Ethereum Layer 2 Corn Raises $8.3M to Integrate Bitcoin into DeFi
Corn, a new Ethereum Layer 2 network with ambitions to integrate Bitcoin into the decentralized finance (DeFi) ecosystem, has raised $8.3 million in a community-focused funding round. This unique approach, which saw both venture capital firms and individual investors participate on equal terms, highlights the growing interest in bridging the gap between Bitcoin and the expanding world of DeFi.
A Hybrid Approach: Bitcoin as Gas on Ethereum Layer 2
The funding round, facilitated through the token sale platform Legion, attracted significant attention, with demand exceeding the available supply by seven times. Alongside 675 individual investors, prominent venture firms like Polychain, Amber, GSR, Presto, and Laser Digital participated, signaling strong institutional confidence in Corn's vision.
Corn's core mission is to enable Bitcoin to be used as a gas token within its Ethereum Layer 2 network. This will be achieved through BTCN, a new tokenized version of Bitcoin backed 1:1 by native Bitcoin and not reliant on a single custodian or bridge.
Empowering the Community: Governance and Incentives with CORN and popCORN
The network will also feature its native token, CORN, designed to incentivize users and developers. CORN holders can stake their tokens to acquire popCORN, granting them governance rights and the ability to direct yields to applications within the Corn ecosystem. This model, based on "veTokenomics," encourages long-term participation and community involvement.
Building on Previous Success: A Strong Foundation for Growth
This recent $8.3 million raise adds to Corn's previous $6.7 million seed round in August 2024, which was led by Polychain Capital and included participation from Binance Labs and Framework Ventures. These funds will be used to further develop the Corn ecosystem and prepare for its mainnet launch.
Corn is built using Arbitrum's Nitro Stack, a Layer 2 scaling solution, and leverages LayerZero for interoperability. It also integrates with the restaking protocol Babylon for enhanced security.