Corn, an Ethereum Layer-2 community that makes use of hybrid tokenized Bitcoin (BTC) as fuel and presents Tremendous Yield to its customers, has launched after securing $6.7 million in seed funding led by Polychain Capital, based on an Aug. 20 assertion shared with CryptoSlate.
The seed spherical additionally included notable company and particular person traders, together with Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Corn’s mission
Corn goals to determine a network-wide “Crop Circle” that aligns customers, purposes, and token holders inside a cohesive and mutually helpful ecosystem.
The community’s launch is available in response to the challenges confronted by different decentralized networks, which regularly wrestle to align their individuals. This misalignment may end up in points resembling inadequate long-term liquidity, restricted token utility, and a scarcity of dedicated builders.
To deal with these challenges, Corn intends to make sure sustainable yield for customers, sustaining liquidity whereas enhancing utility for token holders.
Corn’s founder, Spadaboom, emphasised the mission’s aim to empower purposes, thereby attracting and retaining builders on the platform. He defined:
“By aligning community individuals by the facility of Tremendous Yield Farming, guaranteeing foundational token utility, and placing Bitcoin within the driver seat, Corn is unquestionably not simply one other vanilla chain launch.”
Corn additionally attracts inspiration from Curve‘s veTokenomics, providing CORN tokens as incentives to customers and builders. Those that have interaction with the app will obtain incentives, whereas CORN stakers, often known as popCORN, may have a say in distributing these incentives.
BTCN
Corn goals to offer customers the flexibility to make the most of “digital gold” in the long run by leveraging a tokenized model of Bitcoin often known as BTCN.
It acknowledged:
“BTCN is our hybrid tokenized Bitcoin, backed 1:1 by native BTC, and never sure to a single centralized custodian or bridging resolution. As a substitute, BTCN extends its minting rights to a number of trusted custodians, sensible contracts, and/or bridging protocols.”
By way of Corn, Bitcoin holders can leverage their belongings in numerous methods whereas retaining management over their custody, unlocking the potential of their in any other case idle digital asset.
