Corn, a new Ethereum Layer-2 network, has officially launched after securing $6.7 million in seed funding led by Polychain Capital. The funding round also included investments from notable entities such as Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
The primary mission of Corn is to establish a network-wide ecosystem called the “Crop Circle” that aligns users, applications, and token holders in a cohesive and mutually beneficial manner. The network aims to address the challenges faced by decentralized networks, such as insufficient liquidity, limited token utility, and a lack of committed developers.
One of the key features of Corn is the use of hybrid tokenized Bitcoin (BTC) as gas, which offers Super Yield to its users. This unique approach allows users to leverage a tokenized version of Bitcoin, known as BTCN, in various ways while maintaining control over their custody. BTCN is backed 1:1 by native BTC and is not tied to a single centralized custodian or bridging solution, extending its minting rights to multiple trusted custodians, smart contracts, and bridging protocols.
The founder of Corn, Spadaboom, highlights the project’s goal of empowering applications to attract and retain developers on the platform. By aligning network participants through Super Yield Farming and ensuring foundational token utility, Corn aims to differentiate itself from other decentralized networks.
In addition to offering CORN tokens as incentives to users and developers, Corn also introduces popCORN stakers who have a say in distributing these incentives. This approach draws inspiration from Curve’s veTokenomics, further enhancing the network’s ecosystem.
Overall, Corn’s launch marks a significant milestone in the DeFi space, offering a unique approach to utilizing Bitcoin within the Ethereum ecosystem. With a strong focus on sustainability, liquidity, and utility, Corn aims to create a thriving ecosystem that benefits all participants.