1. BTCN: Tokenized Bitcoin for the Corn Network
2. Yield Generation Mechanism on the Corn Network
3. Binance Labs Investment and Strategic Plans

Corn is the latest Ethereum Layer-2 network to emerge in the decentralized finance (DeFi) space. The company 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.

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. According to Corn's founder, Chris Spadafora, BTCN will revolutionize the way Bitcoin is used in decentralized finance, providing users with a secure, scalable, and versatile solution.

Yield Generation Mechanism 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. CORN holders have the option of directing incentives to specific applications, encouraging 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 Investment and Strategic Plans

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.

Corn aims to unite the worlds of Bitcoin and Ethereum, attract significant investment, and realize new opportunities in the DeFi space. With BTCN integration, a yield generation mechanism, and support from major players like Binance Labs, Corn is poised to make a substantial impact on the future of decentralized finance.