Corn, a Layer 2 network on Ethereum, secured $8.3 million in a community funding round.
In an effort to integrate Bitcoin into the decentralized financing ecosystem, Corn, an Ethereum Layer 2 network, has secured $8.3 million in a community funding round.
The token sale platform, Legion, was used to raise the round, which was compliant. The round was attended by 675 investors, as well as venture and investment firms such as Polychain, Amber, GSR, Presto, Laser Digital, and others.
Corn observed that community investors and venture capitalists operated under identical conditions. Demand exceeded supply by seven times, resulting in an oversubscription of the funding round, which attracted the interest of more than 4,200 investors.
Corn’s objective is to further integrate Bitcoin into the DeFi ecosystem by employing it as a gas token through a new hybrid tokenized version known as BTCN, despite the fact that it is not yet completely operational.
BTCN will be Corn’s tokenized Bitcoin, which is secured 1:1 by native bitcoin and is not restricted by a singular custodian or bridging solution.
CORN, the native token of Corn, will serve as an incentive for developers and consumers. In order to acquire governance rights and participate in revenue sharing, Corn’s operating paradigm necessitates that users secure their tokens, as per veTokenomics. Here, users can stake CORN to acquire popCORN, which grants them governance rights and the capacity to direct yields to network applications.
Polychain Capital led a $6.7 million pilot funding round in August 2024, with notable investors such as Binance Labs and Framework Ventures participating. The objective of this round was to expedite the initiation of the Corn ecosystem.
Corn is constructed on the Nitro Stack, a Layer 2 scaling solution developed by Arbitrum, and employs LayerZero to ensure interoperability. Additionally, corn safeguards itself by integrating with the Babylon restaking protocol.
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