- BTCN: Tokenized Bitcoin for the Corn Network
- Yield Generation Mechanism on Corn Platform
- Binance Labs and Strategic Investments
Corn is the latest Ethereum Layer-2 (L2) network to emerge in the DeFi space, attracting $6.7 million from major investors like Polychain Capital. The company aims to connect the Bitcoin and DeFi worlds with its tokenized Bitcoin, BTCN.
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, BTCN leverages multiple custodians, smart contracts, and bridging protocols, providing users greater flexibility and security in managing assets while participating in DeFi applications. Corn’s founder, Chris Spadafora, believes that BTCN offers a secure and scalable solution for Bitcoin use in decentralized finance.
Yield Generation Mechanism on Corn Platform
Corn’s yield generation mechanism is pivotal to 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 and CORN. This model incentivizes both stakers and developers. Corn’s yield generation approach is inspired by Curve Finance’s veTokenomics model. CORN holders can direct incentives to specific applications, fostering development and use of various DeFi protocols.
Binance Labs and Strategic Investments
On August 8, Binance Labs, the venture capital arm of Binance, announced its investment in Corn, marking the project’s first fundraising round. The funds will be used to expand the Corn ecosystem, onboard new developers and projects, and establish an incubator for fostering innovation within the network.
Corn’s investments and unique solutions like BTCN and its yield generation model promise to unlock new opportunities for Bitcoin holders and DeFi participants. The project aims to build a reliable and scalable ecosystem combining the best of Bitcoin and Ethereum.
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