Ethereum

Bitcoin

Generation

Yield

CORN

Corn is the latest Ethereum Layer-2 (L2) network to emerge in the decentralized finance (DeFi) space. The company has recently&nbsp;<a style="text-decoration:none" href="https://www.newswire.ca/news-releases/htx-ventures-invests-in-corn-to-unlock-bitcoin-s-utility-813343936.html#:~:text=Corn%20is%20pioneering%20a%20unique,any%20app%20on%20the%20chain.">received</a> $6.7 million from several major investors, including Polychain Capital.&nbsp;
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.
<h2 dir="ltr" id="span-span-btcn-tokenized-bitcoin-for-the-corn-network-span-span">BTCN: Tokenized Bitcoin for the Corn Network</h2>
Corn&nbsp;<a style="text-decoration:none" href="https://x.com/use_corn/status/1825897643824001153">introduces</a> BTCN, a hybrid tokenized version of Bitcoin designed to enhance Bitcoin’s utility within the DeFi ecosystem.&nbsp;
&nbsp;
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.
&nbsp;
BTCN’s integration into the Corn network enables Bitcoin holders to unlock the potential of their assets, creating new avenues for generating yield, per reports. By bridging native BTC and existing tokenized Bitcoin, users can reportedly participate in DeFi without choosing between centralized or decentralized custody solutions.
&nbsp;
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.
<h2 dir="ltr" id="span-span-yield-generation-on-the-corn-network-span-span">Yield Generation on the Corn Network</h2>
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.
&nbsp;
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.&nbsp;
&nbsp;
According to the team, this system also benefits Bitcoin holders, who can finally put their assets to work in a decentralized and profitable environment.
<h2 dir="ltr" id="span-span-binance-labs-and-strategic-investments-span-span">Binance Labs and Strategic Investments</h2>
Binance Labs, the venture capital arm of Binance, also&nbsp;<a style="text-decoration:none" href="https://www.binance.com/en/blog/ecosystem/binance-labs-invests-in-corn-to-simplify-bitcoins-use-in-decentralized-finance-434033995593822840?hl=en">announced</a> 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.

What is the New Ethereum Layer-2 Network Corn?

Table of Contents

BSCN

Other articles published on Aug 31, 2024

Crypto ATMs Process $160M in Illicit Funds Since 2019, Says TRM Labs

AAVE Price Analysis: Can It Break $200 in September After Recent Rally?

MoonBag Titanic Rise Draws Attention as SHIB Targets $1 and PADW’s Promising Debut

Dogecoin’s 295-Day Cycle: Decoding Lunar Patterns

Is Bitcoin Based on Math? MicroStrategy’s Saylor Reveals Shocking Formula

Just-In: Vitalik Buterin Denies Claims Of Selling ETH As Holding Declines

Join our free newsletter for daily crypto updates!