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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, in line with an Aug. 20 assertion shared with starcrypto.
The seed spherical additionally included notable company and particular person buyers, together with Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Corn’s mission
Corn goals to ascertain 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 contributors. This misalignment can lead to points corresponding to 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 challenge’s purpose to empower purposes, thereby attracting and retaining builders on the platform. He defined:
“By aligning community contributors by way of the ability of Tremendous Yield Farming, guaranteeing foundational token utility, and placing Bitcoin within the driver seat, Corn is certainly 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 interact 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 present customers the power 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.”
Via Corn, Bitcoin holders can leverage their property in numerous methods whereas retaining management over their custody, unlocking the potential of their in any other case idle digital asset.