Polychain Leads $6.7M Funding in BTC-Centric Yield Network Corn

Highlights:

• Polychain leads $6.7M seed funding for Corn, a Bitcoin-centric Layer-2 network with hybrid tokenized Bitcoin (BTCN) as gas.
• Corn’s ecosystem aligns users, apps, and token holders, driving sustainable yield through its Super Yield Farming model.
• BTCN, backed by native Bitcoin, offers a secure and scalable solution for Bitcoin in DeFi, enhancing liquidity and utility.

Polychain has led a $6.7M seed funding round for Corn, a new Ethereum Layer 2 network designed to integrate Bitcoin into decentralized finance (DeFi). Binance Labs, HTX Ventures, Framework Ventures, and other prominent investors also participated in the round.

Corn, a Bitcoin ecosystem income network, announced that it has completed a $6.7 million financing round, led by Polychain, with participation from Binance Labs, Framework Ventures, OKX Ventures, HTX, Ventures and Relayer Capital. Unlocking Bitcoin’s trillion-dollar liquidity is…

— Wu Blockchain (@WuBlockchain) August 20, 2024

Introducing Corn and BTCN

Corn is built around a novel tokenized Bitcoin (BTCN), which is used as gas on the network. Unlike traditional tokens, BTCN is a hybrid token backed 1:1 by native Bitcoin but managed through multiple custodians, smart contracts, and bridging protocols. This hybrid approach aims to offer better security and flexibility. Moreover, it will enable Bitcoin holders to engage in various DeFi applications without being confined to a single custodial solution.

Corn’s BTCN unlocks Bitcoin’s potential in DeFi, allowing users to bridge native BTC, use existing tokenized BTC, or leverage Bitcoin already secured with trusted custodians. This flexibility is essential as it provides users with multiple options based on risk tolerance.

Corn’s Unique Ecosystem and Super Yield Farming

Corn has introduced a unique tokenomic design inspired by Curve Finance’s veTokenomics. The network emits a native token, CORN, which can be staked to influence where protocol yield is directed. Users who stake CORN receive additional incentives, including BTCN and CORN, generated from network transaction fees and native emissions.

Moreover, Corn features a native bribe market, where CORN stakers can accept app offers to direct liquidity, further aligning interests between users, developers, and token holders. This alignment fosters sustainable liquidity and long-term engagement within the ecosystem, addressing a common issue in many decentralized networks.

Investment and Future Plans

This investment round marks Corn’s first significant fundraising effort. Corn plans to expand its ecosystem with the new capital by onboarding new projects and developers. The company also intends to launch a dedicated incubator and host developer competitions, paving the way for the network’s mainnet launch.

Binance Labs’ investment in Corn further validates the project’s potential. Yi He, Co-Founder of Binance and Head of Binance Labs, emphasized their commitment to supporting early-stage innovation that delivers meaningful and sustainable impact. Corn’s focus on creating a utility-driven ecosystem around Bitcoin aligns with Binance’s vision for the future of DeFi.

Corn will soon reveal details of its Early Access Airdrop campaign. The event will target Bitcoin and Ethereum users who have interacted with partner protocols in the past year. The campaign will kick off during a live event on August 22, 2024.

Corn’s emergence as a Bitcoin-centric yield network on Ethereum Layer 2 represents a significant advancement in DeFi. By integrating Bitcoin into the DeFi ecosystem, Corn offers a new way for Bitcoin holders to unlock the value of their assets. The network’s innovative approach to tokenomics, combined with strong backing from major investors, positions it to become a key player in the crypto space.