Corn, a hybrid tokenized Ethereum Layer 2 community that makes use of Bitcoin (BTC) as fuel to supply super-yield to customers, has secured $6.7 million in seed funding led by Polychain Capital and launched, in accordance with a press release launched on August 20. currencyjournals.
The seed spherical additionally included participation from distinguished company and particular person buyers, 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 unites customers, functions, and token holders inside a cohesive, mutually helpful ecosystem.
The launch of this community is available in response to challenges confronted by different decentralized networks, which frequently wrestle to coordinate members. This inconsistency can result in issues like a scarcity of long-term liquidity, restricted token utility, and a scarcity of devoted builders.
To handle these challenges, Corn goals to keep up liquidity whereas rising comfort for token holders and guarantee sustainable income for its customers.
Corn founder Spadaboom emphasised the mission's purpose of attracting and retaining builders on the platform by empowering functions.
“By coordinating community members by means of the facility of super-yield farming, making certain utility of the underlying token, and inserting Bitcoin in a number one place, Corn is kind of totally different from simply one other vanilla chain launch.”
Corn has additionally taken inspiration from Curve's veTokenomics, providing CORN tokens as incentives to customers and builders: individuals who use the app obtain incentives, and CORN stakers, generally known as popCORN, have a say within the distribution of those incentives.
BTCN
Corn goals to supply customers with long-term entry to “digital gold” by leveraging a tokenized model of Bitcoin generally known as BTCN.
It said:
“BTCN is a hybrid tokenized Bitcoin that’s backed 1:1 by native BTC and isn’t tied to a single central authority or bridging resolution. As a substitute, BTCN extends its issuance energy to a number of trusted custodians, sensible contracts, and/or bridging protocols.”
By Cone, Bitcoin holders can leverage their belongings in a wide range of methods whereas retaining management over their custody, unlocking the untapped potential of their digital belongings.
