ways while maintaining custody control, unlocking the potential of their idle digital asset.
In conclusion, Corn’s launch marks a significant step in the crypto space, offering innovative solutions to address existing challenges faced by decentralized networks and providing users with unique opportunities to maximize the potential of their digital assets.
