Ethereum L2 Corn launches with $6.7 million in seed funding, integrates Bitcoin-backed gas
Ethereum L2 Corn launches with $6.7 million in seed funding, integrates Bitcoin-backed gasoline Ethereum L2 Corn launches with $6.7 million in seed funding, integrates Bitcoin-backed gasoline
Corn objectives to give users the flexibility to spend "digital gold" in the lengthy go by leveraging a tokenized model of Bitcoin is famous as BTCN.
Duvet art/illustration through CryptoSlate. Image entails mixed remark material that will consist of AI-generated remark material.
Corn, an Ethereum Layer-2 network that uses hybrid tokenized Bitcoin (BTC) as gasoline and presents Neat Yield to its users, has launched after securing $6.7 million in seed funding led by Polychain Capital, in accordance to an Aug. 20 assertion shared with CryptoSlate.
The seed spherical also incorporated famous company and particular particular person investors, in conjunction with Binance Labs, Framework Ventures, and Polygon co-founder Sandeep Nailwal.
Corn’s mission
Corn objectives to avoid wasting a network-wide “Crop Circle” that aligns users, functions, and token holders internal a cohesive and mutually beneficial ecosystem.
The network’s open comes based on the challenges confronted by diversified decentralized networks, which usually war to align their contributors. This misalignment could discontinue up in points akin to insufficient lengthy-term liquidity, restricted token utility, and a lack of committed developers.
To manage with these challenges, Corn intends to assemble certain sustainable yield for users, sustaining liquidity while bettering utility for token holders.
Corn’s founder, Spadaboom, emphasised the project’s scheme to empower functions, thereby attracting and retaining developers on the platform. He outlined:
“By aligning network contributors throughout the vitality of Neat Yield Farming, guaranteeing foundational token utility, and putting Bitcoin in the motive force seat, Corn is positively no longer simply one more vanilla chain open.”
Corn also draws inspiration from Curve‘s veTokenomics, offering CORN tokens as incentives to users and developers. Other folks that engage with the app will receive incentives, while CORN stakers, is famous as popCORN, will hang a notify in distributing these incentives.
BTCN
Corn objectives to give users the flexibility to spend “digital gold” in the lengthy go by leveraging a tokenized model of Bitcoin is famous as BTCN.
It said:
“BTCN is our hybrid tokenized Bitcoin, backed 1:1 by native BTC, and no longer certain to a single centralized custodian or bridging solution. As a replacement, BTCN extends its minting rights to a pair of relied on custodians, trim contracts, and/or bridging protocols.”
By strategy of Corn, Bitcoin holders can leverage their sources in varied ways while retaining withhold a watch on over their custody, unlocking the aptitude of their otherwise sluggish digital asset.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's attainable. He imparts insights on a vary of subject issues devour DeFi, hacks, mining and custom, underlining transformative vitality.
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Focusing on financial journalism, he now makes a speciality of crypto reporting.
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Ethereum is a decentralized, open-offer blockchain platform that allows the introduction of trim contracts and decentralized functions (DApps).
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries through a gape-to-gape network.
Polygon, a notorious layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, bettering the Ethereum ecosystem’s capabilities.
Sandeep Nailwal is the co-founder of the Polygon Network.
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