Corn, an Ethereum Layer-2 community that makes use of hybrid tokenized Bitcoin (BTC) as gasoline and presents Tremendous Yield to its customers, has launched after securing $6.7 million in seed funding led by Polychain Capital, in accordance with an Aug. 20 assertion shared with CryptoSlate.
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 useful ecosystem.
The community’s launch is available in response to the challenges confronted by different decentralized networks, which regularly wrestle to align their members. This misalignment may end up in points comparable to inadequate long-term liquidity, restricted token utility, and a scarcity of dedicated builders.
To handle 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 objective to empower purposes, thereby attracting and retaining builders on the platform. He defined:
“By aligning community members by the ability 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 interact with the app will obtain incentives, whereas CORN stakers, generally known as popCORN, could 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 generally known as BTCN.
It acknowledged:
“BTCN is our hybrid tokenized Bitcoin, backed 1:1 by native BTC, and never certain to a single centralized custodian or bridging answer. 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.
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