Quick take:
- Corn incentivises users and developers by emitting CORN, which can then be directed to any app on the chain.
- CORN stakers, dubbed popCORN decide what percentage of CORN incentives go to various apps, which are then used to reward users for engaging with the apps.
- BTCN is backed 1:1 by native Bitcoin that is not bound to a single centralized custodian or bridging solution.
Corn, a new Ethereum layer-2 using its hybrid tokenised Bitcoin, BTCN to power an ecosystem that aligns users, apps and token holders to benefit from their contributions in the network mutually has emerged from stealth with a $6.7 million funding round led by Polychain Capital.
The fundraising also attracted participation from Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital.
Sandeep Nailwal of Polygon, Berachain’s Smokey and Papa Bear, Primo from layerZero, Udi Wertheimer from Taproot Wizards, 0xSami of Dinero, Conduit’s Andrew Huang and Georgios Vlachos from Axelar were among those who joined as angel investors.
Founded by DeFi vets known for building projects like Badger, Code4rena, Slingshot and 0xBow, Corn is building a network-wide “Crop Circle” that aligns users, apps, and token holders within a unified and mutually beneficial ecosystem powered by its tokenised Bitcoin, BTCN.
Commenting on the announcement, Spadaboom, founder of Corn said in a statement: “Putting the power back into the hands of applications creates a reason for developers to build on Corn and, more importantly, to stay on Corn. The success of any network relies on the success of its applications — and that requires the ability to drive demand to their protocol in a sustainable way.”
Corn wants to address a gap in the DeFi market that has resulted in a lack of long-term liquidity, token utility and committed builders. The company believes the root cause is a lack of alignment between users, applications, and token holders.
“By aligning network participants through the power of Super Yield Farming, ensuring foundational token utility, and putting Bitcoin in the driver seat, Corn is definitely not just another vanilla chain launch.”
Corn says its Super Yield Farming network ensures sustainable yield for users to keep liquidity deployed, thus driving an ever-growing demand for apps and allowing token holders to unlock an abundance of utility.
Inspired by veTokenomics pioneered by Curve, Corn incentivises users and developers by emitting CORN, which can then be directed to any app on the chain. CORN stakers, dubbed popCORN decide what percentage of CORN incentives go to various apps, which are then used to reward users for engaging with the apps, the company wrote in press material shared with NFTgators on Tuesday.
Its hybrid tokenised Bitcoin, BTCN is backed 1:1 by native Bitcoin that is not bound to a single centralized custodian or bridging solution. BTCN offers the ability to extend minting rights to multiple custodians, as well as smart contracts and bridging protocols.
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