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

Corn is the latest Ethereum Layer-2 (L2) network to emerge in the decentralized finance (DeFi) space. The company recently received $6.7 million from several major investors, including Polychain Capital.

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. 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.

Yield Generation 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. 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 and Strategic Investments

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.

The emergence of Corn as a new player in the Ethereum Layer-2 market showcases the growing interest in integrating Bitcoin into decentralized finance. With backing from major investors and strategic investments, the project has the potential to significantly impact DeFi.