Ethereum L2 Corn launches with $6.7 million in seed funding, integrates Bitcoin-backed gas

Corn, an Ethereum Layer-2 web that uses hybrid tokenized Bitcoin (BTC) arsenic state and offers Super Yield to its users, has launched aft securing $6.7 cardinal successful effect backing led by Polychain Capital, according to an Aug. 20 connection shared with CryptoSlate.

The effect circular besides included notable firm and idiosyncratic investors, including Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.

Corn’s mission

Corn aims to found a network-wide “Crop Circle” that aligns users, applications, and token holders wrong a cohesive and mutually beneficial ecosystem.

The network’s motorboat comes successful effect to the challenges faced by different decentralized networks, which often conflict to align their participants. This misalignment tin effect successful issues specified arsenic insufficient semipermanent liquidity, constricted token utility, and a deficiency of committed developers.

To code these challenges, Corn intends to guarantee sustainable output for users, maintaining liquidity portion enhancing inferior for token holders.

Corn’s founder, Spadaboom, emphasized the project’s extremity to empower applications, thereby attracting and retaining developers connected the platform. He explained:

“By aligning web participants done the powerfulness of Super Yield Farming, ensuring foundational token utility, and putting Bitcoin successful the operator seat, Corn is decidedly not conscionable different vanilla concatenation launch.”

Corn besides draws inspiration from Curve‘s veTokenomics, offering CORN tokens arsenic incentives to users and developers. Those who prosecute with the app volition person incentives, portion CORN stakers, known arsenic popCORN, volition person a accidental successful distributing these incentives.

BTCN

Corn aims to springiness users the quality to utilize “digital gold” successful the agelong word by leveraging a tokenized mentation of Bitcoin known arsenic BTCN.

It stated:

“BTCN is our hybrid tokenized Bitcoin, backed 1:1 by autochthonal BTC, and not bound to a azygous centralized custodian oregon bridging solution. Instead, BTCN extends its minting rights to aggregate trusted custodians, astute contracts, and/or bridging protocols.”

Through Corn, Bitcoin holders tin leverage their assets successful assorted ways portion retaining power implicit their custody, unlocking the imaginable of their different idle integer asset.

The station Ethereum L2 Corn launches with $6.7 cardinal successful effect funding, integrates Bitcoin-backed gas appeared archetypal connected CryptoSlate.