Decentralized Bitcoin-focused High Yield Investment Platform, Corn, Exits Stealth Mode with $6.7 Million in Financial Backing
In a groundbreaking move, Corn, an Ethereum layer-2 blockchain, has announced the launch of its Bitcoin-Secured Network (BSN). This innovative platform is designed to integrate Bitcoin's robust security into proof-of-stake (PoS) environments while expanding Bitcoin’s utility in decentralized finance (DeFi).
At the heart of the BSN is a hybrid tokenized Bitcoin called BTCN. This unique digital asset serves as the gas token for the Corn network, offering users a seamless, native Bitcoin experience within DeFi applications without relying on wrapped tokens or centralized bridges. BTCN's hybrid custody model, which combines decentralized smart contracts and centralized trusted custodians, aims to strike a balance between security and scalability, addressing the usual trade-offs found in current Bitcoin bridge solutions.
Corn's mission is to align users, apps, and token holders within a unified and mutually beneficial ecosystem. Users can engage in Bitcoin-native DeFi opportunities, stake BTC securely without relinquishing custody, and pay gas fees in BTCN, thereby tying network activity to Bitcoin’s liquidity. Developers and apps gain access to a Bitcoin-backed Layer 2 platform with smart contract capabilities tailored for Bitcoin, enabling new DeFi products that leverage Bitcoin’s liquidity directly, improving composability and reducing dependency on wrapped Bitcoin or external bridges. Token holders (CORN and BTCN) benefit from governance rights, incentives, and utility within the growing ecosystem that merges Bitcoin’s security with Ethereum-like programmability, aiming to drive broader adoption through both functional and meme-driven community engagement.
Corn also integrates or plans to integrate the Babylon protocol, further aligning BTC holders’ incentives and reinforcing network security. The integration with other chains (Ethereum, Arbitrum) and partnerships with exchanges and wallets fosters an omnichain ecosystem that enhances capital efficiency and lowers friction for users.
The funding round for Corn was led by Polychain Capital, and attracted participation from Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital, among others. Corn was founded by DeFi vets known for building projects like Badger, Code4rena, Slingshot, and 0xBow. Spadaboom, the founder of Corn, commented that putting the power into the hands of applications creates a reason for developers to build and stay on Corn.
Corn's incentive system uses CORN tokens to reward users for engaging with apps. Token holders can unlock an abundance of utility due to Corn's Super Yield Farming network. Notably, CORN stakers, known as popCORN, decide what percentage of CORN incentives go to various apps.
In summary, Corn’s purpose and functionality are to create a secure, scalable, and composable DeFi layer-2 blockchain that uses its hybrid BTCN token to unify Bitcoin holders, decentralized apps, and token participants around a Bitcoin-Secured Network. This alignment is achieved by combining cryptographic security, native Bitcoin usability, and innovative token design to benefit all ecosystem stakeholders.
[1] Corn Official Website: https://www.corn.fi/ [2] Corn Whitepaper: https://www.corn.fi/whitepaper.pdf [3] Corn Blog Post: https://medium.com/corn-fi/corn-announces-the-corn-layer-2-blockchain-bringing-bitcoin-to-decentralized-finance-86a749c5e702 [4] Corn Medium Blog: https://medium.com/corn-fi/introducing-popcorn-corns-staking-program-824b0519d4a9
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