BTC
by BSCN
August 20, 2024
Corn is a newly launched Ethereum Layer-2 network focused on integrating Bitcoin into the decentralized finance (DeFi) ecosystem.
Corn is the latest Ethereum Layer-2 (L2) network to emerge in the decentralized finance (DeFi) space. The company has recently received $6.7 million from several major investors, including Polychain Capital.
Corn distinguishes itself by integrating Bitcoin into the Ethereum ecosystem, using a tokenized version of Bitcoin, called BTCN, as its gas fee token and for economic incentives. This approach aims to bridge the gap between Bitcoin and DeFi, offering a new yield-generating opportunity for Bitcoin holders.
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, per reports. By bridging native BTC and existing tokenized Bitcoin, users can reportedly participate in DeFi without choosing between centralized or decentralized custody solutions.
Corn’s founder, Chris Spadafora, believes that Corn’s hybrid tokenized Bitcoin, BTCN, will revolutionize the way Bitcoin is used in decentralized finance, providing users with a secure, scalable, and versatile solution.
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, the venture capital arm of Binance, also announced its investment in Corn, marking the project’s first fundraising round on Aug. 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.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Latest News
1h : 48m ago
eToro Limits U.S. Crypto Offerings to BTC, ETH, and BCH After $1.5M SEC Settlement
5h : 14m ago
Searching for a Telegram Trading Bot? Maestro Might Be the Perfect Solution
6h : 3m ago
FTX/Alameda Wallet Unstakes $24M SOL Amid Ongoing Investigations: Report
7h : 18m ago
Vega Protocol to Wind Down Vega Blockchain Operations, New Project Underway
8h : 33m ago
Succinct Labs and OP Labs Team Up to Launch New Zero-Knowledge Proof Solution
September 11, 2024
PancakeSwap Launches AI-Powered Prediction Bot on Telegram
September 11, 2024
FLOKI Completes $CAT Airdrop, But an Error Leaves Some Users Tokenless
September 11, 2024
Standard Chartered Enters UAE Crypto Market with Custody Services for Bitcoin and Ethereum