Corn: New Ethereum Layer-2 Project in the DeFi Space

The DeFi space has welcomed a new Ethereum Layer-2 project named Corn. The company recently raised $6.7 million from major investors, including Polychain Capital.

BTCN: Tokenized Bitcoin for the Corn Network

Corn introduces BTCN, a hybrid tokenized version of Bitcoin designed to enhance Bitcoin’s utility within the DeFi ecosystem. Unlike traditional tokenized Bitcoin, which relies on a single custodian or bridge, BTCN leverages multiple custodians, smart contracts, and bridging protocols. This structure provides users with flexibility and security, allowing them to manage their assets according to their risk preferences while participating in various DeFi applications.

BTCN’s integration into the Corn network enables Bitcoin holders to unlock the potential of their assets, creating new avenues for generating yield. By bridging native BTC and existing tokenized Bitcoin, users can participate in DeFi without choosing between centralized or decentralized custody solutions.

Yield Generation on the Corn Network

Corn’s yield generation mechanism is a cornerstone of its ecosystem. Users can stake Corn’s native token, CORN, to receive popCORN, which gives them control over the distribution of two continuous yield streams: BTCN, derived from network transaction fees, and CORN, generated from native network emissions. This model incentivizes both stakers and developers.

Corn’s approach to yield generation is inspired by the veTokenomics model pioneered by Curve Finance. With CORN holders having the option of directing incentives to specific applications, Corn encourages the development and use of a wide range of DeFi protocols. According to the team, this system also benefits Bitcoin holders, who can finally put their assets to work in a decentralized and profitable environment.

Binance Labs and Strategic Investments

Binance Labs, the venture capital arm of Binance, announced its investment in Corn, marking the project’s first fundraising round on August 8. The funds will reportedly be used to expand Corn’s ecosystem, onboard builders and projects, and establish a dedicated incubator to foster innovation within the network.

Corn, the new Ethereum Layer-2 project, aims to combine the potential of Bitcoin with DeFi capabilities. With significant investments and support from Binance Labs, they are creating unique solutions for Bitcoin holders and DeFi users.