The first layer-2 of Ethereum that uses tokenized Bitcoin as gas

The developer SpadaBoom, founder of badgerDAO, has just launched Corn, a layer-2 of Ethereum that features the peculiarity of using Bitcoin as a gas token.

This is a very particular network, which aims to align users and DeFi protocols by offering various yield incentives under its own hybrid native tokens BTCN and CORN.

The project also secured a seed funding of 6.7 million dollars led by Polychain Capital, with participation from other big players in the web3 sector.

On the horizon, there is also an early access airdrop program to participate in.

Let’s see all the details below

Introduced Corn: a layer-2 of Ethereum that leverages a hybrid Bitcoin as gas token

SpadaBoom, founder of BadgerDAO, introduced to the public the blockchain Corn, a layer-2 of Ethereum that uses a Bitcoin tokenized (BTCN) as gas token.

BTCN is supported 1:1 by native Bitcoin and does not depend on any centralized deposit or any multisig solution. Rather, it extends its minting rights to multiple entities, including smart contracts and bridging protocols.

This hybrid approach helps to protect users and find a balance between the various multidimensional needs of the DeFi world between dapps and liquidity providers

The objective of Ethereum Corn’s layer-2 is to align apps, users, and investors within a unified and mutually beneficial ecosystem, based on Bitcoin as the central gas currency to advance transactions.

By doing so, a Bitcoin-centric chain is developed, and it is finally possible to leverage all the features of the first cryptocurrency in the crypto market in DeFi.

Regarding the vision of the chain, Spadaboom stated the following in a press conference:

“Putting power back in 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 this requires the ability to drive demand to their protocol sustainably”

In conjunction with the introduction of Corn, the closure of a seed round of 6.7 million dollars led by Polychain Capital was also announced.

The initial funding round attracted a diverse group of investors such as Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital. In addition to this list of VC, there are also many prominent angel investors like Sandeep Nailwal (Polygon), Smokey and Papa bear (Berachain), and Primo (Layer Zero).

Source: https://blog.usecorn.com/polychain-leads-6-7m-investment-into-corn-the-first-bitcoin-centric-super-yield-network-b063af2cb9ef

“The Super Yield Network“: a Bitcoin-centric chain with dual native tokens: BTCN and CORN

Corn is the first Bitcoin-Centric layer-2 chain supported by the security of Ethereum that uses a tokenized BTC hybrid as gas and provides various yield incentives to users.

The project, described as “Super Yield Network”, is inspired by the veTokenimics of Curve, issuing a double native token from its own infrastructure.

Besides BTCN, which as mentioned is pegged 1:1 with native Bitcoin, the chain also manages the currency CORN: what is the purpose of this latter crypto?

The yield on the layer-2 is composed of two resources: on one side BTCN generated through network transaction fees, on the other CORN as native issuance at each block

While BTCN is the gas token, CORN is a yield token that offers voting rights for the stakers, who can decide to whom the yield should flow, thus providing extra incentives.

The stakers can therefore vote to offer the yield in CORN to certain dapps, or delegate the vote to the farmers markets for an additional gain.

The users who interact with those apps receive those incentives while the stakers of CORN, known as popCORN, can decide what percentage of CORN incentives goes to which app.

Source: https://blog.usecorn.com/polychain-leads-6-7m-investment-into-corn-the-first-bitcoin-centric-super-yield-network-b063af2cb9ef

With this flourishing ecosystem, a huge amount of opportunities to finally yield Bitcoin in DeFi are created, through an approach that prioritizes scalability and solvency. In all this, Ethereum Corn’s layer-2 also offers greater security, transparency, and capital efficiency.

The founder of the project, introducing the “Super Yield Network“, stated verbatim that:

“Aligning network participants through the power of Super Yield Farming, ensuring the fundamental utility of the token and putting Bitcoin in the driver’s seat, Corn is definitely not just another vanilla chain launch”

The network, combining the popularity of Bitcoin as a gas token with the yield opportunities in DeFi, guarantees a sustainable return for users to maintain the liquidity distributed.

It offers a continuously growing demand driver for the apps and incentivizes token holders thanks to a vast utility of its own ecosystem.

The Ethereum layer-2 incentivizes users with an airdrop program 

Corn, the new layer-2 of Ethereum with Bitcoin integrated as gas money, will soon also carry out an airdrop program to attract an initial mass of users.

In this pre-mainnet launch phase, only some eligible participants who have used 1 of the 9 Corn partner protocols will be able to take part in the initiative.

In particular, tomorrow at 5:00 PM (Italian time) there will be the virtual event “Early Access Airdrop” in which the functioning of the campaign will be explained.

During this initiative, the list of all wallet Bitcoin and Ethereum eligible for farming the airdrop will be published.

Immediately after the early access phase, the doors will be opened to all DeFi users, who will be able to deposit and convert their WBTC into BTCN.

By providing liquidity to the chain and interacting with the various dapp built on top of it, you can try to obtain a share of the next CORN token.

Indicatively, since the tokenomics of the project is similar to that of Curve, we expect a share equal to 5% of the supply dedicated to early access.

More than half of the supply will instead be allocated to the native emissions of the network.

Observing the website of Corn, we see that it is not yet possible to deposit assets on the platform as the mainnet has not been launched yet.

We remain awaiting further updates from SpadaBoom and his team to be able to get in touch with this innovative layer-2 solution.

Source: https://usecorn.com/