Corn: An Ethereum Layer 2 Network for Bitcoin in DeFi

Corn, an Ethereum Layer 2 network, aims to integrate Bitcoin into the decentralized finance (DeFi) ecosystem and has successfully raised $8.3 million in a community funding round.

The funding round was facilitated through Legion, a compliant token sale platform, and involved participation from 675 investors including notable venture and investment firms such as Polychain, Amber, GSR, Presto, and Laser Digital.

Corn emphasized that both venture capitalists (VCs) and community investors participated on equal terms. The funding round experienced overwhelming interest, being oversubscribed with demand exceeding supply by seven times; over 4,200 investors expressed interest.

Although not fully operational yet, Corn seeks to enhance Bitcoin’s role in DeFi by using it as a gas token via a new hybrid tokenized version called BTCN. BTCN will represent a tokenized version of Bitcoin, backed 1:1 by native Bitcoin, without dependence on a single custodian or bridging solution.

Additionally, Corn will launch its native token, CORN, designed to incentivize both users and developers. Utilizing veTokenomics, its operating model requires users to lock their tokens to acquire governance rights and partake in revenue sharing. Users can stake CORN to earn popCORN, which grants governance rights and the ability to direct yields towards network applications.

In a previous funding effort in August 2024, Corn announced a $6.7 million seed funding round led by Polychain Capital, with participation from influential investors such as Binance Labs and Framework Ventures. This funding aimed to support the launch of the Corn ecosystem.

Corn operates on Arbitrum’s Nitro Stack, a Layer 2 scaling solution, and leverages LayerZero for interoperability while enhancing security through the integration of the restaking protocol Babylon.