Corn, an Ethereum Layer-2 community that makes use of hybrid tokenized Bitcoin (BTC) as gasoline and provides Tremendous Yield to its customers, has launched after securing $6.7 million in seed funding led by Polychain Capital, in keeping with 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, functions, 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 battle to align their members. This misalignment can lead to points comparable to inadequate long-term liquidity, restricted token utility, and an absence 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 mission’s purpose to empower functions, thereby attracting and retaining builders on the platform. He defined:
“By aligning community members via the ability of Tremendous Yield Farming, making certain 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 called popCORN, can have a say in distributing these incentives.
BTCN
Corn goals to provide customers the power to make the most of “digital gold” in the long run by leveraging a tokenized model of Bitcoin often called BTCN.
It said:
“BTCN is our hybrid tokenized Bitcoin, backed 1:1 by native BTC, and never sure to a single centralized custodian or bridging answer. As an alternative, BTCN extends its minting rights to a number of trusted custodians, sensible contracts, and/or bridging protocols.”
Via 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.