Corn Network Launches After Securing $6.7M Seed Funding From Polychain Capital and Binance Labs

Corn, an Ethereum Layer-2 network that uses hybrid tokenized Bitcoin (BTC) as gas and offers Super Yield to its users, has launched.

Corn, a Layer-2 network on Ethereum that uses a hybrid tokenized Bitcoin (BTC) for gas and offers Super Yield to its users, has launched after securing $6.7 million in seed funding, led by Polychain Capital, CryptoSlate learned on Aug. 20 from a statement shared with the news outlet.

The seed round also saw participation from Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal, among other notable corporate and individual investors.

Corn’s mission to create a network-driven ‘Crop Circle’

Corn aims to establish a network-wide “Crop Circle” that aligns users, applications, and token holders within a cohesive and mutually beneficial ecosystem.

The network’s launch comes in response to the challenges faced by other decentralized networks, which often struggle to align their participants. This misalignment can result in issues such as insufficient long-term liquidity, limited token utility, and a lack of committed developers.

To address these challenges, Corn intends to ensure sustainable yield for users, maintaining liquidity while enhancing utility for 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,” said Spadaboom, founder of Corn, in a statement shared with CryptoSlate.

Corn also draws inspiration from Curve’s veTokenomics, offering CORN tokens as incentives to users and developers. Those who engage with the app will receive incentives, while CORN stakers, known as popCORN, will have a say in distributing these incentives.

BTCN: A tokenized Bitcoin to empower users

Corn aims to give users the ability to utilize “digital gold” in the long term by leveraging a tokenized version of Bitcoin, called BTCN.

“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,” the statement reads.

Through Corn, Bitcoin holders can leverage their assets in various ways while retaining control over their custody, unlocking the potential of their otherwise idle digital asset.

Mentioned in this articleOluwapelumi Adejumo

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

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