Corn Emerges From Stealth With $6.7M Funding Round to Build Ethereum Layer-2 Network Powered by Tokenized Bitcoin
- PHPzOriginal
- 2024-08-21 00:10:11696browse
Corn, a new Ethereum layer-2 using its hybrid tokenised Bitcoin, BTCN to power an ecosystem that aligns users, apps and token holders to benefit from their contributions in the network mutually has emerged from stealth with a $6.7 million funding round led by Polychain Capital.
Layer-2 scaling solution Corn has emerged from stealth with a $6.7 million funding round led by Polychain Capital. The round also saw participation from Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital.
Several prominent figures in the crypto space joined the round as angel investors, including Sandeep Nailwall of Polygon, Berachain’s Smokey and Papa Bear, Primo from layerZero, Udi Wertheimer from Taproot Wizards, 0xSami of Dinero, Conduit’s Andrew Huang and Georgios Vlachos from Axelar.
Founded by DeFi veterans known for building projects like Badger, Code4rena, Slingshot, and 0xBow, Corn is building a network-like “Crop Circle” that aligns users, applications, and token holders within a unified and mutually beneficial ecosystem powered by its tokenized Bitcoin, BTCN.
“Putting the power back into the hands of applications creates a reason for developers to build on Corn and, more importantly, to stay on Corn,” said Spadaboom, founder of Corn, in a statement.
“The success of any network relies on the success of its applications — and that requires the ability to drive demand to their protocol in a sustainable way.”
Corn aims to fill a gap in the DeFi market that has led to a lack of long-term liquidity, token utility, and committed builders, which the company believes is caused by a misalignment between users, applications, and token holders.
“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,” the statement reads.
Corn’s network ensures sustainable yield for users to keep liquidity deployed, thus driving an ever-growing demand for apps and allowing token holders to unlock an abundance of utility, the company said.
Inspired by veTokenomics pioneered by Curve, Corn incentivizes users and developers by emitting CORN, which can then be directed to any app on the chain. CORN stakers, dubbed popCORN, decide what percentage of CORN incentives go to various apps, which are then used to reward users for engaging with the apps, the company wrote in press material shared with NFTgators on Tuesday.
Its hybrid tokenized Bitcoin, BTCN, is backed 1:1 by native Bitcoin that is not bound to a single centralized custodian or bridging solution. BTCN offers the ability to extend minting rights to multiple custodians, as well as smart contracts and bridging protocols.
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